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Full-Text Articles in Social and Behavioral Sciences
Extractive Versus Productive Economy: A Case Study Comparison Of Peru And South Korea, Rubén Berríos
Extractive Versus Productive Economy: A Case Study Comparison Of Peru And South Korea, Rubén Berríos
Journal of Global Initiatives: Policy, Pedagogy, Perspective
There are striking contrasts between a productive and an extractive economy. South Korea and Peru are used as examples. Korea is not a resource-rich country but has developed remarkably fast. Pem, on the other hand, is a resource-rich country but has shown uneven rates of growth and has had a lackluster development performance because it has relied on extractive industries that have brought boom and bust. Korea is a high performing economy that achieved high rates of growth implementing policies that emphasized productivity and promoted industrialization and free trade. Korea's success is explained in terms of its policies promoting the …
Africa's Debt Crisis: Perspectives On Nigeria's Escape From External Debt Trap, Solomon O. Akinboye
Africa's Debt Crisis: Perspectives On Nigeria's Escape From External Debt Trap, Solomon O. Akinboye
Journal of Global Initiatives: Policy, Pedagogy, Perspective
In sharp contrast with the image of an "oil-rich" country, Nigeria is paradoxically a heavily indebted poor country. While the country's oil production reached 2.5 million barrels per day in 2004, its total external debt stock at the end of 2004 was estimated at $35.9 billion. The debt crisis has been aggravated by the burden of debt servicing, which has absorbed the nation's budgetary and foreign exchange resources with deleterious impact on the critical sectors of the economy. The paper critically examines Nigeria's external debt profile and efforts toward its alleviation. It argues that the debt burden constitutes a major …