1 1 Economic History of the Developed World: Lessons for Africa The lecture delivered in the Eminent Speakers Program of the African Development Bank 26 February 2009 Ha-Joon Chang Faculty of Economics University of Cambridge Introduction In the last 25 years, the dominant development paradigm has been based on the belief that the role of the government should be confined to providing macroeconomic stability, protection of property rights, and the provision of public goods. Starting in the late 1970s and the early 1980s, state-led and nationalistic development strategies, which most developing countries pursued in the 1960s and the 1970s, were denounced as having created inefficiencies, corruption, and slow growth. As a result, a set of policies, known as neo-liberal policies, was recommended, comprising liberalisation of trade and foreign investment, privatisation of state-owned enterprises, deregulation of domestic industries, more prudent macroeconomic policy, and a stronger protection of intellectual property rights. For good and bad reasons, neo-liberal policies have been very influential in Africa. The relatively sluggish economic performance of the continent in the 1960s and the 1970s, compared to the rest of the developing world, created greater scepticism about the state-led development strategies. The continuous foreign exchange crises that most countries in the continent have experienced have made it necessary for them to go to the Bretton Woods institutions that is, the IMF and the World Bank more frequently, making it unavoidable for them to accept the neoliberal policies conditionalities imposed by those institutions. Unfortunately, neo-liberal policies have produced very poor outcomes in Africa (see table 1). Per capita income in Sub-Saharan Africa used to grow at 1.6% in the 1960s and the 1970s. Between 1980 and 2004, it shrank at the rate of 0.3% (table 1).
2 2 Table 1. Annual per capita GDP growth rates Bad Old Days Brave New World All Developing Countries Latin America and the Caribbean Sub-Saharan Africa Source: World Bank, United Nations I don t have separate figures for North Africa, but per capita income in North Africa and the Middle East grew at 2.5% in the 1960s and the 1970s (table 2). Between 1980 and 2000, it shrank at the rate of 0.1% (table 3). This poor growth record is a particularly damning indictment for a doctrine sold on the slogan that we need to generate more wealth before we can re-distribute it. To be fair, growth in many African countries picked up in the last 5-6 years due to commodity boom, but, in the absence of systematic industrial strategy that neo-liberalism inevitably leads to, little of this has been translated into structural transformation and technological upgrading that makes self-sustaining growth possible. As a result, with the world economy rapidly sinking into the biggest recession since the Great Depression, this growth is going to come to an end.
3 3 Table 2. Per capita GNP Growth Performance of the Developing Countries, Low-income countries Sub-Saharan Africa Asia Middle-income countries East Asia and Pacific Latin America and the Caribbean Middle East and North Africa Sub-Saharan Africa Southern Europe All Developing Countries Industrialised Countries Source: World Bank, World Development Report 1980, Appendix Table to Part I. Note: The 1979 and 1980 figures used are not final, but World Bank estimates. Given that the estimates were supposed to be on the optimistic side, the actual growth figures for and would have been slightly lower than what are reported in this table. Table 3. Per capita GDP Growth Rates of the Developing Countries, Developing Countries East Asia and Pacific Europe and Central Asia Latin America and the Caribbean Middle East and North Africa South Asia Sub-Saharan Africa Developed Countries Source: World Bank, World Development Report 2002, table 1 (p. 233) for the population growth figures and table 3 (p. 237) for the GDP growth figures Notes: The figures are only approximate, as they were constructed by subtracting the population growth rates from GDP growth rates. This had to be done because the World Bank stopped publishing decade-wise per capita GDP growth rates from its World Development Report For country classification, see the table in p. 334 of World Bank, World Development Report 2000/1. Curiously, the failure of neo-liberal policies, especially in the African context, has often been explained by what I call ABP anything but policy. From a common sense point of view, if
4 4 a policy does not work, the first natural thing to suspect is the policy. To the mainstream economists, this is unthinkable. They argue that their policies have been proven by economic theory and real life experiences. Given the theme of today s lecture, I will not discuss the theoretical limitations of neoliberal economics, but those who are interested in my view on this can read my works. 1 In addition to claiming that their policies are based on scientifically proven economic theories, neo-liberal economists also make a big deal out of the fact that the policies that they recommend have been proven to work by the history of capitalism. They ask: given that all of today s rich countries became rich through free-market, free-trade policies, how does Mozambique, Kenya, or Senegal think that it can do it any other way? Some of them may concede that the East Asian countries Japan, South Korea, and Taiwan have done it through protectionism and interventionist policies, but they would quickly add that these countries are the exceptions that prove the rule. They argue that the East Asian countries could succeeded with those policies because they had a lot of special conditions, such as Confucian culture, ethnic homogeneity, and capable bureaucrats, which other developing countries, especially those in Africa, do not have. Having denied that their policies can ever be wrong for these reasons, what do the neoliberal economists do in order to explain the failures of their policies? In short, they blame the countries. Especially in the African context, in the last decade or so, a huge literature has emerged that explains poor economic performance during the neo-liberal period with things that are beyond the control of the economists, so to speak like climate (e.g., high incidence of tropical diseases), geography (e.g., landlockedness, bad neighbourhood ), natural resource endowments (i.e., the resource curse ), ethnic division, poor institutions (put in place by the European colonizers), poor human resources (especially the bureaucratic capabilities), culture (e.g., laziness, inability to cooperate), and what not. I will get back to these issues later in my talk, but for the moment let me focus on the claim that most rich countries have developed on the basis of liberal (or neo-liberal) policies. Let me start with Britain the country that is supposed to have invented free trade and thereby became the first hegemon of the world economy. Contrary to the popular myth, Britain had been an aggressive user, and in many areas a pioneer, of activist industrial and trade policies 1 Especially see those collected in H-J. Chang, Globalization, Economic Development, and the Role of the State (2003, Zed Press).
5 5 intended to promote infant industries. Until the 17 th century, Britain was a backward country dependent on raw wool exports to the Low Countries (or what are the Netherlands and Belgium today), so it implemented various schemes to promote import substitution in woollen manufacturing. In 1721, British industrial policy got a further impetus when the so-called first Prime Minister, Robert Walpole introduced a trade policy reform, which introduced many East- Asian-style policies (protection of infant industries, export subsidies, the lowering of tariffs on industrial inputs; even things like import tariff rebates on inputs used for exporting or export quality control by the state). And between this and the repeal of the Corn Law in 1846, Britain implemented a most aggressive infant industry promotion programme (table 4).
6 6 Table 4. Average Tariff Rates on Manufactured Products for Selected Developed Countries in Their Early Stages of Development (Weighted average; in percentages of value) Austria 3 R Belgium Canada n.a Denmark n.a. 3 France R Germany Italy n.a Japan 7 R 5 30 n.a. n.a. n.a. Netherlands n.a. 11 Russia R R R R Spain R n.a. Sweden R Switzerland n.a. United Kingdom n.a. 23 United States Source: H-J. Chang, Kicking Away the Ladder (2002, Anthem Press), p. 17, table 2.1, largely based on P. Bairoch, Economics and World History Myths and Paradoxes (1993, Wheatsheaf), p. 40, table 3.3. Notes: R= Numerous and important restrictions on manufactured imports existed and therefore average tariff rates are not meaningful. 1. World Bank, World Development Report 1991 (p. 97, Box table 5.2) provides a similar table, partly drawing on Bairoch s own studies that form the basis of the above table. However, the World Bank figures, although in most cases very similar to Bairoch s figures, are unweighted averages, which are obviously less preferable to weighted average figures that Bairoch provides. 2. These are very approximate rates, and give range of average rates, not extremes. 3. Austria-Hungary before In 1820, Belgium was united with the Netherlands. 5. Source: K. W. Taylor, "Tariffs", in W. Stewart Wallace (ed.), The Encyclopedia of Canada, Vol. VI,Toronto, University Associates of Canada, 1948, pp , p The 1820 figure is for Prussia only. 7. Before 1911, Japan was obliged to keep low tariff rates (up to 5%) through a series of "unequal treaties" with the European countries and the USA. The World Bank table cited in note 1 above gives Japan s unweighted average tariff rate for all goods (and not just manufactured goods) for the years 1925, 1930, 1950 as 13%, 19%, 4%.
7 7 Britain adopted free trade only in the 1860s, when its industrial superiority became unquestionable. It was on the basis of these historical facts that Friedrich List, the 19 th -century German economist who is today commonly but mistakenly, as I will explain shortly known as the father of infant industry protection argument, condemned the British advocacy of free trade in the 19 th century as an act equivalent to kicking away the ladder, with which it climbed up to the top. It is a very common clever device that when anyone has attained the summit of greatness, he kicks away the ladder by which he has climbed up, in order to deprive others of the means of climbing up after him. In this lies the secret of the cosmopolitical doctrine of Adam Smith, and of the cosmopolitical tendencies of his great contemporary William Pitt, and of all his successors in the British Government administrations. Any nation which by means of protective duties and restrictions on navigation has raised her manufacturing power and her navigation to such a degree of development that no other nation can sustain free competition with her, can do nothing wiser than to throw away these ladders of her greatness, to preach to other nations the benefits of free trade, and to declare in penitent tones that she has hitherto wandered in the paths of error, and has now for the first time succeeded in discovering the truth [italics added] (List, The National Systems of Political Economy, 1841 [1885 translation], pp ). If Britain was the first country to have succeeded by infant industry protection, the first country to have theorised it is the US. The person who invented the infant industry argument is none other than the first Treasury Secretary of the US, Alexander Hamilton. Hamilton developed the theory of infant industry protection (and even coined the name) in his 1791 report to the Congress And what impudence in recommending infant industry protection for his young country, this 35-year-old finance minister with only a liberal arts degree from what then was a second-rate college (King s College of New York) was going against the advice from the leading economists of the day like Adam Smith, who openly advised the Americans not to artificially develop industries. Were the Americans, either by combination or by any other sort of violence, to stop the importation of European manufactures, and, by thus giving a monopoly to such of their own countrymen as could manufacture the like goods, divert any considerable part of their capital into this employment, they would retard instead of accelerating the further increase in the value of their
8 8 annual produce, and would obstruct instead of promoting the progress of their country towards real wealth and greatness (Adam Smith, The Wealth of Nations, 1776, pp ). Initially, few Americans were convinced by Hamilton s argument, and Congress rejected his proposal. But over time, people saw senses in his argument, and the US adopted protectionism after the end of the Anglo-American War in From about the 1830s until the Second World War, the US was the most protectionist country in the world, except for Russia in the early 20 th century (see table 4). Even the infamous Smoot-Hawley tariff of 1930, which is supposed to have destroyed the world trading system, was not such an aberration. It was only after the Second World War, with its industrial supremacy unchallenged, that the US liberalised its trade, proving List right. Table 5. Protectionism in Britain and France, (measured by net customs revenue as a percentage of net import values) Years Britain France Source: J. Nye, The Myth of Free Trade Britain and Fortress France, Journal of Economic History, 1991, p. 26, Table 1.
9 9 In terms of trade policy, with few exceptions such as Switzerland (until the First World War) and the Netherlands, all of today s rich countries used protectionism. 2 Interestingly, countries like France, Germany, and Japan countries normally thought to be the homes of protectionism did not use infant industry protection as vigorously as Britain or the USA did (see tables 4 and 5). Japan could not use tariff protection until 1911 due to the unequal treaties it had been forced to sign upon opening in Even in the post-wwii period, protection was quite high until the 1960s (table 6). Similar pictures hold in other policy areas. Table 6. Average Tariff Rates on Manufactured Products for Selected Developed Countries in the early post-second-world-war Period Europe Belgium France West Germany 26 7 Italy Netherlands 11 7 E.E.C. Average Austria Denmark 3 Finland 20-plus Sweden Japan n.a United Kingdom United States Source: H-J. Chang, Why Developing Countries Need Tariffs - How WTO NAMA Negotiations Could Deny Developing Countries' Right to a Future (2005, Oxfam, Oxford, and South Centre, Geneva), table 5 (http://www.southcentre.org/publications/southperspectiveseries/whydevcountriesneedtariffsne w.pdf) Notes: 1. EEC average after 1973 includes Denmark and the UK Estimate by the author. The data on Finland s tariff rates are not readily available, but, according to the data reported in table 8.2 of Panić (1988, p. 151), in 1965 tariff revenue as a percentage of all imports in Finland was 9.97%, which was considerably higher than that of Japan (7.55%), which had 18% average industrial tariff rate, or that of Austria (8.57%), which had 20% average industrial 2 For further details, see H-J. Chang, Kicking Away the Ladder (2002, Anthem Press, London), ch. 2 and H-J. Chang, Bad Samaritans (2007, Random House, London, and 2008, Bloomsbury USA, New York), ch. 2, The double life of Daniel Defoe
10 10 tariff rate. Given these, it would not be unreasonable to estimate that Finland s average industrial tariff rate in the mid-1960s was well over 20%. Many countries regulated FDI when they were at the receiving end. 3 In the 19 th century, the US regulated FDI in finance, banking, shipping, mining and logging. Especially in banking; only American citizens could become directors in a national (as opposed to state) bank and foreign shareholders could not vote in AGMs. Japan (Korea and Taiwan to a lesser extent) virtually banned foreign direct investment until the 1980s. Between the 1930s and the 1980s, Finland classified all firms with more than 20% foreign ownership as dangerous enterprises. Same story with SOEs. 4 Germany (textile, steel) and Japan (steel, shipbuilding) used SOEs to kick start their industrialization. SOEs were extensively used in France, Finland, Austria, Norway, Taiwan, and Singapore in the post-wwii period. SOEs produced 22% of Singapore s GDP and 16% of Taiwan s GDP. Most famous French firms are either still state-owned or were so until recently. We see the same picture in the area of IPRs. 5 Many countries explicitly allowed patenting of foreigners inventions (Britain, the Netherlands, USA, France, Austria). In the 19 th century, the Germans mass-produced fake Made in England products. Switzerland (until 1907) and the Netherlands (until 1912) refused to protect patents. The US refused to protect foreigners copyrights until 1891 (refused to protect copyrights for materials printed abroad until 1988). In finding the information that I have presented to you, I did not have to hack into some secret data base at the IMF or travel to Salamanca to read some 17 th century manuscript. The information is all there in a good university library and these days on the internet, if you know what to look for. But most people do not even look for this information, because history of capitalism has been so comprehensively re-written that we don t even know that it has been re-written. 3 See Bad Samaritans, ch. 4, The Finn and the elephant and H-J. Chang & D. Green, The Northern WTO Agenda on Investment Do as We Say, Not as We Did, South Centre, Geneva, and CAFOD (Catholic Agency for Overseas Development), London, For details, see Bad Samaritans, ch. 5, Man exploits man and H-J. Chang, State-owned Enterprise Reform in the United Nations Department of Social and Economic Affairs (ed.), National Development Strategies Policy Notes (United Nations, New York, 2008). 5 See Bad Samaritans, ch. 6, Windows 98 in 97
11 11 When I say all these things, people often come back and say: Alright, alright, you may be right about 19 th century US or 20 th century Japan, but do you really expect that the African countries, with so many structural handicaps, can use those policies and succeed? So we are back to what I earlier called the ABP arguments. I don t have the time to discuss any of these arguments in detail, so today I am going to confine myself to pointing out some prominent example from the history of today s rich countries. First, tropical climate is supposed to cripple economic growth by creating health burdens due to tropical diseases. A mild rebuke against this argument is the fact that many of today s rich countries used to have malaria and other tropical diseases, at least during the summer not to speak of Singapore, which is bang in the middle of the tropics, but also Southern Italy, Southern US, South Korea, and Japan. On a more serious note, frigid and arctic climates, which affect a number of rich countries in Scandinavia, Canada, and parts of the US, impose structural burdens of their own machines seize up, fuel costs skyrocket, and transportation is blocked by snow and ice. I don t think there is any a priori reason to believe that cold weather is better than hot weather for economic development. So blaming Africa s under-development to climate is confusing the cause and the symptom poor climate does not cause under-development; a country s inability to overcome poor climate is only a symptom of under-development. In terms of geography, landlockedness of many African countries has been very much emphasized. I think there is something here, but we should not over-emphasise it. Just to remind you, remember that Switzerland is landlocked, while the Scandinavian countries used to be effectively landlocked for half of the year, until they developed the ice-breaking ships. People talk of the resource curse, but then how do you explain the development of countries like the US, Canada, Australia, which are much better endowed with natural resources than all African countries, with the possible exceptions of South Africa and DRC? In fact, most African countries are not that well endowed with natural resources in absolute terms less than a dozen African countries have any significant mineral deposit. 6 They look that way mainly because they produce little else, not because they have a lot of natural resources compared to other countries. 6 See the evidence presented in H-J. Chang, How Important were the Initial Conditions for Economic Development East Asia vs. Sub-Saharan Africa (chapter 4) in H-J. Chang, The East Asian Development Experience: The Miracle, the Crisis, and the Future, 2006, Zed Press
12 12 We talk of ethnic divisions hampering growth in Africa, but this also needs questioning. Ethnic diversity is the norm elsewhere too. Even ignoring ethnic diversities in immigration-based societies like the US, Canada, and Australia, many European countries have suffered from linguistic, religious, and ideological divides. Belgium has two (and a bit, if you count the tiny German-speaking minority) ethnic groups. Switzerland has four languages and two religions, and has experienced a number of mainly-religion-based civil wars. Spain has serious minority problems with the Catalans, the Basques, and so on. Finland had an infamous civil war of 1918 between the right and the left (after which the victorious right deprived the communists of their voting rights until 1944) as well as a significant Swedish-speaking minority. And so on. Even the East Asian countries that are supposed to have particularly benefited from their ethnic homogeneity have serious problems with ethnic divisions. You may think Taiwan is ethnically homogeneous, as they are all Chinese, but the population consists of two (or four, if you divide them up more finely) linguistic groups that verbally do not understand and even hate each other (the mainlanders vs. the Taiwanese). Japan has serious minority problems, including the Korean, the Okinawans, the Ainus, and the Burakumins. South Korea may be one of the most ethno-linguistically homogeneous countries in the world (very interestingly, together with Rwanda, which proves that ethnicity is a political, rather than a natural, construction), but that does not prevent us from hating each other. For example, there are two regions in South Korea that particularly hate each other (Southeast and Southwest), so much so that some people from those regions would not allow their children to get married to someone simply because he/she is from the other place. In other words, the rich countries do not suffer from ethnic heterogeneity, not because they really have homogeneous populations but because they have succeeded in nation-building with a healthy dose of repression of minorities. People say that bad institutions are holding back Africa, but when the rich countries were similar levels of material development to that we find in Africa today, they had institutions far worse than what African countries have today. 7 People talk about bad cultures in Africa, but most of today s rich countries had once been argued to not develop because of bad cultures. 8 So in the early 20 th century, Australians and 7 See Kicking Away the Ladder, ch. 3.
13 13 Americans would go to Japan and said the Japanese are lazy. People had even worse things about my ancestors. In the mid-19 th century, the British would go to Germany and say that the Germans are stupid, too individualistic, too emotional, etc. the exact opposite of the stereotypical image that they have of the Germans today. We also hear about lack of human resources, especially the bureaucratic capabilities, in Africa as a critical constraint to implementing the interventionist policies that the rich countries used in the past. However, until the late 1960s and the early 1970s, a decade after the start of its economic miracle in 1961, South Korea was still sending its bureaucrats to Pakistan and the Philippines to get extra training. If I had the time, I would go into further theoretical and empirical details on all these matters 9, but the point is that it seems as if today s rich countries have never had any structural handicap only because they have developed successfully and acquired the technologies, the organizational skills, and the political institutions to deal with those problems. Thus seen, the structural handicap arguments are actually confusing the cause and the symptoms those handicaps are handicaps only because you are under-developed; it is not that they cause underdevelopment. So to sum up, I have today shown how the historical experiences of the rich countries totally contradict the policy recommendations of today s mainstream economists and how they also raise 8 See Bad Samaritans, ch I have discussed some of these issues. On natural resource curse, see my Initial conditions chapter, cited in footnote 6 above, and the state-owned enterprise reform chapter, cited in footnote 4 above. On the issue of ethnic homogeneity in Europe, see H-J. Chang, Under-explored Treasure Troves of Development Lessons Lessons from the Histories of Small Rich European Countries (SRECs) in M. Kremer, P. van Lieshoust & R. Went (eds.), Doing Good or Doing Better Development Policies in a Globalising World (Amsterdam University Press, Amsterdam, 2009, forthcoming). On the issue of institutional quality and development, see Kicking Away the Ladder, ch. 3, and H-J. Chang, Understanding the Relationship between Institutions and Economic Development - Some Key Theoretical Issues in H-J. Chang (ed.), Institutional Change and Economic Development (United Nations University Press, Tokyo, and Anthem Press, London, 2007). On culture and development, see Bad Samaritans, ch. 9. On the issue of bureaucratic human resources, see H-J. Chang, Institutional Foundations for Effective Design and Implementation of Selective Trade and Industrial Policies in the Least Developed Countries: Theory and Evidence in C. Soludo, O. Ogbu and H-J. Chang (eds.), The Politics of Trade and Industrial Policy in Africa: Forced Consensus (Trenton, New Jersey and Asmara, Eritria, Africa World Press, 2004).
14 14 serious questions about the structural explanations of the failures of neo-liberal policies in Africa. Of course, Africa today is developing in national and international contexts that are very different from what today s rich countries faced in their own epochs of development, so we cannot apply lessons from, say, 1960s South Korea not to speak of 18 th century Britain to today s African countries. Moreover, Africa is very diverse, so we cannot have a uniform recommendation for all countries, especially from a set of experiences that are diverse themselves. Exactly what policy implications we draw from which historical cases will depend on the exact natural, economic, social, political, and cultural conditions that a country faces and on what their goals, preferences, and aspirations are. However, knowing the real as opposed to official history of today s developed countries allows us to break off from the ideological shackle imposed by today s dominant view that Africa s economic problems are not due to the failures of neo-liberal policies but because of some structural problems that we cannot do anything about.
Lecture Two Supplement Other Industrialized Countries than Britain I. U.S. Bairoch (1993) notes that throughout the nineteenth century and up to the 1920s, the U.S. was the fastest growing economy in the
12 Globalization and International Trade Globalization refers to the growing interdependence of countries resulting from the increasing integration of trade, finance, people, and ideas in one global marketplace.
2 Comparing Levels of Development Countries are unequally endowed with natural capital. For example, some benefit from fertile agricultural soils, while others have to put a lot of effort into artificial
CHAPTER 11: The Problem of Global Inequality MULTIPLE CHOICE 1. The claim that poverty is unethical is essentially a. Normative c. political b. theoretical d. scientific 2. Self-interest is an important
CAN INVESTORS PROFIT FROM DEVALUATIONS? THE PERFORMANCE OF WORLD STOCK MARKETS AFTER DEVALUATIONS Introduction Bryan Taylor The recent devaluations in Asia have drawn attention to the risk investors face
From: Education at a Glance 2012 Highlights Access the complete publication at: http://dx.doi.org/10.1787/eag_highlights-2012-en How many students study abroad and where do they go? Please cite this chapter
2015 Country RepTrak The World s Most Reputable Countries July 2015 The World s View on Countries: An Online Study of the Reputation of 55 Countries RepTrak is a registered trademark of Reputation Institute.
Consumer Credit Worldwide at year end 2012 Introduction For the fifth consecutive year, Crédit Agricole Consumer Finance has published the Consumer Credit Overview, its yearly report on the international
Chapter 17 review Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. 1. Which of the following resulted in a retaliation by the United States of
Australia s position in global and bilateral foreign direct investment At the end of 213, Australia was the destination for US$592 billion of global inwards foreign direct investment (FDI), representing
The rise of the cross-border transaction Grant Thornton International Business Report 2013 Foreword MIKE HUGHES GLOBAL SERVICE LINE LEADER MERGERS & ACQUISITIONS GRANT THORNTON INTERNATIONAL LTD When reflecting
World History Course Summary Department: Social Studies All World History courses (Honors or otherwise) utilize the same targets and indicators for student performance. However, students enrolled in Honors
Dualization and crisis David Rueda The economic crises of the 20 th Century (from the Great Depression to the recessions of the 1970s) were met with significant increases in compensation and protection
The Determinants of Global Factoring By Leora Klapper Factoring services can be traced historically to Roman times. Closer to our own era, factors arose in England as early as the thirteenth century, as
Standard: History Enlightenment Ideas A. Explain connections between the ideas of the Enlightenment and changes in the relationships between citizens and their governments. 1. Explain how Enlightenment
JAPAN IN THE SHADOW OF CHINA? Mattias Bergman Vice President Swedish Trade Council IFN 13 august AGENDA How important is Japan today? What is changing? Areas with special interest for Swedish companies
RIA: Benefits and Application Scott Jacobs Managing Director, Jacobs and Associates WORKSHOP ON GOOD REGULATORY PRACTICE WTO, Geneva 18-19 MARCH 2008 1 The Golden Age of Regulation Regulation is a normal
The Role of Banks in Global Mergers and Acquisitions by James R. Barth, Triphon Phumiwasana, and Keven Yost * There has been substantial consolidation among firms in many industries in countries around
Author(s): Heyneman, Stephen P. Title: General Introduction: Global Issues in Education Date of Publication: 2001 Place of Publication: Peabody Journal of Education Vol. 76, No. 3&4 (2001), pp. 1-6 Document
Bank of Zambia us $ Million 1. INTRODUCTION This report shows Zambia s direction of merchandise trade for the fourth quarter of 2009 compared with the corresponding quarter in 2008. Revised 1 statistics,
Student Name: CHAN Sze Yuk, Sharon Host University: Umea University, Sweden Term: Semester A, 2013-14 Taking part in the exchange program can broaden my horizon, It sounds saying nothing how exchange program
IMMIGRATION TO AND EMIGRATION FROM GERMANY IN THE LAST FEW YEARS Bernd Geiss* Germany, Destination for Migrants Germany is in the middle of Europe and has common borders with nine countries. Therefore,
Philanthropic Foundations Actual versus Potential Role in International Development Assistance 1 The role of private philanthropic foundations in the international development agenda has been drawing significant
APPENDIX IV MODERN WORLD HISTORY DETAILED KEY CONCEPTS TOPIC 1: REVOLUTIONS IN THOUGHT KEY CONCEPT 1.1: Analyze how the Scientific Revolution and the Enlightenment ideas impacted human thought. a. Identify
HAS BRAZIL REALLY TAKEN OFF? BRAZIL LONG-RUN ECONOMIC GROWTH AND CONVERGENCE COUNTRY PROFILE: A COUNTRY IN TRANSFORMATION POLICY RECOMENDATIONS COUNTRY PROFILE Brazilian Equivalent Population in The World
Globalisation: Keeping the Gains Student Guide Globalisation: Keeping the Gains Student Guide Prepared by Anita Forsyth, Faculty of Education, Monash University INTRODUCTION A day hardly goes by without
34 McKinsey on Payments September 2013 Global payments trends: Challenges amid rebounding revenues Global payments revenue rebounded to $1.34 trillion in 2011, a steep increase from 2009 s $1.1 trillion.
FOR IMMEDIATE RELEASE CANADA HAS THE BEST REPUTATION IN THE WORLD ACCORDING TO REPUTATION INSTITUTE Study reveals interesting developments in countries reputations amidst the Euro crisis, the rise of Asia
International Economics, 8e (Krugman) Chapter 8 The Instruments of Trade Policy 8.1 Basic Tariff Analysis 1) Specific tariffs are A) import taxes stated in specific legal statutes. B) import taxes calculated
WHITE PAPER SEIZING THE OPPORTUNITY IN INTERNATIONAL MARKETS A practical guide to choosing the right s and languages 2014 Lionbridge INTRODUCTION If your app for Windows Phone is doing well at home, now
Statement by Dean Baker, Co-Director of the Center for Economic and Policy Research (www.cepr.net) Before the U.S.-China Economic and Security Review Commission, hearing on China and the Future of Globalization.
Immigration in the Long Run: The education and earnings mobility of second generation Canadians Miles Corak Graduate School of Public and International Affairs Two questions to motivate the presentation
Economic Policy and State Intervention (Richards and Waterbury CHs #2,3,7,8,9) 1. Recovery Since 1800 2. Growth Policies 3. Why the Middle East Chose Import Substitution 4. MENA vs. Asia 5. Reform Disparity
THE APERIO DIFFERENCE. Authors Michael Branch, CFA Ran Leshem CONSIDERATIONS WHEN CONSTRUCTING A FOREIGN PORTFOLIO: AN ANALYSIS OF ADRs VS ORDINARIES U.S. investors can capture international equity exposure
IMF Quota Reform: The Singapore Agreements Santiago Fernández de Lis Theme: This document analyses the changes in the quotas of certain countries as agreed at the annual meeting of the International Monetary
Chapter 10 Trade Policy in Developing Countries Slides prepared by Thomas Bishop Preview Import substituting industrialization Trade liberalization since 1985 Export oriented industrialization Copyright
CPA Roadshows Speaking Notes SLIDE 1 We are delighted to visit the [Insert name of school/university] here in [insert country name] along with colleagues from the [insert name of CPA Branch]. My name is
International Education in the Comox Valley: Current and Potential Economic Impacts FINAL REPORT March 2012 Prepared by: Vann Struth Consulting Group Inc. Vancouver, BC www.vannstruth.com Prepared for:
Estonia and the European Debt Crisis Juhan Parts Estonia has had a quick recovery from the recent recession and its economy is in better shape than before the crisis. It is now much leaner and significantly
2011 WORLD Geographic Trend Report for GMAT Examinees WORLD Geographic Trend Report for GMAT Examinees The World Geographic Trend Report for GMAT Examinees identifies mobility trends among GMAT examinees
A new ranking of the world s An Economist Intelligence Unit report Sponsored by Cisco Economist Intelligence Unit Limited 2009 A new ranking of the world s Preface In April 2009, the Economist Intelligence
We Shall Travel On : Quality of Care, Economic Development, and the International Migration of Long-Term Care Workers by Donald L. Redfoot Ari N. Houser AARP Public Policy Institute October 20, 2005 The
CHAPTER 3 Economic Impacts on Olympic Host Countries The first Olympic Games originated in Athens, the capital of Greece, in 1896. It lasts for a hundred and eleven years till 2007. The Olympic Games have
Unit 1 Chapter 5 5 The United States and the Global Economy Chapter Objectives Key Facts About U.S. International Trade Comparative Advantage, Specialization, and International Trade How Exchange Rates
COSTS OF HEALTH CARE THROUGHOUT THE WORLD R.E. Center for Health Care and Insurance Studies, Department of Finance, University of Connecticut, USA Keywords: health care costs, supply and demand of health
Emerging Trends in Migration: Insights From Gallup For the CSD of the Global Forum on Migration and Development Athens, November 2, 2009 In today s global environment, leaders need easy access to timely,
1 How does a venture capitalist appraise investment opportunities? Michael Queen - Finance Director, 3i Group plc A presentation to: 23 Pensions Convention 2 June 23 A How presentation does a venture to:
Income INTECH Global Income Managed Volatility Fund Australia 0.0066 0.0375 Austria 0.0045 0.0014 Belgium 0.0461 0.0138 Bermuda 0.0000 0.0059 Canada 0.0919 0.0275 Cayman Islands 0.0000 0.0044 China 0.0000
What is industrial policy? Competition based Industrial Mari Pangestu Jakarta, May 3, 2005 Source of growth often thought to matter: indigenous vs. foreign Is it confined to industries/manufacturing? How
TRENDS 2015 IN PHOTOVOLTAIC APPLICATIONS EXECUTIVE SUMMARY Report IEA-PVPS T1-27:2015 FOREWORD.... The IEA PVPS Programme is proud to provide you with its 20 th edition of the international survey report
The School of Policy, Government, and International Affairs (SPGIA) GOVT 322 002 CRN 75997 International Relations Theory Fall 2014 Wednesday 7:20 pm 10:00 pm in Planetary Hall room 206 Instructor: Prof.
General Certificate of Education Advanced Level Examination January 2010 Economics ECON4 Unit 4 The National and International Economy Tuesday 2 February 2010 1.30 pm to 3.30 pm For this paper you must
MICAH MCFADDEN This paper was written for Dr.Tures Politics of Developed Systems course. Policy-making is an essential part of every government. Each government must enact policies based on their own philosophies,
The Smart Meter Revolution_ Towards a Smarter Future m2m 1 00 - Contents Contents_ 01_ Introduction - By Rob Searle, Smart Metering Industry Lead at Telefónica Digital 02_ Market dissemination 03_ Installed
Verdict Financial: Wealth Management Data Collection and Forecasting Methodologies April 2014 Contents Global Wealth Markets Methodology Methodology Methodology 2 Global Wealth Markets Section 1: Global
A presentation to the ACP EU Economic and Social Interest Group, Brussels, 5 March 08 : Human Resources Development for Economic Development examples and lessons from ACP countries Brenda King Member of
4 Export Credit Insurance: Business as Usual or a New Approach? LORENZ SCHOMERUS The answer to the question posed above in this chapter s title is clear and simple: Business as usual will never be enough
The wine market: evolution and trends May 2014 1 Table of contents 1. WINE CONSUMPTION 3 2. TRENDS IN WORLD WINE TRADE IN 20 6 3. TOP WINE EXPORTERS IN 20 7 4. TOP WINE IMPORTERS IN 20 9 5. THE FIVE LARGEST
UK Television Exports FY 2014/2015 Page 1 of 5 The annual UK Television Exports Survey highlights the popularity of UK programming abroad by collecting revenue figures relating to the international activity
Deloitte Millennial Innovation survey S U M M A R Y O F G L O B A L F I N D I N G S 19 th December 2012 1 Research Approach WHO? Millennials born January 1982 onwards Degree educated In full-time employment
Global Dynamism Index (GDI) 2013 summary report Model developed by the Economist Intelligence Unit (EIU) What is the Global Dynamism Index (GDI)? the GDI assesses the dynamism of 60 of the world's largest
Measuring Latent Entrepreneurship Across Nations David Blanchflower Department of Economics Dartmouth College and NBER USA email@example.com Andrew Oswald Department of Economics Warwick University
10. PRICE MOVEMENTS 10.1 An Overview The trends in wholesale price index and consumer price indices had perhaps been never so diverging as during the current period. While the wholesale prices index shows
Online Appendix for Trade and the Greenhouse Gas Emissions from International Freight Transport, Cristea Anca, David Hummels, Laura Puzzello and Avetisyan Misak: Supplementary Materials The supplementary
& McKenzie Software Tax Characterization Helpdesk Quarterly June 2008 Characterizing foreign software revenues is a complex challenge for large and small software firms alike. Variations in the rules around
Agenda Globalization and the U.S. Economy Saving and Investment in the Open Economy, Part 2 Saving and Investment in Large Open Economies (LOE) The U.S. Current Account Deficit Fiscal Policy and the Current
Buxton School MA #1 International Student Diversity at TABS Member Schools TA B S R E P O RT S 1 The numbers of international students interested and enrolling in TABS member boarding schools have grown
6. Gross Domestic Product by Country The economies of the six countries studied for this report have flourished, allowing for the very high growth rates in research and development (R&D) investment and
Australian Outbound Student Mobility Snapshot Executive Summary One in eight Australian undergraduates studies overseas: 12.3% of completing Australian undergraduates in Australian universities undertake
Deputy Prime Minister s Jacek Rostowski CBI speech 2013 Prime Minister, Lords, Ladies and Gentlemen, Dear Friends, It is a pleasure to be with you here in London. We are just down the road from where I
A special report from The Economist Intelligence Unit www.eiu.com Contents Overview 2 Top ten economies in 5 at market exchange rates 3 The rise of Asia continues 4 Global dominance of the top three economies
Measuring long-run equilibrium exchange rates using standardized products with different specifications James Laurenceson & Kam Ki Tang*, Measuring long-run equilibrium exchange rates using standardized
Customer Support Superior Service Solutions for Your Laser and Laser Accessories Superior Reliability & Performance Optimizing Service Support for our Customers. Increased up-time Focus on core business
Chinese students and the higher education market in Australia and New Zealand. by Ma Xiaoying English Department North China Electric University, Beijing, China and Malcolm Abbott Centre for Research in
Introduction Every day Australia and Australians benefit from trade. With a population of only 19 million people trade opens up a global market of more than five billion. Australia has a surplus of resources
Leicester Goes Global Study Abroad and Erasmus Peter Hough Bloeme Bergmann International Office www.le.ac.uk Connect with wildlife Fully immerse yourself Experience new highs Bridge differences Shine a
2012 Country RepTrak Topline Report The World s View on Countries: An Online Study of the Reputation of 50 Countries RepTrak is a registered trademark of Reputation Institute. Global Reputation Knowledge
ON OECD I-O DATABASE AND ITS EXTENSION TO INTER-COUNTRY INTER- INDUSTRY ANALYSIS " Norihiko YAMANO" OECD Directorate for Science Technology and Industry" " 1 February 2012" INTERNATIONAL WORKSHOP ON FRONTIERS
DEVELOPING WORLD HEALTH PARTNERSHIPS DIRECTORY OVER 250 HEALTH PARTNERSHIPS THAT MAKE A DIFFERENCE TO PEOPLE S LIVES The global health community needs to overcome both new and current challenges in the
Foreign Direct Investment in the United States 2013 Report ORGANIZATION FOR INTERNATIONAL INVESTMENT 1225 NINETEENTH STREET, NW, SUITE 501 WASHINGTON, DC 20036 WWW.OFII.ORG 202.659.1903 Overview Foreign
TALENT RISING: LEVERAGING THE HUMAN CAPITAL INDEX TO ACCELERATE BUSINESS PERFORMANCE Talent lies at the heart of all successful organisations, and a strong workforce with the experience, skills, and capabilities
International Students' Attitudes to Postgraduate Study in Australia and New Zealand Survey 2013 Introduction Working with StudyOptions, our survey aimed to find out potential postgraduate students' attitudes