Case Study of Disk4u

Question: Examine about theCase Study of Disk4u. Answer: Presentation Monetary globalization is relying upon various sort of components identified with the business. The goal of this report is to explain the business procedure, necessities of business identified with frameworks and identified with the sources, seller determination procedure of the business (Schwalbe, 2006). To portray the targets of the business ERP model is utilized. Through this venture asset arranging instrument the business procedure will be portrayed. ERP offers to depict the ideal degree of the business through the product. The product utilized for various kind of business is modified with the product. It causes the business to cost less and make client happy with the administration of the business. ERP is a sort of business the board framework which gives advantage of including consistent correspondence inside ongoing (Harwood, 2003). With every one of these capacities it tends to be said that ERP influences the presentation of business. Disk4u need to extend their business in c ity territory of Sydney and in online business too. ERP is executing to ad lib the procedures utilized for business, decrease the cyclic occasions, and improve the administration for the client and for lessening the expense. Fig 1-ERP plans [Source: www.dssolutionsit.com, 2016] Contextual investigation of Disk4u Disk4u depends on Sydney; it sells vinyl, CDs and records. They claimed a shop and it a privately-run company. At present they are selling their items through their physical nearness particle shop. Presently they are considering growing their business in the metropolitan city of Sydney and in online through ebay too. For extending their business they need an appropriate programming based framework which will improve their business. They need a quick and programmed business process framework inside their financial plan. Before making ERP framework circumstance examination is required for the business. After ERP arrangement the choice will be taken they need the System programming or they will deal with the business without utilizing the product. Investigating Situation for ERP Now of time Disk4U is doing their business physically, they are offering their administrations of selling CDs and vinyl through their shop. They are confronting issues identifying with their information dealing with as those information are expanding and when they need the information from the past it required some investment to discover. This reason for information excess hamper their business, it might causes misfortune in their business as though they neglected to advise the merchant at legitimate time for their request, or if any seller can lost their record and can guarantee for the paid cash. There ought to be times come which will be exceptionally pivotal for chief of Disk4U to earnest see the record however as they are taking care of physically all things may it can required some investment for see the document or he may not get the document at the opportune time. From above observed issues it very well may be distinguish that an ERP framework is a lot of required for this bu siness. This ERP will assist them with identifying and take care of the issue. Issues resemble information copying, tedious. There are three diverse measurement gives a superior effect on IS the effects are nature of frameworks, data and better choice (Dantes and Hasibuan, 2010). A powerful data framework will assist an organization with improving their security, accessibility and increment the adaptability of the organization, decline the intricacy, administration quality for better reason ( Madapusi and Dsouza, 2012). It is normal that through ERP framework Disk4U will get a solid business framework. Executing of ERP in Disk4u ERP has the capacity to incorporate the few capacities, procedure of the business for specific association and meet the objective for the far reaching image of association. It is an organization has a place with Australia which is confronting an extreme issue in business and producing misfortune. Their rivals are engrossing the entire market as they are still not overhauled with the circumstance of new matured innovation. They are attempting to include in the market with their rivals and need to make sure about their situation in the current time. For this they have to re structure and build a totally different framework which will redo their viewpoint in their business. ERP will bolster them to make one unit completely systemised business work. At that point they need to refresh their entire information efficiently as that won't make the associations information unsafe. The progression of the business and the monetary administration, human asset, product house, seller, cost of the venture these are the five phases which endeavor asset arranging will consider. There are five stages of ERP need to follow: audit of writing, venture readiness, blue print of association, acknowledgment, last accommodation and support (Sankar 2010). Fig-2-strides of ERP [Source: abm-site assets.s3.amazonaws.com, 2016] To set up a task a total arranging stage is required, for that reason need to frame a gathering of extend and need to relegate the pieces of the undertaking as this will be help full for the individuals who are going to make the ERP. There are various sorts of jobs need to recognize like authority duty, making arrangements for spending plan, target of the undertaking. At arranging stage association need to assess the issues in detail and afterward attempt to give fitting arrangements (Wei, 2007). In the wake of assessing the issues identified with the association target it is the hour of actualizing the framework for that association. Their spending plan for the ERP is just $150000, presently it will turned into the essential goal to make the framework subsequent to allotting the best possible financial plan. Spending plan for ERP of Disk4u Things Aggregate sum ($) counseling administration venture administrator 4500 IT organization preparing 3500 Equipment 1500 Programming 8500 ERP programming ERP programming bundle 15000 outsider for application 55000 ERP change the board 2000 Application advancement administration Employing software engineer 8000 Reports 1500 Interfaces 3500 Programming alteration 3000 Instruction and preparing Upkeep 5000 ERP programming upkeep 4000 Aggregate sum 115000 At the hour of execution of the ERP model framework incorporates the advancement of the interface, alteration, information moves, preparing. After the structure is being prepared before execution there ought to be different degree of testing. Testing will cover the equipment, programming, ERP framework. At th e last stage all the frameworks are remembered for a unit step and afterward structure a solitary unit structure of ERP framework. Hindrances of Implementation of ERP The venture programming incorporates the successful practice types of the business division. Actualizing of the data arrangement of such ERP is centered around data innovation. Successively the fruitful data framework must be estimated by the adequacy of data innovation to help the organizations plan. A few layers are expected to execute the ERP framework in the working environment of the association. In excess of 60% of programming usage bundle are not effectively done from the outset endeavor (Dante and Hasibuan, 2010). Thus, from above setting it very well may be said that there will be issues emerging in the hour of implantation of the product. There are issues related like Specialized issues emerge at the product and equipment related thought of data framework Business handling issues emerge at the hour of business activity and including individual, planning and general administration issues are additionally there. Issues identified with the association natural issue it is resolved the variables which are a littler sum substantial including changes, culture and practices Individual issues are those issues whish encompassing every individual in the organization Issues identified with authority happens to the zone which includes the straightforwardly with the organization official Fig-3-Challenges of ERP [Source: image.slidesharecdn.com, 2016] Basic Analysis of Implementing ERP A solid correspondence with the organization during the usage stage causes the organization to progress for ERP execution. There is diverse sort of advantages are related with the ERP frameworks like: client information and data security, effective money the executives, improving monetary data, ERP as calculated qualities are the co appointment between organizations, provider and the customers. It is resolved the basic achievement variables of execution undertaking asset arranging are the change the executives, business process re building, correspondence plan, venture the executives, usage, post usage upkeep. Chief assumes the pivotal job in the execution of the ERP framework. At some point lacking of knowing the best possible procedure it turns out to be extremely hard for engineers to make an appropriate ERP answer for the association. End Without knowing the correct method of the business procedure it is been distinguished that an engineer cannot make a decent ERP framework. According to the conversation it has been said that the utilization of a suitable ERP framework in the association isn't just, improve its usefulness yet additionally accomplish better clients esteems and fulfillment. According to the conversation, it has been suggested that before executing the ERP framework, the organization must think about the usage of basic components. With respect to, the engineer needs to execute powerful security framework in proposed ERP framework. Reference abm-site assets.s3.amazonaws.com. (2016). abm-site assets.s3.amazonaws.com. [online] Available at: https://abm-site assets.s3.amazonaws.com/impomag.com/s3fs-open/legacyimages/1110/26/E2.jpg [Accessed 28 Sep. 2016]. Dantes, G. what's more, Hasibuan, Z. (2010). The Impact of E

What ideas about gender and sexuality are communicated by contemporary Essay

What thoughts regarding sex and sexuality are conveyed by contemporary design pictures - Essay Example (Pleck, 1981) This is where thoughts regarding style delineate society’s sexual orientation relations. These thoughts will be inspected in detail in the ensuing bits the article. Brod (1995) attests that previously, manliness was unmistakably characterized in the working environment. In the twentieth Century, most men were considered as providers and ladies were relied upon to be home creators. Nonetheless, industrialisation changed this as work turned out to be increasingly automated. Men were by all account not the only ones who could give work. With time, an ever increasing number of ladies started infiltrating into places that were recently viewed as manly. They began doing administrative employments and others even took over as the primary suppliers in their families. In the long run, what was viewed as a male area had now been changed/. Numerous scholars have proposed this is the wellspring of sexual orientation battles that have been become a typical component in today’s society. Kimmel (1996) clarifies that the move in manliness has made indistinct pictures about the male sexual orientation. For example, one may anticipate that men should show components of their feelings yet simultaneously guarantee that there ought to be solid and courageous. Men who may not delineate these kinds of conduct might be viewed as a socially degenerate. This sex emergency has been portrayed in design pictures. Prior to the emergency, style pictures for the most part centered around ladies as objects of utilization while men then again were objects of creation. Most design things focused on ladies as their most significant customers. In any case, with the presentation of innovation, there was a move starting there of view. Men were presently considered as significant shoppers. Showcasing plans and delineations additionally portrayed manly design things. Maybe the most extraordinary part of the corporate world can be found in the ‘suit’. The male suit is confine shape and makes an ordinary state of any wearer consequently concealing a portion of the normal bends related with people.

Compare and Contrast Essay on Race and Ethnicity

Compare and Contrast Essay on Race and Ethnicity Along with population on our planet Earth is growing increasingly as well as becoming more diverse, the terms such as ethnicity and race are thrown around all the time. Many people tend to think of race and ethnicity as one and the same. How is race distinct from ethnicity? What are the differences and similarities of those two? How can we make sure the terms are used in a proper way? This article can help you to define those two. Often, the words are used interchangeably as they have some similarities,- thus members of the public remain unclear about the meaning of these two terms. Therefore, very few of us accurately describe the difference between ethnicity and race, simply because we tend to lump them into the same definition. While the dictionary can represent each of these words to be highly similar, there are differences. Like the difference between gender and sex, or culture and society, the difference between race and ethnicity is a tricky one. Let’s start with definition of those two terms and proceed further to the differences and similarities between them. What Is Race? In biology, races are genetically distinct populations within the same species. It can include skin color, skin tone, eye and hair color, as well as a tendency toward developing certain diseases. It is not something that can be changed or disguised. Race does not have customs or globally learned behavior. Race can be used to describe other elements of biological and regional differences. Race generally refers to broad groupings of humanity, especially the ones associated with an origin in one particular hemisphere, continent, or subcontinent. Racial categories result from a shared genealogy due to geographical isolation. In the modern world this isolation has been broken down and racial groups have mixed. There are somewhere between three and seven racesâ€"its impossible to say for sure, because the process of lumping people together like this is arbitrary and not at all objective. Racial prejudice remains a continuing problem throughout the world. However, there are fewer race-based conflicts in the 21st century than in the past. For example, the conflict between white and African-American people in the U.S., especially during the civil rights movement. What Is Ethnicity? Ethnicity, on the other hand, is the word used to describe the cultural identity of a person. These identities can include language, religion, nationality, ancestry, dress, and customs. Some ethnic groups also share linguistic traits, while others share a common group history but not a common language or religion. The members of a particular ethnicity tend to identify with each other based on these shared cultural traits. However, the ethnic groups distinguish themselves differently from one time period to another. They typically seek to define themselves but also are defined by the stereotypes of dominant groups. At one time it was easy to tell one’s ethnicity, but as the global conglomeration offered more choice and change (as well as borrowing styles and ideas from other cultures), it has become impossible to identify ethnicity based solely on distinctive features. Ethnicity is a narrower category and more monolithic. Many ethnic groups share the same language, traditional religion, a homeland, and other common aspects of culture. Ethnicity gives us room to change because we can reject our own and embrace another. You can move from one region to another and assimilate your beliefs, actions and customs to identify with that ethnic orientation. Such changes in some cases provoke people to the conflicts (sometimes such conflicts have even an ethnic nationalism background). Thus, we can see the examples of brutal conflicts took place often between ethnic groups (which have existed throughout history) across the world. For example, the conflict between Tamil and Sinhalese populations in Sri Lanka, or the Hutu and Tutsi people in Rwanda. Difference Between Race And Ethnicity One example of the difference between these two terms is by examining people who share the same ethnicity. Two people can identify their ethnicity as American, yet their races may be black and white. Additionally, a person born of Asian descent who grew up in Germany may identify racially as Asian and ethnically as German. People who share the same race may also have distinct ethnicities. For example, people identifying as white may have German, Irish, or British ethnicity. Examples of Race And Ethnicity Such variations of self-identification of ethnicity can be quite confusing. If we look to the definition of 3 terms- race, ethnicity and culture form the biological perspective, we can come up with the following: Race is the inheritance of your DNA Culture is the social/religious milieu you grow up in. Ethnicity is the branch of the race that your DNA occupies. To provide with the example for the above, the differences between those terms can be explained as next: Race = Mongolian Culture = Semi nomadic and pastoral Ethnicity = Scotch-Irish Ethnic and racial designations often do overlap so these designations can become quite complex. We can define those two terms as following: race is the macro-category for people with different skin color, and ethnicity refer to their micro-category, the real cultural, national, or tribal identity of the person. To sum up, race refers to the concept of dividing people into populations or groups on the basis of various sets of physical characteristics (which usually result from genetic ancestry). Ethnicity can be defined as a matter of identity and ancestry of people presumably sharing a common experience and culture. Understanding their distinct significance is increasingly important, particularly because the diversity in the world is continuing to grow.

Importance Of Internet Education Essay - 1749 Words

What is the importance of Internet Education and how does the Internet affect our lives? The importance of Internet Education is that it has changed the way students are being taught in schools. It also helps Teachers and Students learn with better and easy learning styles. According to James Wright, â€Å"Teachers use the Internet to supplement their lessons, and a number of prestigious universities have opened up free online lectures and courses to everyone.† (Wright, 2015, para.1). It is easier for students because they find new ways to help them learn. According to Vijay Sharma, â€Å"Students are seeing Google as a new Teacher and the Internet as a school.† (Sharma, 2016, para.2). Sometimes teachers do not have to worry about printing and†¦show more content†¦For example, the students or teachers can download eBooks, Kahoot, Trello, and near pod. According to Teach Thought Staff, EBooks is â€Å"an electronic version of a printed book that can be read on a computer.† Kahoot is â€Å"a handy tool that students can be used to create an in-class questionnaire and quizzes.† Trello is a â€Å"good skill to teach them is how to organize and streamline their assignments.† The last one is a near pod is â€Å"create interactive lessons, assess students on the fly, and see data and student response in real-time.† (Teach thought 2016, para. 3, 5, 7). Collaboration is a great way for the teacher and students to commutate. As reported by, Hitachi Foundation, â€Å"Teachers and students can collaborate outside the classroom in synchronous and asynchronous form, which brings far more resources, perspectives, and analysis of classroom assignments.† (Fedena 2015, p.1). Another role that helps play in Internet Education is the research. The research has improved much more than it ever had. According to Hitachi Foundation, â€Å"Advancement of information technology in education has improved research. There are very many online libraries that assist teachers and students with comprehensive reading materials.† (Fedena 2015, p.1) That quote explains how teachers can post their work on the Internet for the students to receive. For the disability students, Internet Education has delivered gadgets to help them learn. Conforming to HitachiShow MoreRelatedImportance Of Internet In Education Essay1009 Words   |  5 Pagestasks. It can be especially an important method in schools education. Many schools provide technology in their classroom to make the students feel less overwhelmed with their assignments. The internet is a perfect example of a crucial means for the classroom. The internet is beneficial for schools because it encourages student interactions, makes grading assignments easier on teachers, and information accessible at their disposition. 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There are main Plagiarism 1.1 Definition According to Soanes and Stevenson (2008), plagiarism or the act of plagiarisingRead MoreThe Internet Is The Greatest Invention Of The 20th Century977 Words   |  4 PagesThe Internet is the greatest invention of the 20th Century because it changed the course of humanity. It literally has impacted us all in very beneficial ways. The Internet is â€Å"a global communication network that allows almost all computers worldwide to connect and exchange information† (dictionary.com). It connects billions of devices worldwide. Why is the Internet so great? Well, it has for one thing impacted education in an enormous way. Education is now the fundamental skill for life. 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From parents who buy their children an iPad so as to interact with the machine during times of silence or patience up to the strong grasp that a computer screen holds on to just about everyone trying to accomplish anything. Yes there are careers and skills not directly involved in the practice ofRead MoreThe Net Is A Waste Of Time By William Gibson1653 Words   |  7 Pages In his essay â€Å"The Net Is a Waste of Time,† novelist William Gibson analyzes the hidden potentials of the Internet in both its vastness and affect on society. He writes this piece at the dawn of the Internet, and during this undeveloped phase, he discusses its multitude of facts as is and will be. As hinted in the title of his essay, Gibson takes the stance that the Internet at its early stages is a waste of time -- an impressively large and complex waste of time -- but a waste of time nonethelessRead MoreGovernment Internet Censorship of China1195 Words   |  5 PagesGovernment Internet Censorship of China The Internet is also called â€Å"Information superhighway† because of the limitless amount of data that one person can access from it. The fact is not all of us can access the Internet like what it is. There are many roadblocks on the superhighway in form of â€Å"Internet Censorship†. There are several kinds of motivations for censorship. It ranges from keeping children away from undesirable content to a government control of nation’s access of information. InRead MoreTo Be or Not to Be Well Educated1114 Words   |  5 Pagesâ€Å"What does it mean to be well-educated?† Alfie Kohn’s essay â€Å"What does it mean to be well-educated?† begins on a personal note using his wife as an example to substantiate his hypothesis. Encountering Alisa at the very beginning of the essay was indeed a refreshing way to initiate thought into a subject not often considered. Today not everyone ponders the real relevance behind education nor does anyone contemplate just how much of education is needed to be considered well-educated. Alisa has a doctorate

Significance Of The Treaty Of Versailles - 1514 Words

Madison Welzbacher September 19, 2014 World History Significance of the Treaty of Versailles World War I was a devastating war that had a long-lasting effect on every European country. After the assassination of Franz Ferdinand, the heir to the Austrian throne, and his wife by the hands of a Serbian terrorist group known as the Black Hand. Germany urged Austria-Hungary to attack Serbia, but Russia stepped up to protect the country. Germany ambushed Belgium, and proceeded to Russia, throwing Great Britain into the war due to their alliance with Belgium. As a result, the continent of Europe, including Great Britain, Italy, Russia, Austria-Hungary, and France, was plunged into a great World War. The war lasted from 1914 to 1918, and it left Germany singled out as the catalyst. In November 1918, Germany finally agreed to an Armistice, a halt in the fighting, but they did not consider themselves to be surrendering. At the time, the Germans believed that they would play a role in constructing the treaty that would end the war, but when the time came, they were not allowed t o participate. Germany was greatly angered by this, but there was nothing that they could do for their army had been disarmed. They had two choices: sign the Treaty or be invaded by the Allies. With no other option, the Treaty of Versailles was signed on June 28, 1919 in the Hall of Mirrors at the Palace of Versailles in France. Although the Treaty of Versailles did bring an end to World War I,Show MoreRelatedAsses the Significance of the Treaty of Versailles1154 Words   |  5 Pagesâ€Å"Asses the significance of the Treaty of Versailles† The Treaty of Versailles did not dismantle Germany from its ability to wage war; it neither made the people grateful towards the allies. As the Italian political philosopher Niccolà ² Machiavelli of the 1500’s stated â€Å"___________†. The Treaty imposed many demands of the war weary country, these demands did not have an immediate effect on the country, and it instead gave a long-term legacy of bitterness and humiliation. The defeat of the GermanRead MoreHow Significant Was The Versailles Settlement Of Shaping The History Of The Weimar Republic? Essay1629 Words   |  7 PagesSignificant was the Versailles settlement in shaping the history of the Weimar Republic? Explain your answer. The Versailles Settlement was more significant in shaping the history of the Weimar Republic overall, however other prevailing conditions worsened the effects of the Versailles Settlement to a lesser extent. From 1919 to 1921, the Versailles Settlement was less significant, as the instability of the German people was able to be stopped. 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In order to achieve current purposes, this essay will advance as follows: Section 1 will explain how Adolf Hitler defied the Treaty of Versailles and turned a depression-wracked country into a major military power, Part 2 will discuss Hitler’s strategies concerning the â€Å"Jewish problem† in Germany and his military conquests from 1936 to 1940 in his attempt to control Europe, Portion 3Read MoreThe Importance Of Adolf Hitler1214 Words   |  5 Pageswilling to follow him and all of what he had spoken out for. However, that didn’t change the fact that there were still downsides to what he convinced others to believe in and what he wanted as a leader. Nonetheless, these factors don’t overcome the significance of Hitler’s leadership. The Weimar Republic was an ineffective form of government in which there was too many separate parties that stood alon e. This government was unable to stay secure and in leadership. 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It was used in hope to prevent Germany and Italy going to war. â€Å"Appeasement was seen to be magnanimous, good business, idealistic and a form of security.† The policy of appeasement was widely pursued by Britain and France in the 1930s, refersRead MoreGermany as a Victim1451 Words   |  6 PagesGermany as a Victim On the 16th June the German government, lead by Count Brockdorff-Rantzau, were presented with the Treaty of Versailles. They were originally given 14, and then 21 days, to agree to it. The treaty, which included some 440 Articles, was not as vindictive as Clemenceau had wanted nor as moderate as Lloyd George would have wished. It certainly fell far short of the conciliatory features of Wilsons fourteen point proposals. (Evans and Jenkins) HoweverRead MoreAssess How Hitlers Ideology Affected Nazi Foreign Policy Between 1933-391528 Words   |  7 Pageswould be to ignore his personal motivations and both racist and expansionist ideology. This facile explanation also fails to look at Hitler’s intentions echoed fearlessly throughout his speeches, address, and party literature of reversing the Treaty of Versailles to create a Greater Germany ‘Grossdeutsh’ and to expand eastward into Russia in the conquest of living space ‘lebensraum.’ To place these policies into historical reality a historian must look at Hitler’s motives, intentions and actions whether

My Life in Five Years Free Essays

My Life in Five Years Salvador Dali once said: â€Å"Do not fear perfection, you will never achieve it. † Of course, I don’t expect to find perfection during the next five years, but I do imagine a positive and brilliant future life. I am self-confident, composed, self-controlled, cheerful and full of energy, and even humble. We will write a custom essay sample on My Life in Five Years or any similar topic only for you Order Now I don’t waste time; I can define a goal and know how to reach it, and I never leave things half done. While I don’t claim to be able to predict where I will end up, there are a few things that I know for certain that I want to accomplish: I would like to improve my education and therefore career opportunities, where I can help solve other people’s problems, explore new places and meet new friends, and finally, build the house of my dreams and find someone in my life to share all that with. The family is the foundation of human society and my number one priority. It is very important that a man’s family provides understanding and gives him moral support. Before any professional or financial success, a man must achieve family success—only then can he achieve something in his life. Therefore, I would be most grateful if I found someone to share my life with and start a family. The experience and pleasure that travel provides is a very important thing for any person. In my opinion, traveling is a source of emotional and personal inspiration; therefore, I will visit such countries as USA, Canada, France, Italy and others. Traveling will help me make new friends around the world and be able to get out and about the people from diverse background, which I’m certain will enrich my own life, to be sure, but also the lives of those to whom I come in contact. Last but not least is my education and career. I have asked myself many times what I wanted to be. A few years ago it was difficult to give a definite answer. I had changed my mind several times. During this past year I finally discovered what it was that I most wanted to pursue. I realized that my strongest desires were to continue specializing in innovative technologies, learn foreign languages, and most importantly, complete an MBA. Working with passion had always been my aim. I plan to do the work I love and hopefully earn good money as a bonus. I will make it a habit of helping people solve their problems by means of finding opportunities to create products and services. According to Nikolay Ostrovskiy, â€Å"life is given to us but once and we must live it so as to feel no torturing regrets for wasted years. † I realize that I won’t achieve perfection when it comes to all my dreams, but I recognize that life and time are both precious. I am committed to doing everything possible to make these goals become part of my five-year reality. How to cite My Life in Five Years, Essays

Three Shades of Green free essay sample

Charlotte National Golf Club is a place where I played golf, practiced golf, ate sausage biscuits, and worked long hours. Sunday mornings at Charlotte National always had the guarantee to be especially eventful. I will never forget the feeling of it being unbearably cold as my buttocks came in contact with the wet cart seat at the crack of dawn. For the past four years at six in the morning, I would find myself in the same routine every weekend. I would arrive at the course before dusk a pour myself a cup of coffee, then head outside to begin removing the old rusty lock from the golf cart fencing. After the carts had been staged and the sun had risen, I knew that I had excitement in store. The Sunday morning routine might have been constant, though intriguing surprises emerged constantly. Some may ask how a weekly routine could be considered to be interesting by any means and why I loved my job as much as I did. I feel in love with my Sunday morning rounding at Charlotte National Golf Club because of the people that I came in contact with and the relationships that were built. At Charlotte National ordinary events always seemed to translate into extraordinary experiences. When asked to identify ones childhood home, most people would have the instant response of stating their address of where their family resided throughout their childhood. This can be known as the universal definition of a home; however; this is not always the case. My philosophy on ones home can be illustrated by a quote by Robert Frost. Home is a place, where, when you have to go there, they have to take you in. For me, Charlotte National is simply this type of place I will forever be apart of. When pulling into the parking lot of Charlotte National, I probably get sighs from all of the members unloading their clubs from their vehicles. Chances are I even get a mutter or two that go something like, Oh, this guy again. Bu t they always know that Charlotte National is my home and we all are family; therefore; they must take me in. At around seven o clock every Sunday, for two-hundred and fifteen Sundays straight, the carts had been lined up neatly and it was time to enjoy the comfort of the ramshackle triple-wide trailer that we call our club house. I could always rely on my boss, whom I refer to as Slick Vick, to have a warm McDonalds sausage biscuit and a sweet tea on hand for me. My breakfast was enjoyed by sitting down and chatting with the gathering of old men that are known as Dales Group. We discussed everything from their war stories from back in the day to the golf shot they had just hit yesterday. Soon enough, the frost had departed from the fairways, and it was their time to hit the links and my time to get some work done. My main job on Sunday mornings at Charlotte National was to pick balls up on the driving range. I was fortunate that this task wasnt to be completed by hand, but rather with a primal caged cart that is looped around the driving range in a lawn-mowing motion. This wasnt the most r eliable vehicle at our facilities by any means. We literally named this range picker Rust-bucket Randy. Randy was our maintenance man who slapped his name tag sticker on the hood one day after changing a spark plug. Mrs. Pam was the woman who worked the concessions counter in the clubhouse. She usually arrived at the club around ten oclock every Sunday morning. To no surprise at all she would say, Grant, I have you a surprisebreakfast! I am not the type of person to be rude and tell her that I already ate, and I am definitely not the type of person that would ever turn down a warm sausage biscuit. My second biscuit of the day had always been eaten with the greens-mower, Ralph. Every regular customer at Charlotte National at golf course knows this man as Race-track Ralph. Ralphs uniform consisted of faded wrangler blue jeans, a Dale Jr. tee-shirt, and a Marlboro cigarette hanging from the right side of his mouth. By the looks of this guy anyone could presume that he was birthed in the in-field of Daytona Motor Speedway as a child biologically destined to raise hell. Ralph was definitely an interesting character; I can honestly admit that I have never looked so forward to a conversation as I did the weekly chat with this man. We would sometimes talk for hours on the day where I had no golfs to wash and no golf balls in the driving range to retrieve. Ralph would tell one story after another to drive me to the point that my voice would become coarse and my eyes would become dry from shedding tears.I was in need of Clear-eyes due to the fact that I had been nearly crying because of such excessive laughter. I regret that I am no longer able to work at Charlotte National. There will occasionally be a Sunday morning where my biological alarm clock will begin its c***-a-doodle-doos when the sun is still submerged beneath the tree line. Unlike the majority of the working class, I fall disappointed that I will no longer be going to work at six oclock on Sunday mornings. I have moved away from the Charlotte area; Slick Vick, Mrs. Pam, and Race-track Ralph are no longer just a short drive away. Charlotte National may be municipal golf course unfavorably characterized by many for the odoriferous scent of tobacco smoke and the Pabst Blue Ribbon wafting through the air. It may not be a typical country club, but I fell in love with the place not because of any structurally sound facilities or an immaculate landscape, but rather because of the people that I came in contact with and the relationships that were built.

The advantages and challenges of European integration for business in the 21st century Essay Example

The advantages and challenges of European integration for business in the 21st century Essay Introduction: With Europe being the epicentre of the two Great Wars of the last century, a robust arrangement of cooperation and mutual benefit was made imperative. With the collapse of the Berlin Wall, an opportunity was created for the erstwhile divided Europe to once again unite under a democratic framework. On the broader geo-political scale, the rise of the United States of America as the undisputed superpower had made a case for a suitable counterbalance. The greater integration within Europe, as witnessed in the last two decades is an attempt toward this end. European integration as it exists today is largely confined to the domain of economics. In other words, the dismantling of labour movement barriers between nations, the floating of a common currency, the adoption of common laws pertaining to trade and commerce, are all outside the purview of domestic/internal policy. To this extent, the constituent nations retain their cultural and social uniqueness, while still benefiting from new economic opportunities created within Europe. This essay will look into the advantages and challenges created by the process of integration by way of studying its various facets. We will write a custom essay sample on The advantages and challenges of European integration for business in the 21st century specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on The advantages and challenges of European integration for business in the 21st century specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on The advantages and challenges of European integration for business in the 21st century specifically for you FOR ONLY $16.38 $13.9/page Hire Writer The origins of European Integration: Given the long history of war and conflict between European nations, there emerged a need for strong commitment toward cooperation and mutual benefit. The first step toward this cooperative framework was initiated with the formation of Council of Europe and the European Convention for the Protection of Human Rights and Fundamental Freedoms in the year 1950. An impressive 40 European nations subscribed to the resolutions carried forward in the convention. Yet, the Council of Europe remained a peripheral institution as the continent was divided in two during the Cold War. It would be another forty years for the next significant step toward integration, which came with the fall of Berlin Wall in 1989 and with it the collapse of the Soviet Union. The commitment toward amicable relations within Europe resumed with the signing of Maastricht Treaty in 1993, which was further expanded in the Charter of Fundamental Rights in the year 2000. The Charter drew together â€Å"all EU-protect ed personal, civil, political, economic, and social rights into a single text. But it goes beyond simply restating already respected human rights by addressing specifically modern issues such as bio-ethics and protecting personal information and data†. (Nagel, 2004) An important aspect of the integration is the common acceptance of EU law by all constituent members. With it they agree to abide by the judgments of the European Court of Justice, which will be the highest authority in resolving legal disputes. The core principles of EU law were built on the common European traditions of law and justice. As a way of making this new institution effective, all member nations have agreed that â€Å"EU law overrides national law in areas where the EU has authority and that the European Court of Justice is the final arbiter of EU law. Its complete judicial independence makes it one of the best examples of European integration†. (Rucker, 2004) Advantages created by European Integration: 1. Free Market Economy: At the centre of the European Integration is the acceptance of principles of free market economy by national governments. Hence, it is only on expected lines that different member states have embraced the free market ideology at varying degrees. The smaller nations of the EU have benefitted the most from the removal of barriers to trade and labour. The Single European Act and the Maastricht Treaty are the key legislations pertaining to this integration of erstwhile separate national economies. These laws endeavour to decrease, if not eliminate, â€Å"national differences in fundamental policies that are viewed as common interest to the Union although there are vast differences in the social and economic structures of the members† (Favell, 2001). The application of principles of market economy across the EU has transformed the economic landscape of the entire region. A healthy state of competition exists between nations and their leading enterprises, which helps generate economic growth, boost trade, encourage investment and lift the standard of living for all European Union citizens. A classic example is the deregulation in telecommunications and air transport sectors and privatization of state-owned enterprises across the EU, which has levelled the playing field and has encouraged competition while also having positive economic implications for the citizens. 2. Opportunities for Smaller Members: In its early days, the European Union comprised of only six nations, all of which had well-developed economies. The subsequent stages of enlargement have made the Union more diverse in terms of the social and economic status of its member states. This has conferred unprecedented opportunities for the smaller nations of the EU. Nations from the Eastern European bloc, especially, have benefitted from this integration. At the time of the collapse of the Soviet Union, these nations were in economic turmoil. With the adoption of democracy and free market capitalism, these nations have managed to come back from the brink, although some challenges still confront them. Furthermore, the European Court of Justice has gained a reputation for fairness and has not favoured one nation over the other in its short history. This must come as a big boost for the smaller members. For example, â€Å"The European Court of Justice (ECJ) in Luxembourg, for its part, has displayed remarkable activism. EU law generally has direct effect: it becomes part of the acquis communautaire that domestic courts must enforce. The Court reviews the legal status of acts undertaken by Union institutions, supervises member-state compliance with the founding treaties and secondary Union legislation, and interprets EU law for domestic courts.The Court has strived to rise above and mitigate the inter-institutional squabbling that has so often paralyzed the EU†. (Favell, 2001) 3. Attainment of Greater Social Solidarity: In the last two decades, the European Union underwent a rapid expansion. The confluence between the Western and Eastern blocs had seemed impossible at a time. But most of the former Communist countries have now been included in the broader EU, which has helped people across the continent progress toward peace and prosperity. It is a testament to this renewed European solidarity that the EU was able to â€Å"launch or complete daring projects such as Economic and Monetary Union and the introduction of the euro, an EU Defence and Security Policy, and the European Immigration and Asylum Policy†. (Schmidtke, 2007) Challenges facing European Integration: 1. The Immigration Problem The most talked about issue regarding European Integration is the issue of immigration. When the EU was initially conceived it was meant to provide a level playing field for labourers from all across the Union. But based on recent statistics and opinion polls the movement of labour across national boundaries has not been hassle-free. The problem is compounded by factors of race, origins and nativity, for â€Å"even more than indigenous Europeans, foreign-origin populations have run into barriers when trying to gain a say in the EU policy-making process† (Verdun, 2005). Furthermore, â€Å"The distance separating immigrants from the Union and its policies, the Union’s institutional structure and the trend toward intergovernmental bargaining, the diversity of national immigration policies, and the specific actions of EU authorities have all hampered immigrant participation. A legal wedge has been driven between EU and third-country nationals, and between second-generation immigrants and their parents.† (Schmidtke, 2007) The particular case of Britain is of importance to the discussion, given its past experience with colonialism and post-colonial immigration. The nature and complexion of immigration to the UK has undergone a radical change since the economic integration of European nations and the enacting of common European Union laws. Ever since the New Labour ascended to power under the leadership of Tony Blair, the British government has been confronted with the challenging task of pleasing its indigenous people while not affronting immigrants. If we accept the precept that public opinion is a driving force for policy changes, then the outlook for immigrants does not look promising. A survey conducted by Channel4’s Dispatches, in collaboration with YouGov titled ‘The survey for Immigration: The Inconvenient Truth’ has thrown light on some surprising facts. A majority of participants are of the view that immigrants contribute to â€Å"diluting our culture and leading to th e breakdown of society† (Gillingham, 2003).

How to Get Your Finances On Track in 2017

How to Get Your Finances On Track in 2017 Feeling like there’s never enough money or time? Want to get healthy or plan for the future? Try these steps to take charge of your life and build some real progress in the new year, while lowering your taxes so you’ll have more of your hard-earned fruits to enjoy for all that labor. 1. Spend money to make moneyGetting professional help to lose weight or quit smoking can pay off in the long run. So can soliciting proper legal advice on contracts and finances. So can giving to charity. All of these things are often tax-deductible ways to make your money work for you- and help you to grow. Oh, and shell out for a tax pro to help you out come tax time, too.2. Get organizedTrack your travel miles, your donations, and your time, and keep a clear log in an easy-to-remember place for tax time. You’ll be glad you did. Remember to keep your receipts so you can itemize. As intensive as it sounds, it can be worth the effort.The next time you see anything that might be relev ant to end-of-year tax prep, start gathering it together in dedicated envelopes. That way you won’t be digging around for things at the 11th hour.3. Plan your financial planningLook at your stock portfolio and your retirement accounts (if you have ‘em!) and make sure you’ve got everything in order. Are you making all the smartest bets? And if you don’t have an IRA consider getting one; you’ll have until April 18Â  to fund it, and you can deduct it on your 2015 taxes.4. Optimize your givingWhether to charity or to yourself, giving will get you there faster and keep your tax bill down in the process. You can do your part and beef up your savings in the process.

The Ethical Issues Concerning Abortion Essay Example | Topics and Well Written Essays - 500 words

The Ethical Issues Concerning Abortion - Essay Example Normally I would say it is a bad idea to totally base one’s argument of an assumption, and I think that that is usually a good rule of thumb to follow when constructing an argument, especially if there can be found a hole in your argument based on the assumption that you made right from the start! However, in this instance, I feel that her assumption if somewhat justified. The writer attempts to back up their argument by tossing around names of other people who believe as she does, and instead of trying to argue against them she decides to assume they are correct and argue with them. It is an interesting stylistic way to present an argument. It does solve the problem of having to argue that point, as she comes off right from the bat stating that she will not argue that and that the whole argument is based off the idea that is taken for an assumption. And while I originally thought it would be ineffective and not work well in the thought process of an argument, it ends up worki ng out quite well for the writer throughout the course of the article. It works for one reason, and it is because of this that I think it is justified to use that assumption. I can find no holes in that assumption, and it is a very fit and sound one to start off an argument. For is the whole abortion debate not over whether or not a fetus is a person? The whole idea is debated over whether or a not a fetus is a person unfit to kill or not, and the assumption that the whole argument is based off that is correct because that is the entirety of the abortion argument. Now, you might think that there is more to the argument than that, but the author debunks that idea in their next paragraph and states that this whole argument is going to be base on the ethics of abortion; not the subtleties that exist in various cases. And with these ideas, she starts up and opens what is followed by a very sound argument, one that totally supports the sound assumption it is based on. I found myself bein g impressed, as I originally was holding out to bust the earlier assumption, and soon found myself thinking that it really is all about the idea of a fetus and if they are in fact people or not. In the end, I believe it is a totally justifiable assumption, and it works exceedingly well in the course of the written argument, even though I did not think that to begin with.  Ã‚  

Does Language Play Roles Of Equal Importance In Different Areas Of Essay

Does Language Play Roles Of Equal Importance In Different Areas Of Knowledge - Essay Example There are four Ways of Knowing perception, emotion, reason, and language.The question each and every other way of knowing is controlled by means of language is a statement that needs more investigation as well as reflection.  There are four Ways of Knowing perception, emotion, reason, and language. One is supposed to use the Ways of Knowing and the Areas of Knowledge to acquire, perceive, and apply knowledge.The question each and every other way of knowing is controlled by means of language is a statement that needs more investigation as well as reflection.  Knowledge can be said to be informed that the brain has received that meets a certain set of criteria. When someone states that they know something they must also believe that, that something is so. Language always is known for its words. And a language also requires a lot of easy words to be spoken every where. If language is spoken in extremely different places in a huge area that shows this language is has a big word capac ity and a great deal easier than the other languages to comprehend. Words are determining the quality of language and so are important in every area of knowledge. Words seem to be so simple for a look but that is not really true.   A word is a unit of language that carries meaning and consists of one or more morphemes which are linked more or less tightly together and has a phonetical value. In general, a word will have a root or stem and zero or extra affixes. Words can be joint to make phrases, clauses, and well-structured sentences.

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