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The best approach to economic development is pragmatism
... For example, one can support several industries which seem promising with the condition that assistance ends, if the increase in export is not achieved within, say, five years. This is called "EPconEP"effective protection conditional on export promotion (Jomo, 2013). Economic policymakers in this case are similar to the military commander who begins an offensive on several fronts, but throws reserves where there has been a breakthrough. ...
- Is industrial policy necessary for successful development or the market “knows” better, how to allocate resources?
- If industrial policy is needed, how to select industries that need to be supported?
- What are the appropriate tools / instruments to support particular industries?
Eastern European countries in general did not have any explicit industrial policy, neither via tax concessions and/or subsidies, nor via under/overpricing the exchange rate. Many countries of former Soviet Union carried out large import substitution programs through
regulation of domestic fuel and energy prices (directly and via export tax) that subsidized all energy consumers. They also provided subsidies to agricultural enterprises. China and Vietnam (and to some extent Uzbekistan) were carrying out export oriented industrial
policy mostly via underpricing the exchange rate.
The paper discusses pros and cons, achievements and failures of various models of industrial policy. It is argued that export oriented industrial policy via undervaluation of the exchange rate is the best possible option to promote export oriented catch up development based on export of manufactured goods. It is especially needed for resource rich countries (Azerbaijan, Kazakhstan, Russia, Turkmenistan, Uzbekistan) that are prone to Dutch disease.
Assistance to domestic producers via keeping low domestic prices for fuel and energy also helps to stimulate growth, but at a price of very high energy intensity. Industrial policy that is not targeting particular industries (general support for education, research and development and infrastructure) may be reasonable for counties at a higher level of development.
... Korea, Taiwan, Hong Kong and Singapore. The term Asian NIEs is often associated with the 'flying geese' model of Asian economic development, which posits that development is trickling down from the more advanced Asian economies to the less advanced ones with the help of direct foreign investment (FDI) (Akamatsu, 1962;Kojima, 1973). Historically industrialized economies. ...
This chapter sets the stage for this Handbook by defining the research field of managing in emerging markets. We first discuss the features that normally distinguish emerging economies from the advanced economies of the Triad, including both economic and institutional aspects of development. Second, we review alternative definitions of the term in use in scholarly research, and thus the pivotal question: When should a country be considered as ‘emerging’? Third, we present data on key economic trends that have to led to emerging economies becoming key players in international business, both as a host to inward traders and investors and, more recently, as a source of indigenous businesses that make their mark internationally. We also provide an overview of each chapter in this Handbook within the broader research agenda on Managing in Emerging Markets.
... One necessary condition of this process is the satisfaction of basic human needs. Furthermore, the Dhamma contains direct social teachings how to meet these needs, but there are numerous Buddhists, who deal with social issues, approaching them from the more profound ethical point (Harvey 2000, Wee, 2001, Gnanarama 2005. Hence besides the United Nations' attention to the most stressing problems of the modern world, Buddhist monks and scholars are also paying significant attention to the same subjects. ...
This paper presents the Buddhist approach to the conceptions of sustainability and development. It deals with the interpretation of the United Nation’s (UN) Millennium Development Goals (MDGs) from a Buddhist perspective. It examines the conception of sustainable development, the background of the MDGs. Furhermore, it draws up the Buddhist solution for securing environmental sustainability.
... Лин, бывший главный экономист Всемирного банка, считает что страны должны опираться на свои сравнительные преимущества и не стараться экспортировать слишком сложную продукцию, когда они находятся на низком уровне развития (Lin, 2011). Напротив, в статьях Рикардо Хаусманна, Джейсона Хванга и Дэни Родрика (Hausmann, Rodrik, 2003;Hausmann, Hwang, Rodrik, 2006;Rodrik, 2006) ('effective protection conditional on export promotion') -эффективная защита, обусловленная развитием экспорта (Jomo, 2013 ...
Russian Abstract: В последние 10 лет Узбекистан развивался очень успешно – рост ВВП в среднем на 8%, низкий государственный и внешний долг, заниженный валютный курс, равномерное распределение доходов, создание с нуля конкурентоспособной автопромышленности, ориентированной на экспорт. Задача на будущее – не допустить «головокружения от успехов», предусмотреть возможные риски и быть готовым принять адекватные меры. Рассматриваются два неблагоприятных шока – снижение цен на главные экспортные товары (золото, хлопок, газ) и замедление темпов роста совокупной факторной производительности, а также возможные ответные меры правительства. Обсуждается текущая промышленная политика – поддержка наряду с автомобильной промышленностью отраслей тяжелой химии (производство синтетического топлива и полипропиленовых изделий из газа) с относительно низким уровнем совокупной факторной производительности и темпами ее роста. English Abstract: Uzbekistan in recent 10 years is an extremely successful economy – high growth (8%), low domestic and international debt, undervalued exchange rate, relatively even distribution of income, creation from scratch competitive export oriented auto industry. It is important though to avoid “dizziness from success” and to envisage possible growth traps in the future. This paper discusses two unfavourable scenarios – negative terms of trade shock due to the decline in cotton, gas and gold prices (a deterioration of the current account balance by 10 p.p. of GDP) and a decline in growth rates of total factor productivity (TFP), as well as possible government responses to these shocks, in particular, changes in industrial policy. In recent years Uzbekistan promotes heavy chemistry industries (production of synthetic fuel and polypropylene goods from natural gas). This is the next stage of industrial policy after reaching food and energy self-sufficiency and successful auto industry development. There are reservations, however, against this strategy. First, gas production is about to decline due to depletion of reserves. Second, the level and growth rates of TFP in heavy chemistry are by far not the highest (they are the highest in light and food industry and in machine building). The increased share of heavy chemistry in total industrial output will cause the decline in the level and the growth rates of TFP. Third, auto industry is already a success, it may be reasonable to continue to support machine building industries of medium level of technology sophistication, like auto industry. For the country of the average size, export specialization in two major areas (autos and heavy chemistry) may be excessive.
... One can also try to support several industries that seem promising, declaring that assistance will end, if the increase in export is not achieved within, say, five years. This is called "EPconEP"-effective protection conditional on export promotion (Jomo, 2013). Economic policymaker in this case is similar to the military commander, who begins an offensive on several fronts, but throws reserves where there has been a breakthrough. ...
Uzbekistan in recent 10 years is an extremely successful economy – high growth (8%), low domestic and international debt, undervalued exchange rate, relatively even distribution of income, creation from scratch competitive export oriented auto industry. It is important though to avoid “dizziness from success” and to envisage possible growth traps in the future. This paper discusses two unfavourable scenarios – negative terms of trade shock due to the decline in cotton, gas and gold prices (a deterioration of the current account balance by 10 p.p. of GDP) and a decline in growth rates of total factor productivity (TFP), as well as possible government responses to these shocks, in particular, changes in industrial policy. In recent years Uzbekistan promotes heavy chemistry industries (production of synthetic fuel and polypropylene goods from natural gas). This is the next stage of industrial policy after reaching food and energy self-sufficiency and successful auto industry development. There are reservations, however, against this strategy. First, gas production is about to decline due to depletion of reserves. Second, the level and growth rates of TFP in heavy chemistry are by far not the highest (they are the highest in light and food industry and in machine building). The increased share of heavy chemistry in total industrial output will cause the decline in the level and the growth rates of TFP. Third, auto industry is already a success, it may be reasonable to continue to support machine building industries of medium level of technology sophistication, like auto industry. For the country of the average size, export specialization in two major areas (autos and heavy chemistry) may be excessive.
... One can try to support several industries that seem promising, declaring that assistance will end, if the increase in export is not achieved within, say, five years. This is called "EPconEP"effective protection conditional on export promotion (Jomo, 2013). Economic policymakers in this case are similar to the military commander, who begins an offensive on several fronts, but throws reserves where there has been a breakthrough. ...
This paper discusses Uzbekistan’s recent experience with structural shifts and industrial policy, with a particular focus on various industry policy instruments, and its implications for the existing theories of industrial policy. In particular, two major hypotheses are discussed: (1) the hypothesis of Haussmann, Hwang and Rodrik (the more technologically sophisticated the export structure, the better for growth) and (2) the hypothesis of Justin Yifu Lin (export specialization should build on existing comparative advantages and should not jump over the necessary technological stages).
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