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The quality of life measures economic development after accessing the internal components of the economy. The second student does not understand that quality of life has its share of limitations as a measure of economic development. Similarly, the first student fails to understand that the Gross Domestic Product (GDP) measures the external and internal components of the economy. Several countries use the Genuine Progress Indicator (GPI) to measure the quality of life by assessing citizen’s health, economic, environmental, and social factors. GPI fails to consider external components like exports, which are instrumental in a country’s economic status. Nevertheless, GDP as a measure of economic development in a country fails to distinguish economic transactions contributing to the well being of the economy and those diminishing it. Generally, the two are measures of economic development with merits and demerits.
The Effects of China’s Development on Various Countries
China’s current state of development is phenomenal. Financial incentives and technological development necessitate the progress witnessed in China. Asian countries are beneficiaries of this rise because of their proximity to the economic giant. Countries like the Philippines, Hong Kong, and India have a similar repute because of their recent rise in the economic realm. On the other hand, hitherto economic and political powers like the United States of America face uncertainty regarding their fate in the economic world.
Similar to North America, Europe is appalled by the rise of China in the economic domain. Unless these countries adopt relevant measures, the odds of China dominating the economic world are high. Nevertheless, the meteoric rise of China has positive effects on trade in the aforementioned regions. Competition from China will lead to the production of quality goods.
Economic Progress in Brazil
Brazil has channeled most funds to improve infrastructure. This has fostered economic growth. Through growth acceleration plans, the country has formulated a number of projects to develop and enhance infrastructure. Another factor propelling Brazil to higher economic heights is the amelioration of inequality and poverty. This has been a core component of policy goals formulated by economic agents in Brazil. Through the World Bank, Brazil has adopted ways to emancipate most of its citizens from the throes of poverty. Brazil has eradicated trade restrictions and modernized the import system. Institutional reforms have led to economic progress in Brazil. Brazil’s judicial system has been subject to numerous reforms. The reforms in this sector are important in enforcing contracts and property rights.
The Economy of the Philippines and Its Neighbors
The Philippines is a country with several neighbors. Taiwan, Hong Kong, and Vietnam are among these neighbors. The Philippines has strength in remittances. Through remittances, the country has increased its revenue. The economy of the Philippines has recently expanded. Exports remain a major source of revenue for the country that survived financial and economic downturns in a better manner than it’s trading peers did.
Taiwan boasts of a capitalist economy characterized by dynamism. Taiwan’s government has ceased to control foreign trade and investment. Through exports, Taiwan has experienced economic development at an unprecedented rate. Most of its strength in the realm of exports come from machinery, petrochemicals, and electronics. The country benefits from investments made by institutional investors and financial firms. Hong Kong is a country possessing the economy of a free market. The country’s economic strength lies in the export of tobacco, methyl alcohol, hydrocarbon oil, and hard alcohol. Moreover, the country is a major beneficiary of integration with neighboring countries like China. Vietnam is a neighbor to the Philippines. This country has exhibited economic modernization recently. Similar to the aforementioned countries, Vietnam has economic strength in exports. Foreign investments account for a large proportion of the country’s revenue.
The strengths of the aforementioned neighbors complement each other. Countries in this region have fair trade regulations, which guarantee that each country has a fair share of the returns from the trade arrangements. The decision to invest in the Philippines requires a thorough assessment of the management issues in the country. Management in this country is different from the western style of management that recognizes individual efforts. Business families play a key role in the political direction of the country.
Reasons for Business Relocation
Real estate’s cost is one of the reasons businesses relocate. Aon is one of the big businesses in the United States. This company has decided to cut costs in relocating their businesses. Talent access is a major consideration for businesses deciding to relocate. Skilled employees determine the success of the business. In light of this, most of the businesses that decide to relocate are deficient of talent. This may compel the businesses to relocate in regions with a labor pool endowed with skilled and talented individuals. Talented employees guarantee continuity and cohesion of the business.
The market access is a major reason why most of the businesses decide to relocate. The lack of access to the market may compel managers to pursue markets with the right demographics to support the sale of services and products. Right demographics may support growth. Businesses willing to relocate consider growth opportunities. Before relocating a business, there is a need to position the business in an area with the opportunity to succeed. Social media is necessary to provide information on opportunities for the growth of the business. Social media can aid in seeking advice from potential trade partners and vendors willing to work with the business.
When employees are laid off, the business has to make serious considerations. One of the major considerations is if laying off workers is in the best interests of the company. The company may be forced to lay off workers because of economic conditions. Aon had to retrench a number of workers after the recession. These workers were compensated by Aon. Compensation in many companies comes in the form of severance packages so that the remaining workers are not demoralized.
Government Intervention
The move by the government to introduce producer subsidies is vehemently opposed by a number of critics because of the widespread effects on the economy. Notwithstanding that cash payments, product price supports, low-interest loans, and tax breaks increase productivity in domestic industries, the revenue lost because of this move can be used to meet an avalanche of needs. Concisely, the intervention of the government in the economy via the aforementioned policies has an array of disadvantages. First, through producer protection, the government affects business because of laxity on the producer.
Excessive intervention only succeeds at a lack of innovative adjustments that are necessary for competition. Government parastatals engage in unethical business marred with exorbitant prices after government intervention has ceased. This development elucidates that government intervention is not necessary and domestic producers should learn to rely on competitive advantage for success in business. Furthermore, government intervention culminates in excessive expenses. These expenses are borne by the taxpayers. Producer support may be politically motivated to benefit a few politicians.
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