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Why export promotion is better than import substitution?
However, during the 1980s the process of trade liberalization began and by the time china entered WTO in 2001, her structure of trade policy was completely changed. The book is wide-ranging and up-to-date. As well as these key questions, the book covers the issues of whether the government should rely on the market process to encourage economic development or must they interfere, and by what criteria one can judge a proposal for policies for economic prosperity. On the whole, series of econometric estimation tools were adopted in this study. Trade Regime: The Pakistani Experience Pakistan has never had a consistent, coherent and well-articulated trade policy. It makes no pretense to offer any policy guidelines but merely tries to examine the issue connected with the formation of a suitable policy for Pakistan.
Import Substitution and Export Promotion' Comparison
This global economic recession was caused by over-dependence on export trade and it affected many economies in the world. The faceless presence is the result of the failure of the exporters and- export promotion agencies in India to build up an image for Indian goods abroad. Faceless Presence Although India is an important Supplier of several commodities in foreign markets, her presence in these markets is faceless in the sense that the consumers do not, know that these commodities are Indian. Some development economists further argue that of all its benefits, import substitution benefit sometimes becomes a mirage when measures are alongside with other economics and trade policies of other countries. However, other countries do not benefit from free trade as they are not internationally competitive; therefore they decide to introduce protectionist measures to prevent foreign competition from reducing domestic output. The objective of this paper is to integrate the coalition of importation and exportation on the Nigeria economy in conjunction with the theoretical position of the protectionist and the free trade activist and how this has help in promoting the Nigerian economy over the years 3.
With this view, the advocates of IS strategy emphasized the need for LDCs to evolve their own style of development through learning by doing using technologies appropriate to the countrys own resource endowments. The developing countries production structure was the corollary of the colonial rule that was heavily oriented towards production and exports of primary commodities. The contributors of this volume are accomplished veteran scholars in the fields. Their relative and absolute importance probably varies considerably between countries, depending on local circumstances such as size and resource endowment , and political and cultural differences that affect both the behavior of politicians and bureaucrats and the relations between government and business. Further reductions in tariffs have been hampered due to its significant 9 Hasan, P. The absence of competition itself probably cuts down the extent to which individual entrepreneurs concern themselves with engineering and economic efficiency. The population growth of developed countries being at replacement level translates into a stagnant demand for primary exports.
PROBLEMS OF IMPORT-SUBSTITUTION IN INDIA Following are the main problems of import substitution in India : 1 High Production Cost at Initial Stage: Besides the raw material, certain other cost like interest rates, higher price of importable and non traded inputs, technological factors and low product,civil,y contribute to the high cost, of production in India Therefore, commodities produced in the country have high prices in comparison to the imported goods and consumers show, no interest in buying the goods produced for the intention of import-substitution. Import substitution reduces the vulnerability of a country towards drastic changes in the international trade scene. Import substitution, export promotion, and the state in economic development. Chow Download or read book Taiwan in the Global Economy written by Peter C. Both sides have strong viewpoints representing their opinions, even the population of the United States is divided when it comes to taking a stand on the issue. As a result, the protected industries have failed to become competitive.
Export Promotion and import Substitution Notes of Entrepreneurship
This eventually improves the balance of payments as fewer consumer goods are now imported. Finally, it also addresses the long-running debate concerning the desirability and viability of industrial policy for developing countries. Book excerpt: This book brings together perspectives of development economics and law to tackle the relationship between competition law enforcement and economic development. Available in PDF, EPUB and Kindle. The first part of the report addresses the expected sluggish world economic growth as oil-importing countries reduce their current account deficits and adapt to higher energy costs. West-phal, editors, Academic Press, New York, 1984.
[PDF] Switching From Import Substitution To Export Promotion Book Full Download
Schydlowsky and published by. What are the difficulties in this regard? On the whole, Table 3. Why, after pursuing the policy of export-led growth for over two decades, there is a return to 1 Manu, Franklyn A. The effects of globalization have touched all the aspects of life and business today. It would be wrong, however, to blame trade liberalization policies for the poor performance of industries. Protectionism also leads to lower competition among industries this leads to lower standards and poor consumer goods and services.
Export Promotion, Import Substitution and Economic Integration in Nigeria
Understanding export-led growth Countries that have been successful in developing their export markets considerably are associated with the terms like export-led growth, export promotion and import substitution. . India, China, Mexico, Brazil and other developing nations are using these two methods for improving their balance of trade. Since domestic producers of import substitutes would receive a substantially lower price for their products in the world market than they do behind the wall of protection under the import-substitution regime, it rarely pays them to expand production beyond the demand of the domestic market; export-oriented regimes have fairly realistic exchange rates and provide at least as much, if not more, incentive to sell abroad as to sell domestically. Trade theorists therefore attempted to elucidate as to why nations engage in international trade, what combination of goods and services they trade, and how firms and consumers gain or lose from trade.
Thus such steps are taken to increase exports from the country and help its citizens earn foreign currency which will help the country to improve its balance of trade. The criterion for optimal allocation of resources is that the marginal rate of transformation of domestic production should equal the international marginal rate of transformation, in the absence of monopoly power in trade. Their freedom of choice permits them to tap the cheapest and most reliable source, thus reducing their own production costs. Upper Saddle River, NJ: Pearson Prentince Hall. This is indeed a vicious circle.