Globalization and the Workings of the International Environment Essay

Exclusively available on Available only on IvyPanda® Made by Human No AI

One of the most crucial missions of the World Bank is poverty alleviation among the developing economies. The World Bank has since focused on six strategic themes to support their missions, in so doing, they have offered financial, technical and other forms of assistance in promoting economic growth in the developing economies. The themes of the World Bank squarely focus on the middle income, fragile and countries affected by post-conflict consequences. In addition, the bank has heavily invested in the production of global public goods, education, and agriculture in promoting economic growth in potential and promising economies. This paper highlights the methods I deem effective in promoting economic growth and development among the newly industrialized nations such as Hong Kong and Singapore in response to the request by the World Bank to provide appropriate advice.

Methods currently being used for Economic Growth

To begin with, Hong Kong and Singapore served as potential and newly industrialized nations by the early 80s because of their economic measurement scales compared to the rest of the world. The current methods applicable in promoting economic growth for typical firms in both Singapore and Hong Kong include the division of labor system where the prices of commodities were determined by the market forces in achieving industrial stability. In addition, the two countries have formulated a taxation system that makes trade possible for small firms to penetrate into the global scene. More importantly, the use of modern technology in the production processes offers the most effective method of production because it enables typical firms in both countries to increase their productivity while minimizing costs. Secondly, the current taxation systems in both countries allow for capital accumulation because they promote direct foreign investments in both countries. Consequently, low taxes encourage savings and investments among the firms, increased productive capacity, creation of more employment opportunities, and improved purchasing power (Collier, Dollar, & World Bank, 2002). Finally, the establishment of property rights by both governments has encouraged innovation, efficient stock market operation, and monetary freedoms in the stock market. Considering the current strategies in promoting economic growth for typical firms in both Singapore and Hong Kong, I would advise the World Bank to finance the adoption of new technologies in the production process as this would increase productivity and cost minimization for the typical firms in both countries.

The rationale for my choice

Due to the widespread need to undertake adjustments in national policies, I would encourage the World Bank to support investments in technology and social stability in attaining a more sustainable economy for these firms in Singapore and Hong Kong. Boosting the economic growth of the typical firm in both Hong Kong and Singapore calls for the implementation of modern technology in all lines of production. With proper investments in modern technology, the typical firms in these countries aim at improved global governance and remarkable progress in the fight against the ever-increasing competition in the world. Technological advancement would ensure the identification of talents leading to increased innovation in the manufacturing sector among the developing firms. As Reinalda (2009) denotes, dramatic technological transformation among the newly industrialized countries enables the firms operating in such countries to produce complex and unique products leading to an increased competitive edge in the market.

In summary, it would be prudent to follow the economic strategies discussed in this paper in promoting economic growth because these items work towards the realization of the World Bank mission for developing economies. The implementation of new technology, effective taxation laws, and conglomerations are vital factors in promoting economic growth for any developing firm or economy because of the economies of scale benefits associated with such practices.

References

Collier, P., Dollar, D., & World Bank. (2002). Globalization, growth, and poverty: Building an inclusive world economy. Washington, DC: World Bank

Reinalda, B. (2009). Routledge history of international organizations: From 1815 to the present day. London: Routledge

More related papers Related Essay Examples
Cite This paper
You're welcome to use this sample in your assignment. Be sure to cite it correctly

Reference

IvyPanda. (2022, January 25). Globalization and the Workings of the International Environment. https://ivypanda.com/essays/globalization-and-the-workings-of-the-international-environment/

Work Cited

"Globalization and the Workings of the International Environment." IvyPanda, 25 Jan. 2022, ivypanda.com/essays/globalization-and-the-workings-of-the-international-environment/.

References

IvyPanda. (2022) 'Globalization and the Workings of the International Environment'. 25 January.

References

IvyPanda. 2022. "Globalization and the Workings of the International Environment." January 25, 2022. https://ivypanda.com/essays/globalization-and-the-workings-of-the-international-environment/.

1. IvyPanda. "Globalization and the Workings of the International Environment." January 25, 2022. https://ivypanda.com/essays/globalization-and-the-workings-of-the-international-environment/.


Bibliography


IvyPanda. "Globalization and the Workings of the International Environment." January 25, 2022. https://ivypanda.com/essays/globalization-and-the-workings-of-the-international-environment/.

If, for any reason, you believe that this content should not be published on our website, please request its removal.
Updated:
This academic paper example has been carefully picked, checked and refined by our editorial team.
No AI was involved: only quilified experts contributed.
You are free to use it for the following purposes:
  • To find inspiration for your paper and overcome writer’s block
  • As a source of information (ensure proper referencing)
  • As a template for you assignment
Privacy Settings

IvyPanda uses cookies and similar technologies to enhance your experience, enabling functionalities such as:

  • Basic site functions
  • Ensuring secure, safe transactions
  • Secure account login
  • Remembering account, browser, and regional preferences
  • Remembering privacy and security settings
  • Analyzing site traffic and usage
  • Personalized search, content, and recommendations
  • Displaying relevant, targeted ads on and off IvyPanda

Please refer to IvyPanda's Cookies Policy and Privacy Policy for detailed information.

Required Cookies & Technologies
Always active

Certain technologies we use are essential for critical functions such as security and site integrity, account authentication, security and privacy preferences, internal site usage and maintenance data, and ensuring the site operates correctly for browsing and transactions.

Site Customization

Cookies and similar technologies are used to enhance your experience by:

  • Remembering general and regional preferences
  • Personalizing content, search, recommendations, and offers

Some functions, such as personalized recommendations, account preferences, or localization, may not work correctly without these technologies. For more details, please refer to IvyPanda's Cookies Policy.

Personalized Advertising

To enable personalized advertising (such as interest-based ads), we may share your data with our marketing and advertising partners using cookies and other technologies. These partners may have their own information collected about you. Turning off the personalized advertising setting won't stop you from seeing IvyPanda ads, but it may make the ads you see less relevant or more repetitive.

Personalized advertising may be considered a "sale" or "sharing" of the information under California and other state privacy laws, and you may have the right to opt out. Turning off personalized advertising allows you to exercise your right to opt out. Learn more in IvyPanda's Cookies Policy and Privacy Policy.

1 / 1