Harun Yahya Islam Global Impact Of The Works Of Harun Yahya Vol 1
YUSUF UZEL 15815558356 HARUN UZUN 39098142286 20 Years of Economic Transition
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Transcript of YUSUF UZEL 15815558356 HARUN UZUN 39098142286 20 Years of Economic Transition
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YUSUF UZEL15815558356
HARUN UZUN 39098142286
20 Years of Economic Transition
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• Transition as such has progressed over the past 20 years a slowdown in general is unavoidable and even reversals are likely ,particularly in the areas of finance and trade.All transition countries are facing fiscal difficulties,which are a threa to much needed growth inducing investment in education.Like im mature capitalist countries increased government is unavoidable,although sector specific industrial policy and risky.
•
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• Original consept of the ‘Washington Consensus’ has failed to fulfil expectations of growth and development, the state of the art seems to be confusion.
• The Washington Consensus approach to the specific combination of shock like transformation and macro economic stabilization.
• The Washington Consensus was a common understanding of the Washington based instititions IMF and World Bank and American think tanks to solve the structural balance of payment problems.
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• The policy recommendations were:• Fiscal discipline,implaying the redirection of the
public expentiture priorities toward fields offering both high economic returns and potential to improve income distribution,such as primary care and primary educations.
• The elements were:• Tax reform,interest rate liberalization,a
competitive exchange rate,trade liberalization,privatization,deregulation,secure property rights.
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The consept of the ‘Washington Consensus’ was stylised by the so called ‘j-curve’ of economic transformation.Its messag was that after a little dip of ‘transformational recession’growth of income would multiply.
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• Country GDP İN 2007
• Czech Republic 130
• Hungary 134
• Poland 158
• Romania 113
• Russia 93
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Trends in male life expectancy at birth
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• This figure shows that rapid mass privatisation as an economic transition strategy was a crucial determinant of differences in adult mortality trends in post communist.Protagonists of rapid mass privatisation were Russian and some other CIS countries as oppesed to Poland and other European countries
• Rapid mass privatisation leads to high levels of unemployment ,which then encouraged an unhealthy lifestyle including hig levels of alcohol consumption ,which ultimately leads higher mortality rates.
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The Impact of The Global Crisis
• The accelerated decline of growth rates
• A dramatic decline of capital inflows
• Changes in the prices of oil, gas and also manufactured goods
• Changes in the export markets for transition economies
• Changes in the Foreign Direct Investment
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Figure 7: Effectiveness of antitrust policy between 1999 and 2007
Ranked between 1 and 7, whereas 1 indicates that in the specific country effectivenessis lowest and is highest with 7.Source: Hölscher/Stephan 2009
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Figure 8: Intensity of local competition between 1999 and
2007
Ranked between 1 and 7, whereas 1 indicates that in the specific country intensity islowest and highest with 7. The bars for 2001 do not directly compare with other yearsdue to a change in method.Source: Hölscher/Stephan 2009
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• The first country European country to approach the IMF for help in the global crisis was Hungary. Hungary was bailed out by the IMF with 12 billion Euros and further
• Latvia followed suit and there are negotiations with the IMF are going on with Belarus and the Ukraine at present
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Conclusions• As the nature of the current crisis is of
global character, one should not expect the transition countries to solve the problems by themselves
• Like in mature capitalist countries these countries need to attempt to protect their core financial systems by improving its governance and structure
• A major challenge will be to maintain access to finance for the growth driving Small and Medium size Enterprise
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