An examination of the need to change Uruguay into a globalized economy.
Written in 2006; 4,386 words; 11 sources; MLA; $ 115.95
Paper Summary:
In this paper, the author examines the need to globalize nations, in particular he highlights Uruguay. The paper starts with a thorough look at all of the different development theories that there are for globalization. He mentions that economic development is basically about improving the factors of the productive ability of an economy - national, state or local. These factors include land, labor, capital and technology. This he calls the economic development theory. The author also mentions other theories and then begins to relate them to the economy in Uruguay. He looks at how Uruguay has suffered slow growth for decades, even though it was one of the most developed economies in Latin America in the early 1900s. The author proceeds to elaborate on this and apply his theories to improve the development of the economy in Uruguay. In conclusion, he states that Uruguay will have to adopt a more business-friendly approach if it intends to achieve the economic development that it is has the potential to achieve.
From the Paper:
"What happens next is a vast circle of development.The higher wages - and additional wages from those newly employed - are pumped back into society in the form of living expenses, frivolities and taxes. The living expenses and frivolous spending usually go directly into the pockets of local businesses. The local businesses provide basic human services, and providing them with more money revitalizes the local economy. The government pumps tax dollars into the local economy in the form of improvements (including hospitals, buildings, infrastructure and roads), education, social services, and so forth. The result, over time, is a more educated, better paid, healthier and less impoverished workforce. The better educated, healthier citizenry will live longer and healthier lives, meaning they will require fewer days off work for medical reasons. More importantly, it will reduce training costs to the state (in the form of education) and local business (in the sense that their employees will be working longer, and even new hires are likely to have similar training)."
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