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Essay / Research Paper Abstract
An 8 page paper discussing the contribution that capital can be expected to make in economic development and why it is necessary. Every activity requires capital funding, and initial economic activity contributes to growth of capital available for further development. This process is stunted and sometimes halted in the face of political corruption, where lack of transparency enables capital growth to be siphoned off to individuals. Developing nations need to be able to attract foreign direct investment and construct a regulatory environment that encourages further economic development. Bibliography lists 3 sources.
Page Count:
8 pages (~225 words per page)
File: CC6_KSdevEconCap.rtf
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Unformatted sample text from the term paper:
reasons that developing economies are "developing," rather than already being developed. Singapore stands as an example - and a goal - of how an impoverished nation can develop its
economy to come to be listed by the Organization of Economic Cooperation and Development (OECD) as officially achieving "mature" status. Singapore began its
quest for modernization and sustainable development in 1960. Only 35 years later, it was mature and poised to overtake Great Britain in per capita GDP; only the Asian currency
crisis prevented that from happening at the time. All of its advances were based on the capital invested in it by other nations.
The source of the capital is less important than the results that capital was able to bring, however. Any economic activity carries a monetary cost, and only capital
- from whatever source - can satisfy that economic cost. No developing economy in todays business environment can reasonably expect to grow sustainably without it.
Influence on the Local Economy Writing for the International Monetary Fund, the former head of the World Bank says,
"Discussions of political corruption often focus on the demand side of the transaction and pay less attention to the supply side. Public officials are often portrayed as ruthless people who
abuse their positions for private gain, while those who pay bribes are sometimes depicted as innocent parties who are forced to pay kickbacks to obtain special favors for their businesses.
In reality, both parties are guilty of corruption, conspiring to defraud the public, wasting resources, undermining economic development and fair trade, and increasing human suffering" (Vogl, 1998; p. 30).
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