Effects of Training and Development on Overall Organizational Research Paper

Effects of Training and Development on Overall Organizational Performance - Research Paper Example With employees’ development, an organization is able to retain them at their place of work for their own growth and for the growth of the organization for they will be able to fill new positions arising in the organization. In this paper, I will generally discuss training and development on overall organizational performance through work of HR management. I will also discuss how the human resource department seeks to improve the overall performance of its employees through training and development programs. The paper will deal mainly with the effects of training and development programs in improving employees’ performance and how it helps an organization to realize its goals by giving different perspectives from different authors and researchers. Training and development are essential to the success of all organizations. This is because; it ensures the ongoing managing of the performance of employees in organizations. Employee pieces of training not only set goals for t he employees but also monitors and motivates them in achieving the set goals. All human resource management should initiate training and development programs in their organizations so as to nurture professionals and a staff that is competent. It is vital because of the changes in economic and technological trends and the increase in the pace of modernization. All organizations need training and development so as to be able to grow faster with the changes. Training and development increase employees’ performance and it also increases the achievement of organizational goals. It is a fact that training and development of employees enhance eventual employee’s productivity and performance in an organization. Many organizations have occupied their staff in training and development programs so as to improve their performance. The performance of employees needs to be upgraded regularly. For an organization to meet its goals there is a need to instigate training, development, a nd employee evaluation programs. The best and most powerful tool in human resource training and development in e-learning. Online learning is very important because nowadays, everything is done technologically and all employees should be technologically literate. New technologies help in the improvement of an organizations performance. Even though there were cases whereby most employees were resistant to change, presently, they do embrace change. Due to this, most organizations are giving their employees training and development in their organizations for better performance. A research conducted by Rivera  found out that the human resource management is very confident and keen on the positive effects that training and development programs bring to their organizations (56). Many HR professionals interviewed during this research confirmed that the success and excellent performance of an organization highly rely on the constant training and development of its employees. The same rese arch revealed that many employees are happy with the training given to them and they also confirmed that it has improved their performance and it has increased their self-efficiency.

Game and Sportsman Essay Example for Free

Game and Sportsman Essay Sportsmanship does not mean only taking part in sports and playing the game in conformity with the rules prescribed, but also playing the game of life in the spirit imbibed on the playing fields. A true sportsman is he who observes all those rules in life which he has been taught to observe in games. One who has achieved skill or proficiency in games but does not learn to apply the principles of sports to life in general does not deserve to be called a sportsman. On the contrary, a man who gives evidence of possessing a sporting spirit in games is still a sportsman. Usually those who play games develop into true sportsmen because their character is molded by the training they are given on the field. It implies fair play. Just in games if any player plays foul, the side to which he belongs is penalized, similarly in the bigger game of life one must always be fair in ones dealings with others. Fairness, honesty, integrity, openness of heart and frankness -these are the qualities that a sportsman must display in life. One should not practice deception, should not bluff, should not cheat others and should indulge in diplomacy or humility. A sportsman never takes undue advantage of the weakness of his adversary nor does he hit below the belt. The art implies obedience to the leader. In games the players have to obey their captain and yield to him on points on which they are in disagreement with him. They must repose the fullest confidence in him. In life too, a sportsman yields to his superior even if he does not agree with him. Respect for discipline is an essential part of sportsmanship. Team spirit is another important element of sportsmanship. In games the various players must cooperate with one another if they wish to win a match. Without mutual co-operation success is impossible. Similarly in whatever sphere of life one may be, one must aid and be aided by ones friends if one is a true sportsman. Sportsmanship consists in working in full harmony with others. In cooperation indeed lies strength. Wherever a common aim binds a number of people together, they must display their sportsmanship by working harmoniously, without friction or mutual jealousy. Finally, the spirit of sportsmanship demands cheerfulness even in the face of a defeat. When two players play a tennis match, the loser does not cherish any grudge against the winner. In fact the loser congratulates his opponent on his success and shakes hands with him. Fair play, respect for discipline, recognition of the need for teamwork and cheerfulness even in the event of defeat are thus the dominant marks of a sportsman. Sportsmanship is worthy of admiration.

Toumai, The Oldest Relative of the Human Race Essay example -- Anthrop

Toumai, The Oldest Relative of the Human Race Discoveries relating to the human lineage are extremely exciting and often baffling. This is the case with the recent discovery of what seems to be the oldest member of the human family. A skull found in northern Chad in 2001, has been deemed the earliest relative to the human ever found. Nicknamed Toumai, and discovered by Michel Brunet and his paleontology team, this new category of human has been given the scientific name, Sahelanthropus tchaensis. What makes this skull so definitive is the fact that it dates back approximately 6-7 million years in the earth’s history (Whitfield 2002). Since the discovery there have been anthropologists and paleontologists that have disputed the hominid status of Toumai (Evans 2002), but many, especially those involved in the finding of the skull still believe that they have the oldest relative to the human race we know today. The kind of attention that comes from discovering a fossil that may challenge pre-existing notions of human lineage is massive. When the findings were first published in â€Å"Nature† and â€Å"Science†, scientific journals, the news spread like wildfire and every news source from ABC to the BBC had the story covered. A discovery of this magnitude is highly important considering it can alter thoughts about the beginnings of the human line and cause an uproar in the science community in terms of the way human evolution is looked at. BBC News was one of the sources that covered this story when the discovery was made. Their primary article stated, â€Å"Scientists say it is the most important discovery in the search for the origins of humankind since the first Australopithecus ‘ape-man’ remains were found in Africa i... ...s. Toumaà ¯, the ancestor of the human ones. http://www.lemonde.fr/web/article/0,1-0%402-3328,36-331868,0.html    Evans, Mark., 2002, Ancient Skull’s Species in Dispute. Philadelphia Inquirer. http://www.mercurynews.com/mld/inquirer/living/science/4249114.htm    Gibbons, Ann., 2002, One Scientists Quest for The Origin of our Species. Science, v. 298. http://rcp.missouri.edu/carolward/pdfs/quotebrunetpiece.pdf    Meek, James., 2002, Monkey or Man? Toumai hailed as our oldest ancestor, is stirring ancient scientific rivalries. Guardian News, http://www.guardian.co.uk/uk_news/story/0,3604,808955,00.html    Noble, Ivan., 2002, Astonishing Skull Unearthed in Africa. BBC News, http://news.bbc.co.uk/1/hi/sci/tech/2118055.stm    Whitfield, John., 2002, Oldest Member of Human Family Found. Nature, Science Update, http://www.nature.com/nsu/020708/020708-12.html   

Essay on Voltaire’s Candide: A Freudian Interpretation -- Candide Essa

A Freudian Interpretation of Candide  Ã‚   Voltaire’s Candide is a humorous work depicting the misadventures of a German man who has fallen from pseudo-nobility and is forced to roam the world in search for his love and his identity. In his adventures, he encounters massive fits of violence, both inflicted by himself onto others, and by those around him. This huge amount of violent behavior brings about startling questions about morality and justice in Voltaire’s time. It becomes apparent that Candide, among other things, is a satire which focuses on justice. Sigmund Freud, the noted psychologist, came up with the idea three states of consciousness: the id, which is the instinctive quality of humans; the ego, which is human rationale; and the superego, which is a person’s morality, or conscience. The characters and actions of Candide can easily be classified into these three states of consciousness to determine much of what Voltaire satirized in his work.   Ã‚  Ã‚   The middle group of the conscious states, the ego, is the medium of the brain. It is the bridge from the outside world to the inner workings of the mind. It is also the rational portion of the psyche, relying on reason. From the narrative, which is notably biased toward Candide’s point of view, the obvious symbol of the ego is Pangloss, the philosopher. He is Candide’s idol, and the model of right-thinking among the main characters, despite appearing as an utter buffoon to both the audience and the other characters with his hypotheses that all things are â€Å"for the best.† Also distorted views of the ego are apparent in most of the major characters, including Candide and Cunegonde, most notably. Although they are hardly the pictures of rationale, the... ...p in their own personal El Dorado, the microcosmic garden. An Edenic farm becomes their new home. On the other hand, the rest of society is forced to live with the monstrosity that it has created of itself. Candide and his friends can live in peace for the rest of their existence while the rest of humanity, including perhaps even the real El Dorado, must suffer its own set of consequences.   Ã‚  Ã‚  Voltaire is obviously satirizing the period’s view of justice. He makes his points through biting sarcasm using the reversed roles of what he feels should be. These points are unstated, but painstakingly simple and clear. He was obviously hoping to reform the systems of the time. These ideas of reform are made even clearer by Freud’s ideas. Voltaire tries to refocus society’s efforts on morality and thinking, rather than tradition and blind submissions.    Essay on Voltaire’s Candide: A Freudian Interpretation -- Candide Essa A Freudian Interpretation of Candide  Ã‚   Voltaire’s Candide is a humorous work depicting the misadventures of a German man who has fallen from pseudo-nobility and is forced to roam the world in search for his love and his identity. In his adventures, he encounters massive fits of violence, both inflicted by himself onto others, and by those around him. This huge amount of violent behavior brings about startling questions about morality and justice in Voltaire’s time. It becomes apparent that Candide, among other things, is a satire which focuses on justice. Sigmund Freud, the noted psychologist, came up with the idea three states of consciousness: the id, which is the instinctive quality of humans; the ego, which is human rationale; and the superego, which is a person’s morality, or conscience. The characters and actions of Candide can easily be classified into these three states of consciousness to determine much of what Voltaire satirized in his work.   Ã‚  Ã‚   The middle group of the conscious states, the ego, is the medium of the brain. It is the bridge from the outside world to the inner workings of the mind. It is also the rational portion of the psyche, relying on reason. From the narrative, which is notably biased toward Candide’s point of view, the obvious symbol of the ego is Pangloss, the philosopher. He is Candide’s idol, and the model of right-thinking among the main characters, despite appearing as an utter buffoon to both the audience and the other characters with his hypotheses that all things are â€Å"for the best.† Also distorted views of the ego are apparent in most of the major characters, including Candide and Cunegonde, most notably. Although they are hardly the pictures of rationale, the... ...p in their own personal El Dorado, the microcosmic garden. An Edenic farm becomes their new home. On the other hand, the rest of society is forced to live with the monstrosity that it has created of itself. Candide and his friends can live in peace for the rest of their existence while the rest of humanity, including perhaps even the real El Dorado, must suffer its own set of consequences.   Ã‚  Ã‚  Voltaire is obviously satirizing the period’s view of justice. He makes his points through biting sarcasm using the reversed roles of what he feels should be. These points are unstated, but painstakingly simple and clear. He was obviously hoping to reform the systems of the time. These ideas of reform are made even clearer by Freud’s ideas. Voltaire tries to refocus society’s efforts on morality and thinking, rather than tradition and blind submissions.   

Monologues

Joanna’s Monologue from Kramer vs. Kramer Look, during the last five years of our marriage, I was scared and I was very unhappy. And in my mind I had no other choice but to leave. At the time I left I felt that there was something terribly wrong with me. And that my son would be better off without me. I know I left my son. I know that that’s a terrible thing to do. Believe me I have to live with that every day of my life. But in order to leave him, I had to believe that it was the only thing I could do.And that it was the best thing for him. However, I have since gotten some help, and I have worked very, very hard to become a whole human being. And I don’t think I should be punished. Billy’s only seven years old. He needs me. I’m not saying he doesn’t need his father, but I really believe he needs me more. I was his mommy for five and a half years. And Ted took over that role for eighteen months. But I don’t know how anyone can possibl y believe that I have less of a stake in mothering that little boy than Mr.Kramer does. I’m his mother. I’m his mother. JANICE  by Susan Pomerance Janice is awakened to the fact that the boy next door is no longer just the boy next door. How in the world could you ever predict something like this? It's†¦ I mean, you're so close. We've been neighbors forever, since we were little kids. Playing together, messing around and stuff. I've always thought of Ralph Merriweather as this little playmate next door, you know?This goofy kid with unruly hair and a squeaky voice and acne. How was I to know I'd fall for Ralph Merriweather? Things change, you know? One day here's this skinny, uncoordinated guy with a big Adam's apple and then, all of a sudden, you turn around and he's super-neat. One day he's a dork, the next, a hunk. It happened last night when we went over to the Merriweather's for the holidays like we have since I can remember. Of course, there was mistletoe. And Ralph grabs me and kisses me, and – wow!All of a sudden like he's not just the little dork next door anymore. He's like this familiar stranger who turns me on. Amazing. After all these years. And now everything is turned upside down. Now I find him handsome and sexy and very interesting. Why, when we were little, we used to take baths together and I never ever once thought about looking below the water line. I was more interested in his plastic duck. http://iws. punahou. edu/department/theatre/curriculum/monologues/female/janice. html

buy custom Decameron essay

buy custom Decameron essay Boccacio, through the Decameron tales, adopts a satirical strategy which ultimately brings out the flawed nature from individual, to institutional and all through to societal failings. The manner in which he juxtaposes vices and virtues and plainly provides no personal angle leaves the huge task to the readership to interpret the tales. Boccacio is not only aware of the critique and even ridicule his work of art will arouse amongst the critics, but also seems aware that the kind of literature he produced would equally serve to critique and ridicule the mannerisms that characterized the 14-th century Italian society. Through exquisite narration enshrined in ten narrators and set at a time when the plague had ravaged the society, the confines to the narrative views of the ten narrators act perfectly to justify literature as a mirror for the society to gauge itself. Boccacio uses the themes of patriarchy, the pursuit of desires and lust, wealth and class in the society and, dominance an d abuse to the society to invoke the flawed nature that characterizes the society. To begin with, most of the tales satirically place the woman in a pole position, probably ridiculing the patriarchal setting of the society. The women in most of the tales bring wealth and prosperity to their men or restore it to the men. In so doing, Decameron vindicates the societal actions that have seen the men dominate over their women, beat them up and even dictate the persn to which they should be married. Through the use of humor, Boccacio ensures that the women cheat on their men and even have as much a choice as far as choosing the person to carry their baby is concerned. Indeed, Boccacio concedes that he made the ladies say or listen to things not considered proper for the virtuous lady (pg 143). Though this could be considered a deviation from the ideal patriarchy that shouldered the 14-th century society, Boccacio was probably exploring the possibility of, what if, albeit in a humorous manner. For instance, in a society where the men take the pole position and can cheat, Alatiel (2nd day, story 7) amuses eight different men and is still considered a noble worth marriage to marry a king. It brings to the fore the societal orientation of see nor hear no evil. For a society which values are set by the church, the manner in which the clergy conduct themselves is questioned albeit not vindictively. Boccacio seems to extrapolate the fact that the church is no creation of the clergy rather than an institution hinged on supernatural power. Thus, though the malpractices of the Catholic Church enshrined in the wayward acts of the priest and nuns which range from immorality through to corruption abound, Boccacio affirms his societal belief in divinity, but as well satirizes the revered institution of religion (Koff Schildgen, p. 57). Thus, through the corruptible caanonization, to the spread of Christianity which is not founded on the ideal values, the flaws in the church are brought to the fore. This is a disguised attack not just on Rome but also on the society who still believe in the same church for spiritual nourishment. Finally, the society is projected as having placed sexual desires, wealth and power to the fore. Boccacio never alludes to this directly but by highlighting the weaknesses that the institutions and society perceive as normal, the question of ideal society, sexual relations and means of wealth acquisition and thus prosperity come into mind. The pursuit of all these human desires seems to have blinded the society and thus a corrupt image characterizes the interaction of all the characters in the tales. Ultimately, conventional morality and Christian values poked fun by Boccacio through envisaged demoralization of the church highlight the satirical bias in this 14-th century masterpiece. The profound dissection though does not harbor the opinions of the author thus enabling the reader to expeditiously opine on the society based on the information given in the tales. Through sarcastic endorsement of immorality among the clergy, the use of trickery and imperfect avenues to wealth amassment and, a representation of a flawed man to women relationship in the pursuit of wealth and sexual satisfaction as well as class, The Decameron satirically capture the 14-th century society. Buy custom Decameron essay

How To Prepare The Students To Travel To Foreign Country

How To Prepare The Students To Travel To Foreign Country While preparing the students to trip, the teacher must think over the steps to be made to convince the students of the advantages of travelling. Thus, the first and most important issue is related to the experience which students can get while communicating with native speakers.Advertising We will write a custom critical writing sample on How To Prepare The Students To Travel To Foreign Country? specifically for you for only $16.05 $11/page Learn More In my opinion, the most important advantage for students is an opportunity to improve communication skills as well as to obtain some knowledge concerning culture peculiarities of other country. The teacher may point out that students who have an opportunity to visit foreign countries can get not only emotional experience, but also mental and social one. Social experience is related to customs and traditions which a person can become familiar with. Mental experience, in its turn, concerns with numerous cognitive processes which impact on intellect development. One more issue I would like to touch on concerns with the so-called subjective experience, which means the perception of other reality. Thus, the teacher is to explain his/her students that subjective experience appears when students interact with foreign environment. One should keep in mind that understanding other reality is also to be taken into consideration. Thus, the teacher is to explain the students that foreign reality means world views or beliefs which differ from the reality of their own nation. Another point I would like to draw your attention to is related to the notion of concept. Thus, the teacher is to explain that most concepts which students must take into account are related to the linguistic origin. For instance, it is a well-known fact that learning foreign languages is not an easy task, and in most cases the native speakers of English will not understand those who speak Russian. Thus, the main problem is not onl y the lack of practice, but some aspects which touch upon various countries mentality. So, the thing which is considered to be of primary importance is the teacher’s concentrating on the advantages which students are able to receive. The idea to show the students some documentary films seems to be rather attractive too. For instance, watching a film is considered to be a necessary step to provide students with some general/basic knowledge about the country they want/can visit. On the other hand, they can become familiar with the realities (traditions, customs) of other country. Some economic issues are also to be taken into account. Thus, the teacher must touch on certain contradictions concerning economic questions. Next step which the teacher is to draw his/her attention to concerns with educational quality improvement. Of course, nobody will deny the fact that direct communication with native speakers as well as feeling the atmosphere of foreign life can not be replaced by foreign literature reading/studying.Advertising Looking for critical writing on education? Let's see if we can help you! Get your first paper with 15% OFF Learn More In other words, the theory is considered to be a good thing, but practice is more important. Finally, there is a great opportunity to enlarge students’ knowledge about the history and geography of the country they are going to visit. Thus, the students are able to become familiar not only with the social history, but also with cultural and economic history. In some cases, military history as well as environmental one is also to be taken into account. The disadvantages are also to be touched on. Thus, the teacher is to describe some unpleasant situations which may occur while travelling.

Soggy Sweats Famous Whiskey Speech

Soggy Sweats Famous Whiskey Speech One of the craftiest orations in the history of American politics was the Whiskey Speech, delivered in April 1952 by a young Mississippi legislator named Noah S. Soggy Sweat, Jr. The House had been debating whether to finally pop the cork on Prohibition when Sweat (later a circuit court judge and a college professor) decided to demonstrate his prowess for talking out of both sides of his mouth. The occasion was a banquet at the old King Edward Hotel in Jackson. My friends, I had not intended to discuss this controversial subject at this particular time. However, I want you to know that I do not shun controversy. On the contrary, I will take a stand on any issue at any time, regardless of how fraught with controversy it might be. You have asked me how I feel about whiskey. All right, here is how I feel about whiskey.If when you say whiskey you mean the devils brew, the poison scourge, the bloody monster, that defiles innocence, dethrones reason, destroys the home, creates misery and poverty, yea, literally takes the bread from the mouths of little children; if you mean the evil drink that topples the Christian man and woman from the pinnacle of righteous, gracious living into the bottomless pit of degradation and despair and shame and helplessness and hopelessness, then certainly I am against it.But if when you say whiskey you mean the oil of conversation, the philosophic wine, the ale that is consumed when good fellows get together, that pu ts a song in their hearts and laughter on their lips, and the warm glow of contentment in their eyes; if you mean Christmas cheer; if you mean the stimulating drink that puts the spring in the old gentlemans step on a frosty, crispy morning; if you mean the drink which enables a man to magnify his joy, and his happiness, and to forget, if only for a little while, lifes great tragedies, and heartaches, and sorrows; if you mean that drink, the sale of which pours into our treasuries untold millions of dollars, which are used to provide tender care for our little crippled children, our blind, our deaf, our dumb, our pitiful aged and infirm, to build highways and hospitals and schools, then certainly I am for it.This is my stand. I will not retreat from it. I will not compromise. Though were tempted to call Sweats speech a lampoon, that words etymology (from the French lampons, let us drink) may betray a certain bias. In any event, the speech stands as a parody of political doublespeak and an artful exercise in employing audience-flattering connotations. The classical figure underlying the speech is distinctio: making explicit references to various meanings of a word. (Bill Clinton used the same device when he told a Grand Jury, It depends on what the meaning of the word is is.) But whereas the customary aim of distinctio is to remove ambiguities, Sweats intention was to exploit them. His initial characterization of whiskey, addressed to the teetotalers in the crowd, employs a series of dysphemismsdisagreeable and offensive impressions of the demon drink. In the next paragraph he shifts his appeal to the wets in his audience through a far more agreeable list of euphemisms. Thus he takes a firm standon both sides of the issue. In these days of duplicity in the land of spin, we lift our hearts and our glasses to the memory of Judge Soggy Sweat. Sources Orley Hood, On June 3, Soggys Speech Will Come to Life, The Clarion-Ledger (May 25, 2003)M. Hughes, â€Å"Judge Sweat and ‘The Original Whiskey Speech,’ The Jurist (Vol. I, No. 2, Spring 1986)If by Whiskey, The Clarion Ledger (February 24, 1996)

Analysis of the reasons that support the massive urban expansion in Essay

Analysis of the reasons that support the massive urban expansion in developing cities in the Third World. Using the three cities - Essay Example This rapid rural-urban migration will mostly take place in developing countries (UN 2-20, 2004). People will be moving from the rural to urban areas for several different reasons, top of which will be looking for employment and better lives. Most of the countries that even today experience massive urbanization are found in the developing countries of the third world, especially in Africa, South America and Asia. North America, Europe and Australia also experience urbanization, but to a much lower extent than the developing world. This is because most of these countries’ urbanization started centuries ago with the age of industrialization and by now they are at a flood phase in urbanization where they have stabilized, and urbanization for them is mostly about upgrading current infrastructure to modern states. Furthermore, urbanization is also driven by the increase in population, and developing countries do not have high rates of population growth. One of the cities in Africa e xperiencing massive urbanization is Nairobi, the capital city of Kenya. Kenya is a country in East Africa. With a population of over 3 million people, the city has been considered the most urbanized in East Africa. Nairobi is in a centrally geographical place, with easy access to several airports and sea ports in the eastern Africa region (Llc Books 5-27, 2010). Furthermore, it is the most convenient route from the sea to transport goods from Kenya’s sea ports to landlocked countries, like the Southern Sudan and Ethiopia. The fact that Kenya is a democratic country means that capitalism thrives in the city, allowing for the free movement of goods and services. Nairobi also boasts of amenities such as roads, schools, a city council that is in charge of various services, international and local 5-star hotels among others. Nairobi is also the only city in the world with a national park within the city, called the Nairobi National Park. Tourism is one of the biggest foreign excha nge earners in Kenya, and Nairobi being centrally placed in the country offers easy access to some of the world’s best national parks and wild reserves, including the Maasai Mara, famous for one of the wonders of the world - the annual movement of millions of wildebeest across the Mara River on to Tanzania. Kenya’s coast is also a tourist attraction with its tropical feel and white sandy beaches only found along the coast of East Africa. Nairobi has also had success in being a business destination. Apart from the various investment opportunities available in the city, the hotels in the city also offer ideal locations for conferences and other business events. Easy access to airports also helps businesses. Nairobi was founded in 1907 and was initially an administrative centre, especially for the British colonialists (Morton 2-45, 1948.). Kenya gained independence in 1963. Over the years, the city has experienced massive expansion to its current population. An increase i n human population is one of the reasons for this massive urbanization. Kenya has one of the highest population growths and this has seen many urban areas expand rapidly. The increase in the number of people educated due to an expansion of education facilities has also led to massive urbanization in Nairobi. The government has offered free primary education, and tertiary education in Universities is subsidized. The emphasis on literacy has seen many people, especially from the

How Age Effects Individuals Health Essay Example | Topics and Well Written Essays - 1500 words

How Age Effects Individuals Health - Essay Example Furthermore, it also is not a disease that all elderly people are vulnerable too. Health research studies have shown that older people who regularly engage in an exercise program at least three times a week are less likely to get this disorder than those who have never been interactive in exercise regimens (Consumer Affairs 2006). Also, certain addictions to consumer products such as "tobacco" or even "alcohol" have been shown to make a person age faster than their actual years. For example someone who is 45 years old and who has smoked since they were 13 can show signs of cognitive break down faster than a person who is 55 years of age (Cross Currents 2004). The point is that some addictions are very bad for your health and can bring on serious illnesses before you even get old. Smoking is just one of these addictions and it is known that by engaging in smoking cigarettes or even cigars, the rate of cognitive decline can be five times higher than for those who have never smoked (Cro ss Currents 2004). Some perceive smoking to be one of the main causes of age related illnesses before their time. Studies have found that smoking creates so many adversities for people and their health, defining that by middle age people can have many respiratory ailments that are so severe it makes them appear to be older than what they actually are (Edelson 2006). There is no doubt that the majority of people in society are aware that smoking kills but the problem here is that they believe that it takes longer than what it actually does. Many people think that they won't have any repercussions until they are in their latter fifties or mid-sixties but this simply is not true. Again this shows the idea that people view age as the key window to defining what health problems a person will have, it is totally wrong (Edelson 2006). Nevertheless, there is a good point to this adversity. By quitting smoking, at any time, a person has the ability of increasing their percentage of turning t heir health around. Their age will start to improve in an outwardly way as they continue to include more healthy habits into their lifestyle to replace smoking. The point that is being made is the fact that from a social perspective people have a good amount of control in how they age and how their health is affected. They have the power to prevent or slow the progression of a number of serious or fatal illnesses simply by changing their behavior patterns and also by focusing on what they eat and drink. There are many alternatives to prevent illnesses from occurring as well as many social factors present that encourage or promote diseases (Cross Currents 2004). So this is pointing out that just because you are at 67 years of age or older doesn't necessarily imply that you have to worry about getting the diseases that are labeled for the older generation. Young people aren't invulnerable to them either. There are things that people can do to prevent ever having to worry about illnesses such as dementia, heart disease, osteoporosis, and many other so called "age related" illnesses. In order to validate the point about dementia, one specific st udy that was carried out by a group of

Revenue Recognition Research Paper Example | Topics and Well Written Essays - 3250 words

Revenue Recognition - Research Paper Example Modern financial accounting is highly dependent on double entry bookkeeping. However, the origin of double entry bookkeeping is not clearly known of yet literatures suggest that in almost every civilization, financial record keeping was followed. Franciscan Friar, Luca Pacioli is often associated with double entry bookkeeping because he published a book on the same in 1494. In the book, he spoke of debit and credit as well as of liabilities and assets. Pacioli also advised in the book about periodic profit calculation and yearly closing of books (Previts, Parker & Coffman, 1990). Around sixteenth century, noticeable changes were proposed and incorporated in the bookkeeping techniques for the purpose of recording various kinds of transactions. During this period, usage of specialized subsidiary books such as separate cash book increased greatly. By the end of seventeenth century, evolution of periodic preparation of financial statements was witnessed. Additionally, the eighteenth century marked personification of different accounts and transactions for rationalizing debit and credit rules that were applicable to abstract and impersonal accounts (Jones & Riahi-Belkaoui, 2010; Previts, Parker & Coffman, 1990). The period also pointed at evolution of three methods of treating fixed assets. Firstly, assets were carried forward in financial statements at original cost and difference between revenue payments and receipts was shown in profit and loss account. Secondly, fixed asset accounts were closed on the balancing date and the difference between debit and credit balance due to original cost and other expenditures was carried forward. The third method was to evaluate appreciation and/or depreciation in the asset value and the difference was reflected in profit and loss account. However, it was only around 1930s, the depreciation charges and methods became more evident in practice (Edwards, 2013). Post industrial revolution in nineteenth century, cost

The BISM Case Essay Example | Topics and Well Written Essays - 500 words

The BISM Case - Essay Example A: The research clearly points out to the needs and attitude of modern day office staff – they want to work in a team environment and at the same time they want a bit of privacy for increased concentration on the job. The essential change in hierarchical to cross-departmental process thinking lies in two important factors namely, a) work execution at lowest possible levels and b) informality in cross-departmental consultations without going through bureaucratic procedures – these indicate productivity at the individual level and teamwork at company-wide, rather than departmental level. These two factors impact the way a modern office and its furniture/equipment are designed. For companies like Knoll, this change in an office environment means a very significant change in the way its products are designed and marketed. Failing to realize such changing demands would mean losing market to better-designed products. A: The five productivity factors revealed in the research work, point to the need for self-contained workstations that offer personalized space, the flexibility of movement and at the same time, a sense of participation in a team atmosphere. Work itself is to be executed with the state-of-the-art computer technology. Furniture and workstation are to be integral to each other. While designing the workstation, care will be taken to understand the space needed for the specific electronic equipment like telephones, computers and peripheral items like printers and stationery items. Equally important will be the free tablespace that is required for off-computer work, using traditional paper and pen/pencil. In other words, the integrity of design with work requirements will be of prime importance. Work requirement may change from time to time and this may involve regrouping of staff to execute a specific project.

Implementation reflection paper Essay Example | Topics and Well Written Essays - 1250 words

Implementation reflection paper - Essay Example The most usual troubles include cutting trees, blocking rivers, extreme animal grazing, storms, overflows, and fires, notably, not all the ecologically disturbances can be attributed to man since others like flooding are nurture. These are some of the key issues examined under the study of ecological restoration which is a scientific discipline that studies the repairing of disturbed ecologies. To deal with these disturbances, restoration activities have been designed to restore the environment to its initial state before the disturbance occurred or to create a new and appropriate eco system where there had been none previously. Restoration projects are different in terms of objectives and methodology applied, majority of the restoration systems are however focused in re-establishing native species of animals or plants and/or repair of pre-existing ecological systems (Higgs, 2010). Restoration developments vary in their purposes and their ways and means of accomplishing those objecti ves, examples of the common restorative activities include; revegetation, which is the reestablishment of flora in places it had existed previously, this is often done with intention to control erosion by creating plant cover (Vaughn, 2010). Habitat enhancement by which a site’s suitability is enhanced to make it more conducive as a habitat for a given species, remediation involves the improvement of an existing ecosystem or replacing a deteriorated or destroyed ecosystem. Historically, the idea or restoration has been known for centuries but it is not until recently that notable action has been taken. Some of the most wide scale restoration projects in the world include the Florida wetland restoration in the United States and the Mau forest in Kenya where trees were replanted after years of deforestation. The wetlands in Florida had been drained and the indigenous plants cleared in and used as farms and pastures crops in the 60s as the land was reclaimed for crop cultivation , as a result many animal and plant species native to the everglades vanished since the environment had become hostile for them (Nellemann, 2010). However in 2001, efforts to restore the land were put in place, the water level was returned to normal through reduction of water canals in the region and as soon as the required hydrology was achieved the native species were introduced (Hogan, et al, 2011). A total of 143 acres of wetland were restored and 20 listed animal species reintroduced in to the wetlands and currently placed under the protection by the state to prevent future attempts to encroach the nurture habitat. In Kenya high deforestation in the Mau forest which is a critical catchment area that supplied water to the Africa’s largest freshwater Lake (Lake Victoria) this called for mitigate action which included a cessation of tree felling activities and planting of thousands of trees. After the BP oil spillage, the American coastal wetlands are also in need for exten sive restoration efforts as a result of extreme destruction of the ecosystem and consequent ill effects on marine plants and animals (Barbier, 2011). One of the concepts on which restoration draws is the concept of landscape ecology, this is because restored areas are often small and this puts them at risks similar to those that happen in situations of environmental

The BISM Case Essay Example | Topics and Well Written Essays - 500 words

The BISM Case - Essay Example A: The research clearly points out to the needs and attitude of modern day office staff – they want to work in a team environment and at the same time they want a bit of privacy for increased concentration on the job. The essential change in hierarchical to cross-departmental process thinking lies in two important factors namely, a) work execution at lowest possible levels and b) informality in cross-departmental consultations without going through bureaucratic procedures – these indicate productivity at the individual level and teamwork at company-wide, rather than departmental level. These two factors impact the way a modern office and its furniture/equipment are designed. For companies like Knoll, this change in an office environment means a very significant change in the way its products are designed and marketed. Failing to realize such changing demands would mean losing market to better-designed products. A: The five productivity factors revealed in the research work, point to the need for self-contained workstations that offer personalized space, the flexibility of movement and at the same time, a sense of participation in a team atmosphere. Work itself is to be executed with the state-of-the-art computer technology. Furniture and workstation are to be integral to each other. While designing the workstation, care will be taken to understand the space needed for the specific electronic equipment like telephones, computers and peripheral items like printers and stationery items. Equally important will be the free tablespace that is required for off-computer work, using traditional paper and pen/pencil. In other words, the integrity of design with work requirements will be of prime importance. Work requirement may change from time to time and this may involve regrouping of staff to execute a specific project.

Business - WRTG-2 Assignment Essay Example | Topics and Well Written Essays - 1000 words

Business - WRTG-2 Assignment - Essay Example However, at the end of the day, one needs to work for the purpose of earning their livelihood. This is the reason why an individual gets paid for doing work. In simple words, work is defined as the process by which an individual accomplishes some activities against some financial offerings. Traditionally, there have been concepts that if one does not work, he/she may get indulged into some illegal activities. In that case work is important for every individual. Now, in the context of the study, I have been in the field of steel industry. From the graduation days I have decided that I will be getting into a sector that has global opportunities. Also, I had a feeling that I should be working for an industry that offers continuous learning and allows me to showcase my talent. Hence, I decided to work for the steel industry. Steel industry has a worldwide scope. A large number of companies operate within the steel industry. However, the steel industry does not exist alone; it collectivel y exists with iron and is known as iron and steel industry. Steel industry is also important for the economy of a country. It acts as an indicator of the national economy. The demand of steel is continuously rising. To cite an example, during the early 2000 the demand for steel increased by 6%. It is mainly due to the massive economic boom in countries such as India and China. Some of the evident players of the steel industry are Tata Steel, Shagang Group and Shanghai Baosteel Group Corporation. In the context of the steel manufacturing industry, it has a mixture of both skilled and unskilled labor force. As the industry needs high precision in the tasks, skilled labors are important. The process of manufacturing steel is complex, and there are various scientific ways of production. The industry has a diverse group of workforce; starting from engineers, it has personnel from marketing, sales and other fields of business. However, the task of different departments differs accordingly . Discussion There are eminent personalities who work in the steel industry. Some of them include Ratan Tata, who is the owner of Tata Group and Tata Steel from India. According to Ratan Tata, the demand of steel is hugely increasing in the western part of the world; therefore, the trade fall in the parts of Europe and US has diminished. However, he has also highlighted that steel is yet to get out of trouble. According to him, the financial crunch and high cost of raw material have severely affected the profit of the first quarter. Yet, the signals are encouraging, according to him. Also, according to Prasad Baji of Tata Steel, the industry is witnessing a booming period. Consumption of steel has increased by 5–6 % in the 1st quarter; moreover, it is also estimated that the demand will further increase in the present quarter by about 8–10 % (â€Å"Steel Industry Thinks the Worst Is over and Signals Are Cheery†). Some of the other eminent personalities of this i ndustry include Xu Lejiang, the chairman of Baosteel. According to him, the present situation of the Chinese steel industry is witnessing historic transformations. Nonetheless, in order to transform it for the betterment, it requires the transformation of both the steel and iron industries. He also believes that the key factor towards the development of the industry lies in its system of operation. In addition, he stated that innovation in the most

Gay Marriage Opinion Essay Example for Free

Gay Marriage Opinion Essay Mainwaring goes on to argue that because â€Å"Only a little more than 53%† of the signers were Republican, and the rest an assortment of parties, gay marriage is a â€Å"common, mainstream concern†, to be shared among citizens of all backgrounds. Mainwaring defends the signers of this petition, stating that because they signed an anti-gay marriage petition, their actions cannot be chalked up to homophobic motives. He says that â€Å"the vast majority simply view ‘marriage’ as an immutable term that can only apple to heterosexuals†, and that â€Å"’we’ shouldn’t mess with [the term marriage]†. I mentioned before that Mainwaring’s opinion on this topic is considerably unique. This is because he himself is, in fact, gay. It was not only the fact that Mainwaring decided to mention this, but also the juxtaposition of this statement that was mildly infuriating to me. To me, placing the fact that he is gay directly after his statements defending the people who signed the petition is a bit like an African-American saying â€Å"I think blacks should be subject to a lower standard of living than whites†¦and it’s okay for me to think this because I’m black! If a black person were to say this today, this would be considered socially unacceptable from nearly every person in this country, and it should be the same for Mainwaring and all other gays. It’s extremely difficult for me to even begin to wrap my head around how Mainwaring can even have this opinion. How he can blatantly undermine the oppressed minority he has categorized himself into, simply because â€Å"we should not attempt to force into an old construct something that was never meant for same-sex partnerships† is appalling. Mainwaring believes that simply because the term â€Å"marriage† has meant one thing for the past two hundred years, it simply cannot be open to interpretation, like many other dated laws. So many different sections of the constitution have been twisted and bent toward various opinions, just as the following should be. All persons born or naturalized in the United States, and subject to the jurisdiction thereof, are citizens of the United States and of the State wherein they reside. No State shall make or enforce any law which shall abridge the privileges or immunities of citizens of the United States; nor shall any State deprive any person of life, liberty, or property, without due process of law; nor deny to any person within its jurisdiction the equal protection of the laws. The argument that Mainwaring is trying to make is ill-supported and weak. It is less credible that the late 1920’s â€Å"Separate but Equal† mantra, considering civil unions, which Mainwaring proposes for gays, are in no way even close to being equal to a â€Å"traditional† marriage. Before the Civil Rights Movement, many people were raised to believe that blacks were meant to be inferior. However, as awareness arose, people began to realize that this simply is not true; under the eyes of the law, there should be virtually no difference between a black person and a white person. Likewise, there should be no difference between a gay or a straight couple. A civil union is in no way a reasonable alternative for gays, and if us as Americans were to make that statement the new â€Å"traditional†, there one day in the future may be no limits on the term â€Å"marriage†.

Effect of Exports on Growth

Effect of Exports on Growth 1. Introduction 1.1. Theoretical Framework The general idea of free trade agreement of growth was developed in advocacy of free trade based on neoclassical trade theory (Solow, 1956) and from recent endogenous growth theory (Romer P. , 1990). The support for free trade is drawn from Ricardian principles of comparative advantage (Viner, 1937). Similar idea is drawn from the notion of perfect competition and the believe of neoclassical economists who argues on the importance of efficient capital allocation due to free trade (Krugman, 1986; Corden W. , 1974). The phenomenon of free trade came under severe scrutiny in the face of Great Depression. Hence, theoretical foundations of ‘optimum tariff were developed in support of protection (Johnson, 1950; Kaldor, 1940). Johnson (1958, 1971) advocated trade protection in three groups in his classical exposition. They are the economic arguments, non-economic arguments and non-arguments. Economic arguments raise infant industry argument, optimal tariff argument and correction of domestic market distortions, while non-economic arguments emphasize on self-sufficiency for domestic economy. Non-arguments attempt to resolve balance of payment distortions through trade protection. Johnson concluded that ‘optimal tariff protection is the only valid argument, while in other cases such arguments will only inflict distortions. The neoclassical economists refute the notion of protection as an alternative, as this would result in intra-industry effects. The increased barrier to entry would make domestic traders to engage in monopolistic competition, while small enterprises will be left inefficient. Intra-industry effects are the source to welfare loss (Tybout J. D., 1991). In addition, Bhagwati(1988) and Kruger(1974), raises the theory of directly unproductive and profit (DUP) seeking activities, which will cause waste to national resources. Additionally, the Solow-growth model embodies technology as an endogenous factor (Agion, 1992; Romer P. , 1989), which argue that international trade ensures faster diffusion of technology, that is embodied into the better intermediate goods which results in higher productivity and growth for domestic economy (Grossman, 1991). This will result in learning by doing effect and technological know-how is surpassed. In addition, management is more efficient and all will combi ne in high growth (Krugman, 1987; Young, 1991; Lucas, 1988) . 1.2. Objective of the study A high number and standard of studies have been conducted on Export-led growth, trade openness, â€Å"manufacturing exports as a new engine of growth†, specifically in the last decade, on different economies, ranging from developed to poor countries, drawing interesting conclusions. The present study seeks to investigate the effects of export, openness on growth in the context of Bangladesh. Firstly, the study will seek for stable effects of policy shifts and implementation, in Bangladesh, which will be determined by stable changes in the determinants. Stationarity conditions, if satisfied, will ensure the stability of economy and productivity, towards a particular goal. Secondly, the study will investigate the current association between growth and trade openness. While it is desired, that the adopted outward-looking trade policies of Bangladesh to result in positive association of productivity to liberalization, trade openness might be effected by other variables and may render different conclusions. Thirdly, the study will examine, if the export led growth hypothesis is still applicable to Bangladesh, as before, while many countries, such as Sri-Lanka, Philippines, Nigeria have seen opposite relationships. Additionally, Hossain and Karunaratna (2004) have argued that â€Å"manufacturing exports have become new engine of growth† which is a disciple of the de novo hypothesis. In contrast, Adelman (1984) suggests that, agricultural exports should have dominant effect for a pro-agricultural society as Bangladesh. It is important to see if, ‘manufacturing exports is an engine of growth, or still other factors are dominant as before. Investment is an endogenous factor that should imply the increased import of intermediate goods, as a result of increased export, and more openness, would consequently; render higher productivity (Krugman, 1987; Lucas, 1988; Young, 1991). 1.3. Relevance and limitations of the study Relevant studies have been conducted in the context of Bangladesh, in last decade and have drawn interesting remarks. However, the major drawback is the timeframe of earlier studies, which did not cover analyses from the last ten years. In the last ten years, econometric methods have changed and improved rigorously. Hence, many studies have been rendered invalid due to absence of proper methodology. The world economy has seen dramatic events in politics, international trade and global economy. The trends in global economy, which were much more rigorous, in the last ten years, have affected Bangladesh magnificently, as Bangladesh emerges as a high power economy in Asia, and have interested researchers, due to high deviations and high rises to productivity. It is necessary to embody recent econometric techniques of Johansens maximum likelihood cointegration analysis and vector error correction methodology, which will inform on recent associations, among the interested indicators. Hence the state-of-art econometric techniques will provide reliable results that would help the policy makers to observe the relationships and bring sufficient changes, in trade policy to render profit. Among the few limitations of the study was the absence of first hand secondary sources. Most data sources for Bangladesh are not available online and are preserved in paper based format. The lack of proper technology and internet, withdraw the authorities of the country, to provide data directly. Therefore, data are collected from World Bank sources, which may not correct for errors, and sometimes fail to provide detailed data series as an intermediary. 1.4. Structure of the dissertation The second section will contain a brief country profile and approaches to liberalization. The third phase will contain literature review that will discuss literatures in support to export-led growth hypothesis and trade liberalization. This section will bring forth studies that contrast and significance of the study. The fourth and fifth section will contain methodology to estimation and results of analysis. The final section will give conclusion and remarks to the dissertation. 2. Process of trade openness and Export-growth in Bangladesh After independence in 1971, Bangladesh has gone through three phases of policy changes, towards deregulation and openness to trade. The first phase was marked by severe control on exports and imports. The policy implemented in 1972 to 1975, put the country in a socialist framework, with a fixed exchange rate system. Industrial enterprises, banking and trade infrastructure was massively nationalized as an inward-looking, import substitution approach was adopted. Agricultural inputs and outputs were controlled. Empirical literature suggests that this was a good decision for the researched timeframe (Ahmed N. , 2000). The second phase of policy shifting began in 1976 and continued up to 1990. This phase of denationalization, deregulation and trade liberalization lacked a good direction to work out the process. Nationalized trade barriers were reduced, and a ‘free trade approach was undertaken. Privatization of industries and banking sector was allowed and price controls over nationalized firms were lifted. Abolishment of state trading was initiated. The third phase of policy shift, were introduced in the beginning of 1991 and continued up to 2002 with significant remarks. In the recently developed policies toward export-promotion and trade openness, ‘trade barriers have been removed as a flexible exchange rate regime is adopted. To encourage further reduction of anti-export bias, export processing zones have been established, to co-operate manufacturing exports. This recent policy shift has moved towards complete privatization of banks, infrastructure and agricultural sector. During this phase, Bangladesh continued to experience rapid liberalization. In order to further opening up the boundaries, Bangladesh has entered into a ‘free trade agreement among countries in the region. As discussed, to encourage EP trade policies, and free trade, Bangladesh entered into bi-lateral agreements with India, Pakistan, Sri-Lanka, and continues to trade and investment framework agreement with United States. Bangladesh is an active member of SAARC, Developing-8, and Bangkok Agreement. The country is rigorously seeking to import in developing of a regional co-operation among Bangladesh, Bhutan and seven northeastern states of India and Nepal. From the graph presented above, it can be seen that, starting form 1971, imports were increasing at a low rate, with a fall in 1976-77, but moved up after that. The import line took a peak after the third policy implementation in 1991, and continued to rise at a high speed. The export trend was almost at a constant level, until the 1991 policy implementation. Afterwards, the trend peaked, gained a momentum after 2000. However, the export line still falls below the import trend. As reported by the export promotion bureau, in 2005-2006 FY, export earnings have grown by 21.3%, which is due to high demand of, chiefly manufactured goods, led by garments industry and knitwear. During this period, import payments have grown by 9.5%. In contrast to real export, manufacturing exports exhibit of higher exports than imports which are in percentage of merchandise exports. This is indicative of higher productivity. When the country adopts rigorous trade policy towards openness and promoting exports, large scale capital owners and labor unions are in oppose to liberalization. The cause of opposition may lie in the fact that, increased competition, effect the workers, in protected public and private sector, who fail to adjust to the exposed economy, with increased productivity. The politicians tend to protect large scale owners, who severely discourage competition and create bias towards exports (Sattar, 2004). 3. Literature Review 3.1. Concepts and Empirics on Export-Led Growth Phenomenon Export led growth phenomenon has been central to the trade and development literature for many years. The bulk of researches that has taken place on this issue are therefore, not small in number and range. The focuses of these studies were bi-directional. Some of the studies attempted to find whether expanding export would improve the growth performance. Others tried to find the paths through which the expansion of export will affect the growth performance. Economic theory confirms that export expansion leads to increase the growth performance, as that efficiently allocates productive resources and also with the high volume of productive resources accumulated as a result of higher capital earned through export growth, (Bardhan, 1970; Cheneray, 1966; Basu, 1991; Romer P. , 1989 ; McKinnon, 1964; Grossman, 1991). Export expansion makes the home country to concentrate on comparative advantages and to earn economies of scale. The home country continues to invest on its economies of scale and achieve better efficiency. The increased efficiency creates external competitive pressure on the home country, along with improved internal competition. In the face of more competition, the monopolistic and oligopolostic behavior of the market is eliminated. Efficiency is also created as learning by doing. Knowledge is transferred to other sectors and growth is enhanced. The external competition, aids the small economy to realise and emphasize on removing limitations, through economies of scale, and by reaping the true advantage of globalisation, which is acquired by increasing export. The theoitical literature also argues that, export expansion increases the investment and capital accumulation in a country. The two-gap model explains , that growing export reduces the constraints that prevail in foreign exchange. Such reduction of constraints lead to better accumulation of productive resources, capital goods and intermediate goods (McKinnon, 1964; Bacha, 1984; Cheneray, 1966). Export expansion also increases investement opportunity of a country. Modern economists suggest that, savings by domestic and banking system, government savings and foreign exchange savings cannot only induce investment. Investment opportunities determine investment rather than savings. The growth of export will provide investment opportunities to home country, (Sandrum, 1994). Theories suggest that, the relationship of export and economic growth is bi-directional. Economic growth may also increase export for a country. The effect of better learning and technological development, give rise to output. The growth of output ensures that domestic demand is met and export will expand. However, this technological process development or learning process development is not directly related to the export promoting policies (Jung, 1985). As the home country realizes economies of scale, expansion of export takes place. Investemnt (Grossman, 1991). Therefore, the bi-directional theory suggests that, GDP is a function of investment, that enhances export performance, and export increases investment opportunity, that is directed to GDP growth. In the designing process of development economics, entailed was dominant export passimistic theories, rather than export promoting views. After the end of world war II, import substitution strategies were to be followed by many countries. However, the initial phase of implementing import substitution strategies seemed ideal during that period, but the results of taking attempts to implement the import substitution strategies were not favorable for all economies. Economists found that, that export passimistic views were not justified for many economies that have reached a certain level of development, and industrialization. On the other hand, the import substitution trade policies laid undesirable effcts on balance of payment. As a result, the growing economies did not accept import substitution strategies, rather accept export promoting views (Adelman, 1984). The growth led export is also suggested by theories. According to Bhagwati (1988), growth led export hypothesis is dominant when supply and demand is induced by growth. In such cases, anti-trade bias is turned down.The possibility of bi-directional causality prevails in many major theoritical literture (Grossman, 1991; Bhagwati J. , 1988). On the other hand, Irma Adelman (1984) argues that, export-led growth is not the only open development strategy for a least developed country. The open development strategy that ensures the allocation of agriculturally driven resources may prove superior than the strategy for allocation of capital for investment resources. An alternative to the import substituion strategy, for a closed development approach, maybe an ADLI ( agricultural-demand-led-industrialization) strategy. It is important to identify the phase of closed development ideology, which is dominant after the era of Pro-agricultural strategy is over. Another theoritical literature similarly argued that, ADLI as a balanced-gowth-approach, can only be a mean, to attain the goal for developing countries need for higher growth, and the need for growing industrialization by expanding the demand for domestically produecd consumer goods and intermediate goods. The linkage effect to agriculture with industrialization is also exam ined (Singer, 1979). Singer (1979) defines this target as Lime target and ADLI is the solution. However, Irma Adelman(1984), also puts out the constraints to ADLI strategy as it requires the improvement of infrastructure in Agriculture which is difficult to attain in South Asian Sub-continent. The physical capital needs to be perfectly infrustructred for ADLI yield expected results. Therefore, ADLI strategy is a solution to allow time to the developing countries to bring abouth changes structurally, in 1980s to 1990s. This strategy cannot wire out the importance of export-promoting strategies as an alternative for import substituion strategies at all (Adelman, 1984). Alongside the theoritical literatures on export-led growth hypothesis, the number empirical literature from the first of its kind by Maizels(1963) is many. Jung and Marsall(1985) scanned 11 empirical studies that were carried out from 1967 to 1982 timeframe, and all of the studies found supportive relationships to export and growth. Greenaway and Sapsford(1994), reviewed 14 empirical studies that were conducted on the export-led growth hypothesis, and 12 empirical studies vividly shown relationships between export and growth. One of a major study conducted by Giles and Williams (2000), which conducted 150 cross country analysis from 1963 to 1999. Out of the 57 countries that were analysed , only 4 countries failed to show significant relationships between export and growth, and only 10 out of the 102 time series analysis didnt show significant relationships between export and growth. It has interested the empirical literature to examine export-led growth hypothesis prior and after the oil shock in 1973-74 timeframe. Among the studies,that took place prior to the oil shock, Michalopoulos and Jay (1973) conducted a study in a 1960-73 timeframe, by estimating export and gowth into a poduction function, signifcant relationships were found. Tyler (1981) conducted study on a group of middle income countries, putting export and growth into similar production function framework, and found similar relationships.Therefore, export orientation into the framework is supposed to effect growth therough economies of scale, allcation of productive resources and utilization of capital, optimally. The study of Feder (1983) found similar results. Balassa (1983) were dubious about the relationship afther oil shock, as in the face of economic recession 1974-75 that took place after the quadrupling of oil price in 1973-74, may have effected the relationship because of the orientation o f external shock in the production function. The study he conducted had taken th period of 1973-79, after the shcok, on 43 developing countries, who were directly affected by subsequent recession. The result did show export affecting growth positively and the numerical magnitude of the effect did grow compared to early results. The changes in intercountry growth rate before and after the oil shock is rather a result of different trade policies introduced. An important theoritical implication is increasing export also paves the way for imported capital goods to be entered into the country (Islam M. , 1998). As productivity is increased, investment along with profit grows and the economy enjoys higher growth (Edward, 1993; Levine, 1992). In last two decades, exports of newly industrialized countries grew by 20%. Manufacturing exports entailed 70% of total exports. As a third factor, import of manufactured and productive capital goods increased. The demand for these capital goods indicates the increasing rate of growth. Therefore, the plethora of studies on export and growth make this issue important enough to review. 3.2. Cross-country empirical analyses In light of previous section, many empirical literature also focused on perticular countries or a category of countries to examine the export-led growth hypothesis. In theoritical literature, it is defined that, if export growth coefficients and and output growth coefficients are significantly positive in regression, the country follows export promoting strategies. If output growth causes export growth in regression than the country is labelled IGE or internally generated exports. On the other hand if a export growth coeiicient and output growth coefficient is negetively correlated in the regression for growth, the country follows ERG or export reducing growth strategy (Jung, 1985). Such countries are following inward-oriented strategies rather than outward-oriented policies. Inward-oriented countries may also follow IS (import substitution) trade policy. Many empirical studies on cross-country did confirm the existence of export-led growth for different countries, and in some countries results otherwise is found. Hatemi J. and Irandsout (2000) continued analysis on Ireland, Portugal and Mexico, and significant relationship was confirmed. In the same study, they failed to confirm causal relationship for Greece and Turkey (Hatemi-J.A., 2000). The study by Ghirmay et al. (2001) did find positive relationship of export and growth for a number of developing countries. Just after one year, another study by Greenaway et al. (2002) conducted analysis on a number of selected developing countries and found that the growth rate for these countries dropped immediately after trade reform, for a constant rate of export, but gained momentum following a J-curve response after the affect of trade refor wires out. M. Michaely (1976) analysed 41 developing countries for a significantly large period. The resulting conclusion implicated that while Greece, Taiwan, Portugal, Spain, Israel, Yoguslavia and Koria had rapid growth with increasing export, Portugal did not show significant export growth, while GDP was growing in same pace. On the other hand, when Ethiopia incresed its export performance considerably, but failed to increase its growth to the pace with other countries. On the basis of rank correlations, M. Michaely (1976) concluded that export performance will positively effect growth of a country, only when a country achieves development of a perticular level. Countries below this level will fail to exhibit good export-growth relationships. Bela Balassa(1977) followed similar study conducted by M. Michaely (1976), running rank correlations on a sample of countries that established industrial base for a timeframe of 1960-73. Among these countries, Korea, Singapore and Taiwan adopted EP (ex port promoting) strategies at a very early stage and provided incentive to the exporting sector by subsidizing the sector in many ways. On the contrary, though, Israel and Yoguslavia promoted export during the same period, but their efforts seemed to dim in the later periods. On the other extreme, Argentina, Brazil, Columbia and Mexico, continued the existing trade policy, supporting import substitution (IS). During this period, Chile and India continued their inward-oriented policies and was in the phase of weakly introducing export promotion policies. The resulting conclusion estimated that, while Korea and Taiwan would have less growth with more export, Chile, India, Mexico,Brazil and almost all other countries would have better levels of growth with higher levels of export. The countries that moved to opposite direction is due to the unfavorable internal conditions and policy constraints, the countries have. Similarly, for Phillipines and Srilanka, opposite direction of relation ship is found (Islam M. , 1998). 3.3. Controversial Theories and Evidence Due to the debt crisis and continued recession that prevailed during 1980s, after many countries adopted export promoting strategies, theorists and economicsts were dubious about export-led growth hypothesis. It became a necessity to re-examine the export promoting strategies (Bhagwati J. , 1988). The revived passimistic school of thought was dominated by old and new school of thoughts. The most influencial school of thoughts were suggested by two great contemporay development economists, that were Raul Prebisch (Prebisch, 1952) and Ragner Nurkse (Nurkse, 1953). Prebisch (1952) recommended that, chief exports for newly industrialized countries will decline following a natural cycle, regardless of the trade policy implemented by the home country. Producers of home economy will respond by rapid industrialization and the economy will respond by employing more protection and higher level of restrictions. All these attempts will make export promotion unjustified. The other dominant export passimism was realized by Nurkse(1953), who stressed more on â€Å"balanced growth†. The â€Å"balanced growth† theory suggests that the accelerated pace of growth and exports of developing countries, make foreign markets unable to accommodate imports on sufficient level. Developing economies shift from raw materials to synthetic materials as inputs, and damage exports for developing countries longer run. Riedel (1984) suggests that, demand dominates export performance. It is a biased view towards export growth relationship if that is explained by export performance of selected countries. Export performance maybe more reliant on domestic incentives of a country, rather than the external conditions (Riedel, 1984). The new literatures focus more on successful Asian exporters, which maybe a mistake to be implemented as a general strategy for all economies. The sources of worry advocates that, markets are shifted to export promotion, markets will fail to absorb all exports. The earlier wave of export passimism was afflicted by this idea. Economists have always supported the idea of intra-industry specialization which leads to adoption of inward-oriented policies, and terms an economy as closed economy.The countries that adopt outward-oriented policies to a greater extent, or publicly promotes export promoting strategies, associates some level of government intervention. The government intervention makes sure that exports are promoted, subsidized and invested into. The countries that are empirically supportive of export-led growth hypothesis, mostly follow government intervention. This practice is generalized except countries like Hong-Kong. However, these are exceptional cases and should not be g eneralized (Bhagwati J. , 1988). Economists also view that, export promoting trade policies, make the domestic market less sheltered and susceptible to world economic condition, outside pressure, world competition as well as innovation. This view has also been critisized and the opposite direction is supported by Schumpeterian arguments (Bhagwati J. , 1984). The theory of market imperfections addressed by Fields(1984) suggests that, in presence of excessively high wages, countries may do poorly. An example of this theory is set to Jamaica. Another interesting theory is the satisfaction theory of import substitution suggests that, the export promotion strategies are not suitable for many newly industrialzed countries due to their lack of flexibility for movemet of capital resources. Countries also lack the political capabilities to implement this flexibility (Ruggie,1983). Similar argument is also suggested by Adelman (1984) who argues that, agricultural-demand-led-industrialization strategy should be applied to allo w a country enough time, for it to develop a structural base, before the country can successfully implement export promoting strategies. Export-led growth will follow if the country can achieve a minimum level of development as suggested before. While in the face of rapid growth, many countries are doing well with export promoting trade policies, countries like Taiwan, Sri-Lanka, Phillipines, Jamaica, Brazil, Korea. are examples of countries, that was not in the position to implement export-promoting trade strategies,and the desired export-led growth was not achieved. In some theories, learning by doing or intra-industrial knowledge transfer was an important factor for adopting export promotion strategies. It is believed to be a mean of acquiring economies of scale for industries. The know-how process is a major motivating factor for economies, to support export promotion strategies. However, even, learning by doing effect dims down and may stop completely in absence of newly developed technology (Young, 1991). This makes outward-orientation unjustified and export-led growth, a failure. Import substitution and export promotion strategies do best when they are complementary (Grabowski,1994; Hamilton and Thompson, 1994). One important alternative suggested by Adelman (1984), is the ADLI (agricultural-demand-led-industrialization) strategy. The ADLI argument can be set into the similar footsteps of IGE (internally gorwn exports) of Jung (1985). Adelman (1984) argues that, when the countries became more reliant on industrial export-led growth, the controversies arise as many of least developed countries experienced lower employment, deteriorated income distribution, high level of food imports as domestic demand is not met, and lower level of growth. Therefore, countries required to implement more basic need oriented strategies. The rising foreign exchange constraints, and the serious liquidity problems, least developed countries faced, as they moved towards more export promoting strategies, following the export-led growth hypothesis, newly renewed export passimism (Adelman, 1984). As empirical evidence, causality tests between export and groth conducted by Jung and Marshall (1985) on 37 countries should be addressed. In this empirical study, countries as many as South Africa, Korea, Pakistan, Israel, Bolivia and Peru did not show significantly positive relationship between export and growth. Rather these countries showed export reducing growth, which is the other way around. If these countries implements export promoting trade strategy, the countries will experience crippled economy and lower growth. Countries such as Iran, Kenya and Thailand are in favor of internally generated growth, and in the process of successfully implement export promoting growth policy (Jung, 1985). Looking at the above results, countries therefore, support import substitution as a pro-agricultural trade policy (Adelman, 1984). Countries are also adviced to move towards ADLI strategy in this stage. It may not be favorable for countries to immediately implement export promoting trade strategies, hoping to yield benefits of export-led growth hypthesis. In the primary stage, countries require import substitution policies, to develop intra-indistrial skills, economies of scale, and a trade base to a minimum level. The level in between is a complementary stage between import substitution and export promotion. Countries as India, Malaysia, Bangldesh in South east Asian region, followed import substitution for longer period until they believed to reach the minimum level, before these countries can move towards outward-oriented policies and introduced trade openness, and enjoyed the benefits of export-led-growth. For many countries mentioned above, steps taken in an earlier phase, have backfired. Therefore, the controversies to export led growth is as prevailent as the support toward the hypothesis. 3.4. Empirics on export led-growth and trade liberalization in the context of Bangladesh As one of Asias growing power house economy, The export-led growth hypothesis has been examined in the context of Bangladesh, in many empirical literaures. Among the newly conducted researches, conintegration analyses, vector error correction models, explained many important variables such as manufacturing exports, investment capital to the total exports and growth. This part will briefly review the studies conducted in the context of Bangladesh. Since its independence, Bangladesh embarked in a import substitution trade policy; following the ideology that a pro-agricultural society should be motivated to develop intra-industry to achieve economies of scale (Adelman, 1984). The mounting foreign debt, instable political condition, low productivity and growth, lower national income, did not allow the country to achieve its economic objective. Therefore, the country had to convert its inward looking policies, towards more outward looking policy, and adopted export promoting trade policy in 1982. Many structural adjustments were adviced by world bank and international monetary fund. The country went under furth Effect of Exports on Growth Effect of Exports on Growth 1. Introduction 1.1. Theoretical Framework The general idea of free trade agreement of growth was developed in advocacy of free trade based on neoclassical trade theory (Solow, 1956) and from recent endogenous growth theory (Romer P. , 1990). The support for free trade is drawn from Ricardian principles of comparative advantage (Viner, 1937). Similar idea is drawn from the notion of perfect competition and the believe of neoclassical economists who argues on the importance of efficient capital allocation due to free trade (Krugman, 1986; Corden W. , 1974). The phenomenon of free trade came under severe scrutiny in the face of Great Depression. Hence, theoretical foundations of ‘optimum tariff were developed in support of protection (Johnson, 1950; Kaldor, 1940). Johnson (1958, 1971) advocated trade protection in three groups in his classical exposition. They are the economic arguments, non-economic arguments and non-arguments. Economic arguments raise infant industry argument, optimal tariff argument and correction of domestic market distortions, while non-economic arguments emphasize on self-sufficiency for domestic economy. Non-arguments attempt to resolve balance of payment distortions through trade protection. Johnson concluded that ‘optimal tariff protection is the only valid argument, while in other cases such arguments will only inflict distortions. The neoclassical economists refute the notion of protection as an alternative, as this would result in intra-industry effects. The increased barrier to entry would make domestic traders to engage in monopolistic competition, while small enterprises will be left inefficient. Intra-industry effects are the source to welfare loss (Tybout J. D., 1991). In addition, Bhagwati(1988) and Kruger(1974), raises the theory of directly unproductive and profit (DUP) seeking activities, which will cause waste to national resources. Additionally, the Solow-growth model embodies technology as an endogenous factor (Agion, 1992; Romer P. , 1989), which argue that international trade ensures faster diffusion of technology, that is embodied into the better intermediate goods which results in higher productivity and growth for domestic economy (Grossman, 1991). This will result in learning by doing effect and technological know-how is surpassed. In addition, management is more efficient and all will combi ne in high growth (Krugman, 1987; Young, 1991; Lucas, 1988) . 1.2. Objective of the study A high number and standard of studies have been conducted on Export-led growth, trade openness, â€Å"manufacturing exports as a new engine of growth†, specifically in the last decade, on different economies, ranging from developed to poor countries, drawing interesting conclusions. The present study seeks to investigate the effects of export, openness on growth in the context of Bangladesh. Firstly, the study will seek for stable effects of policy shifts and implementation, in Bangladesh, which will be determined by stable changes in the determinants. Stationarity conditions, if satisfied, will ensure the stability of economy and productivity, towards a particular goal. Secondly, the study will investigate the current association between growth and trade openness. While it is desired, that the adopted outward-looking trade policies of Bangladesh to result in positive association of productivity to liberalization, trade openness might be effected by other variables and may render different conclusions. Thirdly, the study will examine, if the export led growth hypothesis is still applicable to Bangladesh, as before, while many countries, such as Sri-Lanka, Philippines, Nigeria have seen opposite relationships. Additionally, Hossain and Karunaratna (2004) have argued that â€Å"manufacturing exports have become new engine of growth† which is a disciple of the de novo hypothesis. In contrast, Adelman (1984) suggests that, agricultural exports should have dominant effect for a pro-agricultural society as Bangladesh. It is important to see if, ‘manufacturing exports is an engine of growth, or still other factors are dominant as before. Investment is an endogenous factor that should imply the increased import of intermediate goods, as a result of increased export, and more openness, would consequently; render higher productivity (Krugman, 1987; Lucas, 1988; Young, 1991). 1.3. Relevance and limitations of the study Relevant studies have been conducted in the context of Bangladesh, in last decade and have drawn interesting remarks. However, the major drawback is the timeframe of earlier studies, which did not cover analyses from the last ten years. In the last ten years, econometric methods have changed and improved rigorously. Hence, many studies have been rendered invalid due to absence of proper methodology. The world economy has seen dramatic events in politics, international trade and global economy. The trends in global economy, which were much more rigorous, in the last ten years, have affected Bangladesh magnificently, as Bangladesh emerges as a high power economy in Asia, and have interested researchers, due to high deviations and high rises to productivity. It is necessary to embody recent econometric techniques of Johansens maximum likelihood cointegration analysis and vector error correction methodology, which will inform on recent associations, among the interested indicators. Hence the state-of-art econometric techniques will provide reliable results that would help the policy makers to observe the relationships and bring sufficient changes, in trade policy to render profit. Among the few limitations of the study was the absence of first hand secondary sources. Most data sources for Bangladesh are not available online and are preserved in paper based format. The lack of proper technology and internet, withdraw the authorities of the country, to provide data directly. Therefore, data are collected from World Bank sources, which may not correct for errors, and sometimes fail to provide detailed data series as an intermediary. 1.4. Structure of the dissertation The second section will contain a brief country profile and approaches to liberalization. The third phase will contain literature review that will discuss literatures in support to export-led growth hypothesis and trade liberalization. This section will bring forth studies that contrast and significance of the study. The fourth and fifth section will contain methodology to estimation and results of analysis. The final section will give conclusion and remarks to the dissertation. 2. Process of trade openness and Export-growth in Bangladesh After independence in 1971, Bangladesh has gone through three phases of policy changes, towards deregulation and openness to trade. The first phase was marked by severe control on exports and imports. The policy implemented in 1972 to 1975, put the country in a socialist framework, with a fixed exchange rate system. Industrial enterprises, banking and trade infrastructure was massively nationalized as an inward-looking, import substitution approach was adopted. Agricultural inputs and outputs were controlled. Empirical literature suggests that this was a good decision for the researched timeframe (Ahmed N. , 2000). The second phase of policy shifting began in 1976 and continued up to 1990. This phase of denationalization, deregulation and trade liberalization lacked a good direction to work out the process. Nationalized trade barriers were reduced, and a ‘free trade approach was undertaken. Privatization of industries and banking sector was allowed and price controls over nationalized firms were lifted. Abolishment of state trading was initiated. The third phase of policy shift, were introduced in the beginning of 1991 and continued up to 2002 with significant remarks. In the recently developed policies toward export-promotion and trade openness, ‘trade barriers have been removed as a flexible exchange rate regime is adopted. To encourage further reduction of anti-export bias, export processing zones have been established, to co-operate manufacturing exports. This recent policy shift has moved towards complete privatization of banks, infrastructure and agricultural sector. During this phase, Bangladesh continued to experience rapid liberalization. In order to further opening up the boundaries, Bangladesh has entered into a ‘free trade agreement among countries in the region. As discussed, to encourage EP trade policies, and free trade, Bangladesh entered into bi-lateral agreements with India, Pakistan, Sri-Lanka, and continues to trade and investment framework agreement with United States. Bangladesh is an active member of SAARC, Developing-8, and Bangkok Agreement. The country is rigorously seeking to import in developing of a regional co-operation among Bangladesh, Bhutan and seven northeastern states of India and Nepal. From the graph presented above, it can be seen that, starting form 1971, imports were increasing at a low rate, with a fall in 1976-77, but moved up after that. The import line took a peak after the third policy implementation in 1991, and continued to rise at a high speed. The export trend was almost at a constant level, until the 1991 policy implementation. Afterwards, the trend peaked, gained a momentum after 2000. However, the export line still falls below the import trend. As reported by the export promotion bureau, in 2005-2006 FY, export earnings have grown by 21.3%, which is due to high demand of, chiefly manufactured goods, led by garments industry and knitwear. During this period, import payments have grown by 9.5%. In contrast to real export, manufacturing exports exhibit of higher exports than imports which are in percentage of merchandise exports. This is indicative of higher productivity. When the country adopts rigorous trade policy towards openness and promoting exports, large scale capital owners and labor unions are in oppose to liberalization. The cause of opposition may lie in the fact that, increased competition, effect the workers, in protected public and private sector, who fail to adjust to the exposed economy, with increased productivity. The politicians tend to protect large scale owners, who severely discourage competition and create bias towards exports (Sattar, 2004). 3. Literature Review 3.1. Concepts and Empirics on Export-Led Growth Phenomenon Export led growth phenomenon has been central to the trade and development literature for many years. The bulk of researches that has taken place on this issue are therefore, not small in number and range. The focuses of these studies were bi-directional. Some of the studies attempted to find whether expanding export would improve the growth performance. Others tried to find the paths through which the expansion of export will affect the growth performance. Economic theory confirms that export expansion leads to increase the growth performance, as that efficiently allocates productive resources and also with the high volume of productive resources accumulated as a result of higher capital earned through export growth, (Bardhan, 1970; Cheneray, 1966; Basu, 1991; Romer P. , 1989 ; McKinnon, 1964; Grossman, 1991). Export expansion makes the home country to concentrate on comparative advantages and to earn economies of scale. The home country continues to invest on its economies of scale and achieve better efficiency. The increased efficiency creates external competitive pressure on the home country, along with improved internal competition. In the face of more competition, the monopolistic and oligopolostic behavior of the market is eliminated. Efficiency is also created as learning by doing. Knowledge is transferred to other sectors and growth is enhanced. The external competition, aids the small economy to realise and emphasize on removing limitations, through economies of scale, and by reaping the true advantage of globalisation, which is acquired by increasing export. The theoitical literature also argues that, export expansion increases the investment and capital accumulation in a country. The two-gap model explains , that growing export reduces the constraints that prevail in foreign exchange. Such reduction of constraints lead to better accumulation of productive resources, capital goods and intermediate goods (McKinnon, 1964; Bacha, 1984; Cheneray, 1966). Export expansion also increases investement opportunity of a country. Modern economists suggest that, savings by domestic and banking system, government savings and foreign exchange savings cannot only induce investment. Investment opportunities determine investment rather than savings. The growth of export will provide investment opportunities to home country, (Sandrum, 1994). Theories suggest that, the relationship of export and economic growth is bi-directional. Economic growth may also increase export for a country. The effect of better learning and technological development, give rise to output. The growth of output ensures that domestic demand is met and export will expand. However, this technological process development or learning process development is not directly related to the export promoting policies (Jung, 1985). As the home country realizes economies of scale, expansion of export takes place. Investemnt (Grossman, 1991). Therefore, the bi-directional theory suggests that, GDP is a function of investment, that enhances export performance, and export increases investment opportunity, that is directed to GDP growth. In the designing process of development economics, entailed was dominant export passimistic theories, rather than export promoting views. After the end of world war II, import substitution strategies were to be followed by many countries. However, the initial phase of implementing import substitution strategies seemed ideal during that period, but the results of taking attempts to implement the import substitution strategies were not favorable for all economies. Economists found that, that export passimistic views were not justified for many economies that have reached a certain level of development, and industrialization. On the other hand, the import substitution trade policies laid undesirable effcts on balance of payment. As a result, the growing economies did not accept import substitution strategies, rather accept export promoting views (Adelman, 1984). The growth led export is also suggested by theories. According to Bhagwati (1988), growth led export hypothesis is dominant when supply and demand is induced by growth. In such cases, anti-trade bias is turned down.The possibility of bi-directional causality prevails in many major theoritical literture (Grossman, 1991; Bhagwati J. , 1988). On the other hand, Irma Adelman (1984) argues that, export-led growth is not the only open development strategy for a least developed country. The open development strategy that ensures the allocation of agriculturally driven resources may prove superior than the strategy for allocation of capital for investment resources. An alternative to the import substituion strategy, for a closed development approach, maybe an ADLI ( agricultural-demand-led-industrialization) strategy. It is important to identify the phase of closed development ideology, which is dominant after the era of Pro-agricultural strategy is over. Another theoritical literature similarly argued that, ADLI as a balanced-gowth-approach, can only be a mean, to attain the goal for developing countries need for higher growth, and the need for growing industrialization by expanding the demand for domestically produecd consumer goods and intermediate goods. The linkage effect to agriculture with industrialization is also exam ined (Singer, 1979). Singer (1979) defines this target as Lime target and ADLI is the solution. However, Irma Adelman(1984), also puts out the constraints to ADLI strategy as it requires the improvement of infrastructure in Agriculture which is difficult to attain in South Asian Sub-continent. The physical capital needs to be perfectly infrustructred for ADLI yield expected results. Therefore, ADLI strategy is a solution to allow time to the developing countries to bring abouth changes structurally, in 1980s to 1990s. This strategy cannot wire out the importance of export-promoting strategies as an alternative for import substituion strategies at all (Adelman, 1984). Alongside the theoritical literatures on export-led growth hypothesis, the number empirical literature from the first of its kind by Maizels(1963) is many. Jung and Marsall(1985) scanned 11 empirical studies that were carried out from 1967 to 1982 timeframe, and all of the studies found supportive relationships to export and growth. Greenaway and Sapsford(1994), reviewed 14 empirical studies that were conducted on the export-led growth hypothesis, and 12 empirical studies vividly shown relationships between export and growth. One of a major study conducted by Giles and Williams (2000), which conducted 150 cross country analysis from 1963 to 1999. Out of the 57 countries that were analysed , only 4 countries failed to show significant relationships between export and growth, and only 10 out of the 102 time series analysis didnt show significant relationships between export and growth. It has interested the empirical literature to examine export-led growth hypothesis prior and after the oil shock in 1973-74 timeframe. Among the studies,that took place prior to the oil shock, Michalopoulos and Jay (1973) conducted a study in a 1960-73 timeframe, by estimating export and gowth into a poduction function, signifcant relationships were found. Tyler (1981) conducted study on a group of middle income countries, putting export and growth into similar production function framework, and found similar relationships.Therefore, export orientation into the framework is supposed to effect growth therough economies of scale, allcation of productive resources and utilization of capital, optimally. The study of Feder (1983) found similar results. Balassa (1983) were dubious about the relationship afther oil shock, as in the face of economic recession 1974-75 that took place after the quadrupling of oil price in 1973-74, may have effected the relationship because of the orientation o f external shock in the production function. The study he conducted had taken th period of 1973-79, after the shcok, on 43 developing countries, who were directly affected by subsequent recession. The result did show export affecting growth positively and the numerical magnitude of the effect did grow compared to early results. The changes in intercountry growth rate before and after the oil shock is rather a result of different trade policies introduced. An important theoritical implication is increasing export also paves the way for imported capital goods to be entered into the country (Islam M. , 1998). As productivity is increased, investment along with profit grows and the economy enjoys higher growth (Edward, 1993; Levine, 1992). In last two decades, exports of newly industrialized countries grew by 20%. Manufacturing exports entailed 70% of total exports. As a third factor, import of manufactured and productive capital goods increased. The demand for these capital goods indicates the increasing rate of growth. Therefore, the plethora of studies on export and growth make this issue important enough to review. 3.2. Cross-country empirical analyses In light of previous section, many empirical literature also focused on perticular countries or a category of countries to examine the export-led growth hypothesis. In theoritical literature, it is defined that, if export growth coefficients and and output growth coefficients are significantly positive in regression, the country follows export promoting strategies. If output growth causes export growth in regression than the country is labelled IGE or internally generated exports. On the other hand if a export growth coeiicient and output growth coefficient is negetively correlated in the regression for growth, the country follows ERG or export reducing growth strategy (Jung, 1985). Such countries are following inward-oriented strategies rather than outward-oriented policies. Inward-oriented countries may also follow IS (import substitution) trade policy. Many empirical studies on cross-country did confirm the existence of export-led growth for different countries, and in some countries results otherwise is found. Hatemi J. and Irandsout (2000) continued analysis on Ireland, Portugal and Mexico, and significant relationship was confirmed. In the same study, they failed to confirm causal relationship for Greece and Turkey (Hatemi-J.A., 2000). The study by Ghirmay et al. (2001) did find positive relationship of export and growth for a number of developing countries. Just after one year, another study by Greenaway et al. (2002) conducted analysis on a number of selected developing countries and found that the growth rate for these countries dropped immediately after trade reform, for a constant rate of export, but gained momentum following a J-curve response after the affect of trade refor wires out. M. Michaely (1976) analysed 41 developing countries for a significantly large period. The resulting conclusion implicated that while Greece, Taiwan, Portugal, Spain, Israel, Yoguslavia and Koria had rapid growth with increasing export, Portugal did not show significant export growth, while GDP was growing in same pace. On the other hand, when Ethiopia incresed its export performance considerably, but failed to increase its growth to the pace with other countries. On the basis of rank correlations, M. Michaely (1976) concluded that export performance will positively effect growth of a country, only when a country achieves development of a perticular level. Countries below this level will fail to exhibit good export-growth relationships. Bela Balassa(1977) followed similar study conducted by M. Michaely (1976), running rank correlations on a sample of countries that established industrial base for a timeframe of 1960-73. Among these countries, Korea, Singapore and Taiwan adopted EP (ex port promoting) strategies at a very early stage and provided incentive to the exporting sector by subsidizing the sector in many ways. On the contrary, though, Israel and Yoguslavia promoted export during the same period, but their efforts seemed to dim in the later periods. On the other extreme, Argentina, Brazil, Columbia and Mexico, continued the existing trade policy, supporting import substitution (IS). During this period, Chile and India continued their inward-oriented policies and was in the phase of weakly introducing export promotion policies. The resulting conclusion estimated that, while Korea and Taiwan would have less growth with more export, Chile, India, Mexico,Brazil and almost all other countries would have better levels of growth with higher levels of export. The countries that moved to opposite direction is due to the unfavorable internal conditions and policy constraints, the countries have. Similarly, for Phillipines and Srilanka, opposite direction of relation ship is found (Islam M. , 1998). 3.3. Controversial Theories and Evidence Due to the debt crisis and continued recession that prevailed during 1980s, after many countries adopted export promoting strategies, theorists and economicsts were dubious about export-led growth hypothesis. It became a necessity to re-examine the export promoting strategies (Bhagwati J. , 1988). The revived passimistic school of thought was dominated by old and new school of thoughts. The most influencial school of thoughts were suggested by two great contemporay development economists, that were Raul Prebisch (Prebisch, 1952) and Ragner Nurkse (Nurkse, 1953). Prebisch (1952) recommended that, chief exports for newly industrialized countries will decline following a natural cycle, regardless of the trade policy implemented by the home country. Producers of home economy will respond by rapid industrialization and the economy will respond by employing more protection and higher level of restrictions. All these attempts will make export promotion unjustified. The other dominant export passimism was realized by Nurkse(1953), who stressed more on â€Å"balanced growth†. The â€Å"balanced growth† theory suggests that the accelerated pace of growth and exports of developing countries, make foreign markets unable to accommodate imports on sufficient level. Developing economies shift from raw materials to synthetic materials as inputs, and damage exports for developing countries longer run. Riedel (1984) suggests that, demand dominates export performance. It is a biased view towards export growth relationship if that is explained by export performance of selected countries. Export performance maybe more reliant on domestic incentives of a country, rather than the external conditions (Riedel, 1984). The new literatures focus more on successful Asian exporters, which maybe a mistake to be implemented as a general strategy for all economies. The sources of worry advocates that, markets are shifted to export promotion, markets will fail to absorb all exports. The earlier wave of export passimism was afflicted by this idea. Economists have always supported the idea of intra-industry specialization which leads to adoption of inward-oriented policies, and terms an economy as closed economy.The countries that adopt outward-oriented policies to a greater extent, or publicly promotes export promoting strategies, associates some level of government intervention. The government intervention makes sure that exports are promoted, subsidized and invested into. The countries that are empirically supportive of export-led growth hypothesis, mostly follow government intervention. This practice is generalized except countries like Hong-Kong. However, these are exceptional cases and should not be g eneralized (Bhagwati J. , 1988). Economists also view that, export promoting trade policies, make the domestic market less sheltered and susceptible to world economic condition, outside pressure, world competition as well as innovation. This view has also been critisized and the opposite direction is supported by Schumpeterian arguments (Bhagwati J. , 1984). The theory of market imperfections addressed by Fields(1984) suggests that, in presence of excessively high wages, countries may do poorly. An example of this theory is set to Jamaica. Another interesting theory is the satisfaction theory of import substitution suggests that, the export promotion strategies are not suitable for many newly industrialzed countries due to their lack of flexibility for movemet of capital resources. Countries also lack the political capabilities to implement this flexibility (Ruggie,1983). Similar argument is also suggested by Adelman (1984) who argues that, agricultural-demand-led-industrialization strategy should be applied to allo w a country enough time, for it to develop a structural base, before the country can successfully implement export promoting strategies. Export-led growth will follow if the country can achieve a minimum level of development as suggested before. While in the face of rapid growth, many countries are doing well with export promoting trade policies, countries like Taiwan, Sri-Lanka, Phillipines, Jamaica, Brazil, Korea. are examples of countries, that was not in the position to implement export-promoting trade strategies,and the desired export-led growth was not achieved. In some theories, learning by doing or intra-industrial knowledge transfer was an important factor for adopting export promotion strategies. It is believed to be a mean of acquiring economies of scale for industries. The know-how process is a major motivating factor for economies, to support export promotion strategies. However, even, learning by doing effect dims down and may stop completely in absence of newly developed technology (Young, 1991). This makes outward-orientation unjustified and export-led growth, a failure. Import substitution and export promotion strategies do best when they are complementary (Grabowski,1994; Hamilton and Thompson, 1994). One important alternative suggested by Adelman (1984), is the ADLI (agricultural-demand-led-industrialization) strategy. The ADLI argument can be set into the similar footsteps of IGE (internally gorwn exports) of Jung (1985). Adelman (1984) argues that, when the countries became more reliant on industrial export-led growth, the controversies arise as many of least developed countries experienced lower employment, deteriorated income distribution, high level of food imports as domestic demand is not met, and lower level of growth. Therefore, countries required to implement more basic need oriented strategies. The rising foreign exchange constraints, and the serious liquidity problems, least developed countries faced, as they moved towards more export promoting strategies, following the export-led growth hypothesis, newly renewed export passimism (Adelman, 1984). As empirical evidence, causality tests between export and groth conducted by Jung and Marshall (1985) on 37 countries should be addressed. In this empirical study, countries as many as South Africa, Korea, Pakistan, Israel, Bolivia and Peru did not show significantly positive relationship between export and growth. Rather these countries showed export reducing growth, which is the other way around. If these countries implements export promoting trade strategy, the countries will experience crippled economy and lower growth. Countries such as Iran, Kenya and Thailand are in favor of internally generated growth, and in the process of successfully implement export promoting growth policy (Jung, 1985). Looking at the above results, countries therefore, support import substitution as a pro-agricultural trade policy (Adelman, 1984). Countries are also adviced to move towards ADLI strategy in this stage. It may not be favorable for countries to immediately implement export promoting trade strategies, hoping to yield benefits of export-led growth hypthesis. In the primary stage, countries require import substitution policies, to develop intra-indistrial skills, economies of scale, and a trade base to a minimum level. The level in between is a complementary stage between import substitution and export promotion. Countries as India, Malaysia, Bangldesh in South east Asian region, followed import substitution for longer period until they believed to reach the minimum level, before these countries can move towards outward-oriented policies and introduced trade openness, and enjoyed the benefits of export-led-growth. For many countries mentioned above, steps taken in an earlier phase, have backfired. Therefore, the controversies to export led growth is as prevailent as the support toward the hypothesis. 3.4. Empirics on export led-growth and trade liberalization in the context of Bangladesh As one of Asias growing power house economy, The export-led growth hypothesis has been examined in the context of Bangladesh, in many empirical literaures. Among the newly conducted researches, conintegration analyses, vector error correction models, explained many important variables such as manufacturing exports, investment capital to the total exports and growth. This part will briefly review the studies conducted in the context of Bangladesh. Since its independence, Bangladesh embarked in a import substitution trade policy; following the ideology that a pro-agricultural society should be motivated to develop intra-industry to achieve economies of scale (Adelman, 1984). The mounting foreign debt, instable political condition, low productivity and growth, lower national income, did not allow the country to achieve its economic objective. Therefore, the country had to convert its inward looking policies, towards more outward looking policy, and adopted export promoting trade policy in 1982. Many structural adjustments were adviced by world bank and international monetary fund. The country went under furth