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Social and Behavioral Sciences Commons™
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Full-Text Articles in Social and Behavioral Sciences
Romania's Recovery After The Economic Crisis, Claudiu Doltu, Marcel Duhaneanu
Romania's Recovery After The Economic Crisis, Claudiu Doltu, Marcel Duhaneanu
Journal of Global Initiatives: Policy, Pedagogy, Perspective
Compared with other countries in the region, Romania reacted slowly to the recent economic and financial crisis. After eight years of strong growth (200 1-2008), Romania's economic contraction was among the most severe in the region. Significant macroeconomic corrections occurred in 2010 but at the cost of compressing the household consumption and the investment. Downward adjusting the domestic demand by rapidly decreasing nominal wages and increasing taxes also discouraged businesses by increasing uncertainty. Partially, the macroeconomic policy worked well in 2010. However a steady growth in the next years will depend on the following three conditions: 1) reducing the transaction …
Chaebol And Korea's Industrial Finance, Murat Doral, Michael Patrono
Chaebol And Korea's Industrial Finance, Murat Doral, Michael Patrono
Journal of Global Initiatives: Policy, Pedagogy, Perspective
The Korean economy is based on a government led and export oriented growth model centered on business groups or conglomerates known as chaebols which have close relationships with the government. The government led growth model, also known as Guided or Managed Capitalism, relies on a government dominated, but privately owned, business sector. The private business sector is itself dominated by chaebols which are family owned or controlled business groups. These groups are supported by preferential relationships with the government. While the chaebol system was an important element of South Korea's early industrial growth, it ultimately had to be reformed. The …