Political and Economic Developments in the Catch-Up Nations

Topics: United Kingdom, Economic development, Economics Pages: 6 (1489 words) Published: February 5, 2014

Consider Political and Economic Differences Paper: In this paper, provide a descriptive title or heading for your paper by focusing on topics or countries that interest you (such as “Political and Economical Developments in the Asian or European Systems”), and then discuss the following concepts: 1) Explain in detail why and how the political systems of countries differ; 2) discuss how the legal systems of countries differ; 3) explain what determines the level of economic development of a nation; 4) discuss with examples the macro-political and economic changes taking place worldwide; and 5) analyze how transition economies are moving towards market based systems. You can use specific continents, countries, or country as your focus.

Political and Economic Developments in the Catch-Up Nations

Introduction
Economic development of nations. When policymakers and community members work

together to promote the economic health of a country, efforts toward economic development of

that region or nation are said to have occurred. The umbrella of economic development covers a

wide range of concerns and initiatives, such as critical infrastructure, human capital, human

services considerations (health, safety, and literacy), competitiveness, environmental sustainability.

Economic growth, on the other hand, refers to the outcomes of market productivity—such as a

rising Gross Domestic Product (GDP), per capita income, and foreign trade—as well as attainment

of standards of living equivalent to that of industrialized nations. Economic growth can be

considered a component of economic development, the larger of which includes the policies and

process through with a country works to improve the wellbeing of its citizens, whether through

economic, political, or social means. (Anand & Sen, 2000) The origins of the concept of

economic development are associated with the rise of capitalism. (O'Sullivan & Sheffrin, 2003)

Schumpeter (2003) argues that economic development is a static theory that documents the state of

a nation’s economy at a point in time, and that the equilibrium state can only be change by external

intervening factors or shocks. Certainly, the political will of the leaders of a country are a variable

in changing or sustaining levels of economic development within their countries. Traditionally,

the natural resources held by a nation, and the manner in which its citizens choose to exploit those

resources were thought to be crucial to a nation’s ability to improve its economic status. In the

current economic environment, countries without robust holds of natural resources are able to

improve their economic status by developing capacity to participate as knowledge workers, particularly with respect to technological advances. Ireland is perhaps the poster child for this type of development.

About the United Kingdom*
*Unless otherwise noted, information from this section was derived from the government sites of the UK. UK governance. Governance in the United Kingdom is by constitutional monarchy with the Prime Minister of the United Kingdom the head of the government and the ruling Monarch the head of state. Her Majesty’s Government exercises executive power by the consent of the Monarch and on her behalf, as well as by the devolved governments of Northern Ireland, Scotland, and Wales. There are two chamber of the Parliament of the United Kingdom: The House of Commons and the House of Lords. The Scottish parliaments and the assemblies of Wales and Northern Ireland have the same bifurcated structure. UK legal systems. The judicial branch of the government is independent of the both the executive and the legislative branches. There are three legal systems in English law, which is based on common-law principles and applies in Wales and Northern Ireland as well. Scottish law is based on civil law principles in a...

Bibliography: Anand, S. and Sen, A., (2000). Human Development and Economic Sustainability. World Development, 28(12), 2029-2049.
Die Bundesregierung. Retrieved ttp://www.bundesregierung.de/Webs/Breg/EN/Federal-Government/federal-government.html
Hill, C. (2011). International Business: Competing in the Global Marketplace (8th ed.) New York, NY: McGraw Hill. Chapter 2
O 'Sullivan, A. and Sheffrin, S. M. (2003). Economics: Principles in action. Pearson Prentice Hall, Upper Saddle River, New Jersey.
O’Sullivan, J. Special report: The world economy. A game of catch up. (2011, September 24). The Economist. Retrieved http://www.economist.com/node/21528979
Schumpeter, J. and Backhaus, U. (2003). The theory of economic development. [In Joseph Alois Schumpeter, pp. 61-116. Retrieved http://www.springerlink.com/
content/j2gqn1q108522621/
UK Parliament. Retrieved http://www.parliament.uk/
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