The Rocky Road to Success

The Rocky Road to Success Michael Sylvester Gardenzio Stallone, a man who has walked down a tough road but never gave up on his goals. He was overlooked at the beginning but now he overlooks Lake Tahoe in his large house. Even though it looked bleak at first Stallone kept with it and ended up changing American views, the movie industry, and also he showed us that â€Å"It ain't over till it's over. † Sylvester Stallone's birth wasn't the easiest operation for a doctor. On July 6th, 1947, Stallone was pulled from his mother, Jackie Stallone's womb by the doctor's forceps which ended up severing a facial nerve.This paralyzed the lower left half of his face, which gave him his iconic look and slightly slurred speech today. Young Sylvester Stallone was born into a troubled marriage, for his first five years he lived in the infamous Hell's Kitchen going to-and-from assorted foster homes. Eventually his parents got their act together and they were all reunited as a family. Due to St allone's birth accident, his face and speech made him an outcast in school, which in turn led to multiple fights and poor grades. His father and mother got divorced when Stallone was eleven and soon after, he was sent to a school for â€Å"troubled kids†.He moved to Philadelphia where he attended Notre Dame Academy and Lincoln High School which is where he first started acting and was also a football player. After high school Sylvester Stallone went to instruct at the American College of Switzerland in Geneva. After a couple years he returned to the United States and enrolled for college. He enrolled at the University of Miami hoping to get a major in drama. Stallone's college life didn't last long because he dropped out to pursue an acting career in New York.The Jobs didn't come easy in the beginning like they do ow, but Stallone stuck with it and played some minor roles before he blasted off in 1976 when he wrote â€Å"Rocky'. This Jumpstarted his career to becoming the ma n we know today. Stallone owns a third of the world-wide icon Planet Hollywood. Planet Hollywood is a resort that has food, games, a pool, and hotel. The creation of this hotel/resort/restaurant gave people of the world the opportunity to look at some of cinemas most iconic costumes, art, and props. Stallone is also a dedicated painter. l think I'm a much better painter than an actor† Stallone states in an interview with Kate Roberts. He also believes â€Å"It's much more personal and I'm allowed to do Just what I want to do. Quite often in acting you have to play a certain part, you cannot speak as much as you want to speak. † His paintings can be seen in St. Petersburg. (Reuters. ) He also claims that he wouldn't take an acting Job if it interfered with his paintings. Some of his paintings depict his iconic creation Rocky Balboa. Sylvester Stallone wrote many of the movies he has starred in.In 1976 he wrote and starred in the hit film â€Å"Rocky', which eventually e volved into a six movie set that the main role as John Rambo a Vietnam War veteran. Stallone also wrote/co-wrote â€Å"F. I. S. T. ,†, â€Å"Rambo: First Blood Part II,† â€Å"Rhinestone† and â€Å"Rambo Ill. â€Å", â€Å"Staying Alive†, â€Å"The Expendables†, â€Å"The Expendables 2†. As an actor Stallone has had in ups and downs. His roles as Rocky Balboa in the Rocky saga, John Rambo in the Rambo trilogy, the movie â€Å"Cliffhanger†, and â€Å"Demolition Man† were some of his best roles. But after the success of â€Å"Demolition Man†, Stallone's career began to fade away.His career hit rock bottom in 2002 with the movie â€Å"D-Tax† which only earned fifty-five thousand dollars on its opening weekend (that's pretty bad). His career then took off again when he was 60 when he returned to the role of Rocky in â€Å"Rocky Balboa† the sixth and final movie to his rocky series. Stallone has earned many aw ards and nominations along the years. He has won two Oscars and won 27 awards and has had 31 nominations. He also holds the record for being the â€Å"only actor to open a number one film over five decades†. His career is still rolling strong today.Stallone is starring in an upcoming film called â€Å"Grudge Match† that comes out Christmas Day and had announced the production of an â€Å"Expendables 3† and also a spinoff of Rocky â€Å"Creed. † One of Stallone's greatest accomplishments was the creation of a little man with a big heart, Rocky Balboa, who overcame adversity and won the hearts of millions. In 1975, Stallone was out of work and his hopes where low, but then became inspired by a boxing match he witnessed, he soon wrote the script of â€Å"Rocky' in Just three days. He made his first mark in his career whenever he went to sell the script.He was the first person to write a script and refused to sell it unless he played the starring role. Nobod y had ever done this before but it soon caught on with actors like Ben Affleck, Matt Damon, and Owen Wilson. Most people shot him down because of his rule but he was finally accepted by Robert Chatoff and Charles Winkler and they soon began production. â€Å"Rocky' wasn't Just a hero but an icon for many, not because it was a boxing movie but because it was a movie of overcoming the odds, a true underdog story, and also a love story.The Rocky saga was seen as â€Å"this great symbolism of never give up and that your dreams can come true† (Stallone, The Rocky Saga: Going the Distance) or â€Å"A saga about America with the backdrop of boxing. † (Carl Weathers, The Rocky Saga: Going the Distance) these aspects are what made the series such a uccess. Today there is a marathon based off of the workout route Rocky took during his training in the movie called â€Å"Rocky 50K Fatass Race. â€Å", â€Å"Rocky Balboa wasn't Just an underdog boxing hero, but a full-fledged u ltra-marathoner, the waiting began.Someone, at some point, would emerge to stage a run based on the 30. 61 -mile course McQuade determined Rocky ran in the training sequence in Rocky II. † (Hamilton, Fun Run on Rockys 30-Mile Philly Route is On! ). The route starts at Rockys home and ends at the iconic stairs leading to the Philadelphia art museum. Rocky also left his mark n the city of Philadelphia; there is a statue of Rocky Balboa that stands at the front of the iconic museum where Rocky would end his workout run.When filming the scene of Rocky running up the stairs, Garret Brown got a chance to try out his newest creation the Steadicam, â€Å"Rocky' wasn't the first movie he used it on but it was the first nowadays in most films. Rocky Balboa also has been inducted to the Boxing Hall of Fame for his influence on the boxing community and the world. Stallone's other big hit was about a Vietnam War veteran, John Rambo. â€Å"Rambo dramatized the conservative pillars of the post-Vietnam period† (Wardenski, WhyRambo Mattered) this movie was about the Vietnam War but it was a story that showed that we couldVe won the war but we ended up losing because of the beaurocrats. Rambo changed how Americans viewed those who served in Vietnam. Rambo was the first real action hero, â€Å"setting a new standard for body count, property destruction, and a hero's view of human and material destruction. Why did Rambo change the action movie genre? Well first off Stallone created a character which became synonymous with big macho 80's fragging action but also because it was kind of smart.Not exactly a thinking man's movie but one where the characters ad some complex emotions that made them, want blow up the whole town. Thanks to Rambo and a host of mean-spirited vigilante movies, the Vietnam Vet had film options outside of hang wringing dramas about post-combat relationships.

Practicum Narrative Report

-A â€Å"ONE-STEP HIGHER† AT MAX'S RESTAURANT, QUEZON AVE. ,QUEZON CITY- I am very happy that I had my practicum at Max's Restaurant, Quezon Avenue. Being part of the lovable people of Max's is really great and it was very memorable for me. I applied at Max's through online so I was surprised that it only took me one day waiting for their confirmation if I'm hired or not but thanks God- it's positive. 🙂 Specifically, I applied for CSA (Customer Sevice Attendant) for I know that it could really improve me as a person and of course, to improve my skill and knowledge as an HRM student.On the first day, Mam Rizza who is our good and patient trainer taught a small background/ history of Max's Restaurant. We learned that it started since 1945when Maximo Gimenez Gimenez decided to open a cafe which served chicken, steak, and drinks. He was joined by his wife Mercedes, sister-in-law Felipa Serrano Sanvictores, his niece Ruby who managed the kitchen, and her husband Claro. Aft er that, they were encouraged to expand the menu and serve more Filipino food. Max's Restaurant bills itself as â€Å"The house that fried chicken built†.Max's Restaurant currently has over 127 branches in the Philippines and has opened branches internationnally. After the first orientation, we're on the second part which is the Menu Familiarization which is quite difficult for those who are not good in memorization. Honestly, at first, I got confused with the product codes and descriptions of every food item but thanks to Mam Rizza for being knowledgeable and proactive teacher to us. After this, she also taught the different wares used for soups/ salads, main course, side dishes, desserts and beverage glasses.After discussion, Mam Rizza gave us many activities (by group) to promote friendship and camaraderie among us. So, its so really nice because all of us feel that we are one big family. After this, Mam Rizza gave us our long quiz for the preparation on the actual examina tion. Finally, I passed the examination. 🙂 The third part of the orientation is all about the Dining Training Program which is also the last part of our orientation program. This program composed of 2 parts. First part was all about the service quality, customer needs, etiquettes, do's ; don'ts and rewards of excellent service.To summarize, this is more on the service quality and the etiquettes of a service personnel. We have learned the different principles and rules followed at Max's. Mam Rizza discussed to us the customer's need for us to understand who are the guests? and what are their needs as a guest? Next is the 7 deadly sins that pertains to things or actions to avoid while on duty and last is the rewards of excellent service. Overall, Mam Rizza gave us the motivation for us to be a lovable people of Max's by giving our excellent and â€Å"TODO BIGAY SERVICE† to all the guests.Additionally, Mam Rizza always reminds us that GOOD ATTITUDE AND CHARACTER IS A MU ST! Second part was all about the â€Å"Sectionalization† which implies the knowing and understanding the responsibilities of each service personnel (greeter, seater/rover, ordertaker, waiter and servers). We learned the first rule: â€Å"No guest is left unattended and all stations are manned at all times. † The dining sequence composed of 7 parts. Starting from the greeting the guests, leading them to their tables, presenting menu and removing extra settings.These first 4 actions should be done with a big smile and care making the guests feel that they are welcome and at home. Next will be the order taking, suggestive selling, repeating orders and punching orders. On this stage, presence of mind is really needed because you have to entertain all the questions of the guests and you have to get the orders of the guests correctly that's why repeating orders is very important. Same on the first stage, a big smile and care for every guest. Ooopsss†¦ Don't forget to t ake the name of the guest and introduce yourself to them.The third stage includes the serving of food and drinks. The fourth step includes the first check back, (done to check the satisfaction of guests by asking how is the food? ), suggestive selling for desserts or coffee and partial bussing. Fifth step includes the presenting the bill if it is asked by the guest. This should be done politely with a smile. After receiving payment, sixth step include the presenting of change and saying â€Å"Thank you for dining Sir/ Mam†. The last step (7th) includes thanking the guests and inviting them again to come again. Part of the 7 sequence is the time standards.These time standards are the preparation time for each food item. It's very important to know this to inform the guests if how longer they will wait for their food. For salads/ soups and side orders (5 mins. ); ruby's favorites (15 mins. ); fried chicken (20 mins. ) rice/ drinks except fruit shakes (3 mins), combo meals (10 m ins. ) and desserts (5-10 mins. ). Lastly, we discussed the suggested script for the guests while communicating with but the most important is the four magic words: Excuse me, Thank you, My pleasure and Certainly Mam/ Sir. After the discussion, we had our last examination.And again, I passed it. 🙂 Thanks be to Mam Rizza, to my classmates and to God who helped all of us to fulfill and finish this orientation. November 26, 2012- first day of my duty at Max's Restaurant, Quezon Avenue. My supervisors (Sir Jon and Sir Tom) gave me a short review about the table set- up and seat numbering (1 o'clock position). They also taught me the three function rooms they have- Claro, Ruby and Maximo Hall. But before that, I met my co- CSA's who I considered as my Kuya and Ate. On my first week, I am the greeter. As a greeter, I have to be a person who always smiles, having a welcoming spirit.At first, it seems that it's the easiest responsibility of a CSA. Yeah, it is true but sometimes cru cial when there are no CSA at the stations who will assist the guests. If that so, I have to quickly assist them to their preferred tables and go back again to the doors as fast as I can to accommodate the next guests who will enter at the door. As time goes by, it became my lifestyle whenever I saw people, I learned to smile and greet them politely. I also learned how to socialize with different types of persons. On my second week, I was assigned at station 3 (tables 21-24).At first, I am excited but the tension was really there. I did some mistakes such as not repeating orders clearly to the guests, wrong orders, forgot to suggest soups/ salads and carelessness the way I serve food/ drinks. These are my common mistakes during my first days. But of course, on the next two weeks, I saw myself improving even though sometimes, there are little mistakes, I developed my problem-solving skills and the presence of mind was really there. Thanks God for guiding me and of course to my superv isors who always corrects me if there is something wrong.As time goes on, I really learned to socialize with my co-CSA's (Ate Rox, Ate Rose, Ate Berna, Ate Tessa (BSA), Ate Aeinah (BSA), Ate Ching, Ate Marga, Ate Sherly, Ate Shelou and Ate Bridgette). I will never forget them because they are the one who helped me and encouraged me to finish my training. 🙂 One thing I've learned is to mingle with them even though they had different attitudes and personalities. The most memorable moment during my training period is the personal visitation of my beloved instructors (Mam She and Sir Chris). I was greatly impressed with them as my coordinators because they have the time to visit us.My instructors surprised with my physical appearance (wearing my black dress uniform at Max's) and they said to me: â€Å"Babae ka na pala! † 🙂 The OJT program I had at Max's Restaurant is really good and memorable to me. I learned many things form my work and co-staffs. One thing to improve their OJT program is to let the students experience the two main departments: Dining and Kitchen, because they only allow only one department for OJT's. For those students who will be having their OJT, they have to prepare all the possible requirements as soon as possible.And, as much as possible, they need the cooperation of the coordinators. Be a good trainee when having OJT especially with the duties and responsibilities. Be cooperative and avoid absenteeism because it will be bad record for the company. If the company requires only one department, be sure that you will choose the best department where you can share your skills and interest. Lastly, give your best shot! Assessment of the OJT Program SUBMITTED BY: Jeunesse Micah L. Eugenio BSHRM-4A SUBMITTED TO: Ms. Shirley C. Espina HRM Instructor/ OJT Coordinator

Research Essay Example | Topics and Well Written Essays - 500 words - 22

Research - Essay Example A facts and circumstances test aimed at establishing whether a worker is subject to the control of the recipient of the service is the most appropriate test used to distinguish between an employee and an independent a contractor. This control is not only based on the nature of work, but also the circumstances the service is undertaken. Although this distinction is sometimes set out by statute the most effective method of testing control is using the 20 factor test developed by the IRS. The level and significance of each factor in the test differs depending on the job and the context in which the services are rendered. The 20 factor test takes into consideration factors which include training provided, work instructions, delegation of responsibility, nature of relationship, mode of payment, working time and the termination of the relationship. The underlying principle of the 20 factors covered by the test is the determination of the level of control. Where control is established throu gh the use of these factors, then the relationship is an employer/employee relationship and lack of control signifies an independent contractor relationship (Wears, and Sandra 164). A civil servant, for instance, is required by the employer to adhere to instructions regarding where, when and how the work is to be done. The training, especially job related training, is provided by the employer and the service provided by the civil servant is integrated into the employers operations. A civil servant is also required to render his services personally and where assistants are employed these are controlled by the employer and not the civil servant. The worker also enjoys a continued relationship with the employer and the employer sets out the times the worker is required to work. Civil servants are also required to be full time employees who work from the employer’s premises and follow an order of work provided by the employer. Civil servants are often paid on a

Theory Application and Evaluation Case Study Example | Topics and Well Written Essays - 1000 words - 1

Theory Application and Evaluation - Case Study Example Jimmy is suffering from various ailments and perhaps unable to understand the complications of her disease. First of all, the nurse needs to develop a trusting relationship with her. A trusting relationship will help establish Jimmy’s faith in the system and create hope in her mind. According to Watson, a humanistic-altruistic system of values begins growing at an early age from parents and family members. This grows further through own life experiences and surroundings. It is an important quality and a basic foundational need for those who want to devote themselves to the nursing care. (Watson, 2007) A nursing person with an altruistic attitude is very much required while providing care to the patient such as Jimmy who is not only suffering from the intense pain due to Kaposi Sarcoma lesion in her leg but also suffering from pneumocystis pneumonia-causing her a lot of distress. A sense of faith and hope is largely inculcated by those who are in the close care of the patient most of the time. The patients see caretaker as a bridge between them and doctors. Doctors do provide the cure but it is the nurse that kindles hope and faith within the patient. In the absence of hope and faith, the cure is not likely to bring the desired results. Though Jimmy being an AIDS patient, the hopes of her getting fully cured are negligible but still, hope and faith created in her mind is a necessity and at times, it can do the miracles. And who else can create the hope and faith in Jimmy better than a nursing caretaker! (Watson 2007) Sensitivity is an important attribute as prescribed by Watson and also necessary for self-growth. It makes nurse authentic in her dealings and cares with the patient.

Industrialization After the Civil War Final Paper Coursework

Industrialization After the Civil War Final Paper - Coursework Example Machines were a major part of nearly all production processes. The new railway system which covered most parts of the country helped in the distribution of goods and services all over the country in a more efficient manner. From this invention of a nationwide network of rail, entrepreneurs and inventors were able to introduce new products into the market. (Backer, 2014). The following are the main events that have transitioned to take place after the civil war. A shift from hand labor to machine work, invention of new chemical and iron production processes, improved generation of hydro power and changed from wood to biofuels and later to use of coal. Industrialization also comes with about with some social effects to the communitythat mainly involves the population suffering from severe reduction in their shared living standards in general. Theseare as a result of the fact that there is demand of labor.There are few slots of work, and the salaries these people will get will becheapand these give rise to a decrease in their living standards thus resulting to the emergence of places like slums. During the second half of the 19th century when there was construction of the railway and widening of industries, the growth of metropolitan areas appears to develop at an accelerated rate which promotes mechanization. (Kindleberger, 1993) After the growth of industries and improved rates of manufacturing, the nation in general experienced the appearance of cities and a significant commitment to wage labor. At some time, slavery expansion and a strain in society culture are also felt,therefore, the most affected groups or people in the industrial revolution happened to the following people, farmers, planters and slakes. More of these people were forced to the ranks of labor that are available in the industries. Many of these people got prosperity and due to the changes they shifted to the middle class of the economic level. The industrialization age may seem like a

Humanities Essay Example | Topics and Well Written Essays - 1000 words - 4

Humanities - Essay Example The statue of david is a sculpture of a nude man standing and represents the heroic David of the bible. The eyes of the sculpture are turned towards Rome in what looks like a stare of warning. On the other hand, the Pieta depicts the dead body of Jesus on the laps of his mother, Mary. The sculpture portrays a balance of classical beauty and renaissance ideals. Michelangelo’s works were entirely involved in the services of the Catholic Church (Creighton 25). He was a man of pessimism in his poetry and optimist in his artwork. He is considered to be one of the greatest artists and architect during the Renaissance period. His artwork consisted of paintings and sculptures that revealed humanity in its natural state. The renaissance was a period between 1500 and1700. During this period there was a rebirth of interest in the ideas of the classical period. In this period the ideas of Hippocrates and Galen were studied and the four humors become the focus of medical treatments and bloodletting became very popular (Lobenstine 78). Science began in this period (renaissance period) and it changed (got replaced) superstition into medicine. This period also saw the founding of the royal society, in the year 1660, a body of leading scientists. People in this period had to be educated and had to have knowledge in both science and arts like Leonardo da Vinci (Lobenstine 83). He was well known for his art works (like the Mona Lisa) and he was also a scientist and regularly attended dissections. The reformation happened during this period largely as people were thinking about the things around them and were not ready to accept what had always been. During the renaissance period (1517) Martin Luther brought out a list of things that he thought were wrong with the church to a door of a church in Wittenberg in Germany. These ideas threatened the Catholic Church as many people liked them and protested about the Catholic Church, these people came to be known as the Protestants

Social Networking Sites Negatively Effect Adults through the Windows Research Paper

Social Networking Sites Negatively Effect Adults through the Windows of Privacy, Productivity, and Health - Research Paper Example This will drastically cut the incidents where their information is stolen or used without their permission (Collins 2008) C) The effect on productivity and overall performance is significant. Many workers have been found wasting their time while surfing and using these social networks. Numerous steps have been taken to curb its use on the internet (Das & Sahoo 2011) D) Psychological and behavioral changes due to the excessive use of Social networking sites have been observed and the most prominent one is the addiction to it. Also many people have been found to become reclusive from the society and more prone to interacting through these websites (Mackey 2009) 3. In summation, the excessive use of these social networking websites has affected many users considerably. The effects of its usage are on both on the body and mind. Social networking sites negatively affect adults through the windows of privacy, productivity, and health The rapid adoption of the social network services has re sulted in numerous researches and surveys being conducted to understand its effects on the personal and social behavior of a person. Also its excessive use has resulted in many adults facing issues of privacy and breach of security when it comes to their information. Many social network service companies are now offering better and improved services that include reading comics, playing games, and better communications with your connections and many other features, which has resulted in a negative influence on the productivity of the individuals. Many offices worldwide are simply banning Facebook and other famous social networking websites on their premises so that the employees should focus on their work. One of the most detrimental effects of social networks that have been observed is on the health of the users. It has been now attributed to psychological and behavioral changes in many users and is considered to be a health hazard in case of excessive use. This paper will try to ev aluate whether social networking sites have a negative influence and impact on the privacy, productivity and the health of many adult users (Boyd & Ellison 2007). Since their inception Social network services have changed or revolutionized the way we communicate on the internet. People who start using social network services will initially do so for many reasons, but the basic motivation is to start communicating and sustaining relationships. A social network service can be defined as a service that assists people to create their own profile on the internet which they can either make public or semi public. Apart from this, the social network service will also allow users to connect with people they know or share the same interests with. The social network services serve as a platform on which people can view and find new connections and also view their friends and family connections making it transverse and interconnected (Boyd & Ellison 2007). Social networks have been widely criti cized for privacy concerns. When a person creates their page or account on a social network, they are required to fill in some information for their public profile. But there are great variations in the level of privacy offered by numerous social networks.

The Concept of Non-being and Being Essay Example | Topics and Well Written Essays - 750 words

The Concept of Non-being and Being - Essay Example Laozi was born in the Chu, in the Zhou dynasty and was the curator of the royal archives at the court of Zhou. He founded and taught Daoism. He is reputed to have been commended by Confucius and consulted by him on the rites. On the occasion of Laozi’s departure from China, he was supposedly requested by Yin Xi, the official in charge of the border pass, to write down his teachings. This resulted in a book of about five thousand Chinese characters, divided into two parts, discussing the meaning of the Dao and Virtue. The debate continues as to whether Laozi was a legend and whether the Daodejing is the work of a single writer, or a compendium of texts, compiled by several authors. However, the date of the Laozi is generally acknowledged to be the fourth century B.C. E. (Shan. Stanford Encyclopedia). The word Dao Way. Over the years, Dao has come to designate natural laws and principles. Laozi advocated the Dao as the origin of all things and as the ultimate reality. The Laozi deals with the Dao, how it finds expression in virtue (de), through the practice of naturalness (guan) and non-action. The four great categories of existence are man, the earth, heaven and the Dao, which are interrelated. The underlying, basic tenet of Daoism is that all things originate from the Dao and then return to the Dao. All things are structurally constituted of opposites: such as good/evil; beauty/ugliness; tranquility/agitation. The concept of virtue, or ‘de’ in Daoism, connotes the â€Å"spontaneous creative capacity inside all things† (Shen. 358), which leads everything back to the Dao. Virtue is the inherent day in all things after they come into being. Human beings can attain the supreme virtue through the effort.

Discuss how Benedicts work developed Boas vision of anthropology and Essay

Discuss how Benedicts work developed Boas vision of anthropology and whether it also represented a new direction in American anthropology - Essay Example This paper will explore what culture could have given Benedict a true sense of all this cultures. The paper will explore Benedicts work and how it sought to spread the importance of culture in individual personality formation. The paper will summarize Benedict’s views on culture capturing the views of some of her best-selling anthropological books.   The influence is quite evident as Ruth was a student of boas and she had great passion for him. It was in Columbia University in 1919 where the two started working together one as a student (Ruth) while boas were a teacher (Benedict & Mead 1977). The influence cannot be undermined given that Ruth wrote in her work about the love she had for boas. It is true that love doesn’t just happen but often is a result of attraction towards style type or ideologies presented by an individual that leads to admiration and finally love. The love of Ruth on boas must have been as a result of his ideologies and way of thinking. The work developed by boas must have had great impact and influence on Ruth. Having rise to the position of president of American anthropological association in no doubt influence American anthropology. In her search for career she attends some classes in anthropology and at that time she attended classes lectured by Alexander Goldenweiser the student for boas (Moore 2009). And he must have influenced her to continue e pursuit in the same career. It could actually be the point where she decided to pursue career in anthropology that she shared a class with a student of boas. After that class with Alexander a student for boas she actually developed great love for sociology. It is amazing how a student of boas made her feel in love with anthropology and later on having great passion for boas and his work. Alexander sent her to boas at Colombia University for further pursuit in the career. Boas took the role of a father and to her boas was like a father; in extension contribute

Evaluating Strengths and Weaknesses of Reason as a Way of Knowing Essay Example for Free

Evaluating Strengths and Weaknesses of Reason as a Way of Knowing Essay This paper that I am writing on is a piece of paper; that is undeniable fact. Hundreds of years of development and definition also back up this statement as do any scientific experiments carried out upon it in an effort to prove that this piece of paper is indeed a piece of paper. Yet through reasoning the fact that this is a piece of paper can be disputed and even proved wrong. Reason seems like an excellent way to work out the world around us. It uses all of the facts available to come up with a suitable hypothesis which can be tested and either proved or disproved through experimentation. This is the foundation of science, which is what the majority of people would trust. So anything proved through scientific means is therefore and irrefutable fact. Of course, in every experiment write up there is an acknowledgement that the data collected might not be completely accurate or that the interpretation of results might be wayward but again this is perfectly reasonable. It is reasonable to assume that despite your best efforts you may have got the answer wrong and another answer, no matter how unlikely, may be correct. As well as reason being proved by scientific experiment it can also be proved by historical fact. For example, it is undisputable fact that on 30th May 1431 Joan of Arc was burned at the stake. That cannot be argued with, it was that date and will always be that date no matter what happens in the future and every history text or website would agree with that fact. So it is therefore illogical to start claiming that Joan of Arc died last week as historical facts, which are perfectly reasonable, tell us otherwise. However, does reason really help us in our quest for knowledge or is it a poor way of finding out about the world? Despite much scientific investigation and historical knowledge there are many questions in the world that are left unanswered and unexplained. These questions are sometimes fundamental to life itself. For example, how are we conscious beings that can interact with the world beyond purely animal instincts? This question could possibly be explained by the electrica l impulses in the brain that form our thoughts but how can we have developed into any kind society purely through electrical impulses? In this case, using reason to explain what is happening almost seems unreasonable as the potential answer seems not to be able to completely cover the question. After all, if it is only electrical impulses, then what need is there for a person to be able to be able to create a symphony with an orchestra? As well as reason not being able to answer some questions there are some problems with following logical arguments. Logical fallacies are the main example of this. This is where through looking at two or more facts a conclusion is drawn which is false. For example: Cake is food, food is tasty, and therefore cake is tasty. However, this is obviously not true as whilst some cake may be tasty, perhaps even the majority; this does not mean to say that all cake is tasty. After all a burnt cake is not that tasty! Also not only is the conclusion false the two facts through which the conclusion is derived can also be said to be false. After all, any cake that I bake should not be classed as food and not all food is tasty. This statement is far too general and is a large problem with logical fallacies as they generally come to a wrong conclusion, both through the ignorance of other factors as well as the fact that often the facts are not completely accurate in the first place. Lateral thinking is also something which at first seems illogical yet (often) in hindsight becomes logical. It is creative thinking which does not merely follow the most logical steps to reach an answer. For example a suggested solution to the Arab-Israeli conflict in the Middle East was to ship vast amounts of Marmite to the area. This seems utterly senseless, as surely holding talks and making agreements between the two sides would be the best steps forward. However, on examining the idea further it becomes logical, if creative! In the typical diet of people in the Middle Eastern area there is a lack of zinc due to the main diet of unleavened bread. This lack of zinc creates aggression. Marmite contains a lot of zinc and therefore could be used to solve the problem in the Middle East. Whilst this solution does not seem reasonable it would work and so shows that reason is not always the best policy. There is also a difference in opinion between what people may think is logical and illogical. Many people in the world take illogical decisions and believe illogical knowledge. Or they seem to do so. Religion is a major factor in many people’s lives and it affects many of the things that they think and do. Due to this people may make a decision that seems illogical to secular people which is perfectly logical to religious people. This brings up the question of; what is reason? After all if two different decisions about the same thing are made and are both reasonable to those people it begs the question of whether or not reason itself can be defined. Is reason just a matter of opinion or is there a yardstick by which all reasonable decisions can be made. If we look back at the British Empire one of the purposes of that was to; â€Å"Make the world England† rather then to respect what other cultures thought and did. In many small islands in the Far East a warrior culture was common and often tribes would fight each other for prestige rather then for anything else. However, to the British this seemed barbaric, yet without it the culture fell apart. For them it was reasonable for this to take place, the knowledge they had seemed to point to the fact that this was a good thing. But not for the British who had a very different opinion through the knowledge that they had acquired. To conclude reason as a way of knowing has both strengths and weaknesses. The weaknesses are that a difference of opinion means that people will reason differently too making it an irregular method of making decisions and acquiring knowledge. Reason may also not be the best policy as more creative solutions may be better which can be derived through latera l thinking. Also logical fallacies call into question the validity of reason as they produce false results through logical steps. As well as this we cannot answer some fundamental questions through reason. However, reason is often the best way that we can make decisions in the world. Scientific experiment and historical knowledge are two very good examples of how reason cannot be changed and is therefore very valuable as it allows us to have consistency with our knowledge. Of course religion means that some inconsistency comes into play with our knowledge but on the whole reason is often the best policy.

Effect of Exports on Growth

Effect of Exports on Growth 1. Introduction 1.1. Theoretical Framework The general idea of free trade agreement of growth was developed in advocacy of free trade based on neoclassical trade theory (Solow, 1956) and from recent endogenous growth theory (Romer P. , 1990). The support for free trade is drawn from Ricardian principles of comparative advantage (Viner, 1937). Similar idea is drawn from the notion of perfect competition and the believe of neoclassical economists who argues on the importance of efficient capital allocation due to free trade (Krugman, 1986; Corden W. , 1974). The phenomenon of free trade came under severe scrutiny in the face of Great Depression. Hence, theoretical foundations of ‘optimum tariff were developed in support of protection (Johnson, 1950; Kaldor, 1940). Johnson (1958, 1971) advocated trade protection in three groups in his classical exposition. They are the economic arguments, non-economic arguments and non-arguments. Economic arguments raise infant industry argument, optimal tariff argument and correction of domestic market distortions, while non-economic arguments emphasize on self-sufficiency for domestic economy. Non-arguments attempt to resolve balance of payment distortions through trade protection. Johnson concluded that ‘optimal tariff protection is the only valid argument, while in other cases such arguments will only inflict distortions. The neoclassical economists refute the notion of protection as an alternative, as this would result in intra-industry effects. The increased barrier to entry would make domestic traders to engage in monopolistic competition, while small enterprises will be left inefficient. Intra-industry effects are the source to welfare loss (Tybout J. D., 1991). In addition, Bhagwati(1988) and Kruger(1974), raises the theory of directly unproductive and profit (DUP) seeking activities, which will cause waste to national resources. Additionally, the Solow-growth model embodies technology as an endogenous factor (Agion, 1992; Romer P. , 1989), which argue that international trade ensures faster diffusion of technology, that is embodied into the better intermediate goods which results in higher productivity and growth for domestic economy (Grossman, 1991). This will result in learning by doing effect and technological know-how is surpassed. In addition, management is more efficient and all will combi ne in high growth (Krugman, 1987; Young, 1991; Lucas, 1988) . 1.2. Objective of the study A high number and standard of studies have been conducted on Export-led growth, trade openness, â€Å"manufacturing exports as a new engine of growth†, specifically in the last decade, on different economies, ranging from developed to poor countries, drawing interesting conclusions. The present study seeks to investigate the effects of export, openness on growth in the context of Bangladesh. Firstly, the study will seek for stable effects of policy shifts and implementation, in Bangladesh, which will be determined by stable changes in the determinants. Stationarity conditions, if satisfied, will ensure the stability of economy and productivity, towards a particular goal. Secondly, the study will investigate the current association between growth and trade openness. While it is desired, that the adopted outward-looking trade policies of Bangladesh to result in positive association of productivity to liberalization, trade openness might be effected by other variables and may render different conclusions. Thirdly, the study will examine, if the export led growth hypothesis is still applicable to Bangladesh, as before, while many countries, such as Sri-Lanka, Philippines, Nigeria have seen opposite relationships. Additionally, Hossain and Karunaratna (2004) have argued that â€Å"manufacturing exports have become new engine of growth† which is a disciple of the de novo hypothesis. In contrast, Adelman (1984) suggests that, agricultural exports should have dominant effect for a pro-agricultural society as Bangladesh. It is important to see if, ‘manufacturing exports is an engine of growth, or still other factors are dominant as before. Investment is an endogenous factor that should imply the increased import of intermediate goods, as a result of increased export, and more openness, would consequently; render higher productivity (Krugman, 1987; Lucas, 1988; Young, 1991). 1.3. Relevance and limitations of the study Relevant studies have been conducted in the context of Bangladesh, in last decade and have drawn interesting remarks. However, the major drawback is the timeframe of earlier studies, which did not cover analyses from the last ten years. In the last ten years, econometric methods have changed and improved rigorously. Hence, many studies have been rendered invalid due to absence of proper methodology. The world economy has seen dramatic events in politics, international trade and global economy. The trends in global economy, which were much more rigorous, in the last ten years, have affected Bangladesh magnificently, as Bangladesh emerges as a high power economy in Asia, and have interested researchers, due to high deviations and high rises to productivity. It is necessary to embody recent econometric techniques of Johansens maximum likelihood cointegration analysis and vector error correction methodology, which will inform on recent associations, among the interested indicators. Hence the state-of-art econometric techniques will provide reliable results that would help the policy makers to observe the relationships and bring sufficient changes, in trade policy to render profit. Among the few limitations of the study was the absence of first hand secondary sources. Most data sources for Bangladesh are not available online and are preserved in paper based format. The lack of proper technology and internet, withdraw the authorities of the country, to provide data directly. Therefore, data are collected from World Bank sources, which may not correct for errors, and sometimes fail to provide detailed data series as an intermediary. 1.4. Structure of the dissertation The second section will contain a brief country profile and approaches to liberalization. The third phase will contain literature review that will discuss literatures in support to export-led growth hypothesis and trade liberalization. This section will bring forth studies that contrast and significance of the study. The fourth and fifth section will contain methodology to estimation and results of analysis. The final section will give conclusion and remarks to the dissertation. 2. Process of trade openness and Export-growth in Bangladesh After independence in 1971, Bangladesh has gone through three phases of policy changes, towards deregulation and openness to trade. The first phase was marked by severe control on exports and imports. The policy implemented in 1972 to 1975, put the country in a socialist framework, with a fixed exchange rate system. Industrial enterprises, banking and trade infrastructure was massively nationalized as an inward-looking, import substitution approach was adopted. Agricultural inputs and outputs were controlled. Empirical literature suggests that this was a good decision for the researched timeframe (Ahmed N. , 2000). The second phase of policy shifting began in 1976 and continued up to 1990. This phase of denationalization, deregulation and trade liberalization lacked a good direction to work out the process. Nationalized trade barriers were reduced, and a ‘free trade approach was undertaken. Privatization of industries and banking sector was allowed and price controls over nationalized firms were lifted. Abolishment of state trading was initiated. The third phase of policy shift, were introduced in the beginning of 1991 and continued up to 2002 with significant remarks. In the recently developed policies toward export-promotion and trade openness, ‘trade barriers have been removed as a flexible exchange rate regime is adopted. To encourage further reduction of anti-export bias, export processing zones have been established, to co-operate manufacturing exports. This recent policy shift has moved towards complete privatization of banks, infrastructure and agricultural sector. During this phase, Bangladesh continued to experience rapid liberalization. In order to further opening up the boundaries, Bangladesh has entered into a ‘free trade agreement among countries in the region. As discussed, to encourage EP trade policies, and free trade, Bangladesh entered into bi-lateral agreements with India, Pakistan, Sri-Lanka, and continues to trade and investment framework agreement with United States. Bangladesh is an active member of SAARC, Developing-8, and Bangkok Agreement. The country is rigorously seeking to import in developing of a regional co-operation among Bangladesh, Bhutan and seven northeastern states of India and Nepal. From the graph presented above, it can be seen that, starting form 1971, imports were increasing at a low rate, with a fall in 1976-77, but moved up after that. The import line took a peak after the third policy implementation in 1991, and continued to rise at a high speed. The export trend was almost at a constant level, until the 1991 policy implementation. Afterwards, the trend peaked, gained a momentum after 2000. However, the export line still falls below the import trend. As reported by the export promotion bureau, in 2005-2006 FY, export earnings have grown by 21.3%, which is due to high demand of, chiefly manufactured goods, led by garments industry and knitwear. During this period, import payments have grown by 9.5%. In contrast to real export, manufacturing exports exhibit of higher exports than imports which are in percentage of merchandise exports. This is indicative of higher productivity. When the country adopts rigorous trade policy towards openness and promoting exports, large scale capital owners and labor unions are in oppose to liberalization. The cause of opposition may lie in the fact that, increased competition, effect the workers, in protected public and private sector, who fail to adjust to the exposed economy, with increased productivity. The politicians tend to protect large scale owners, who severely discourage competition and create bias towards exports (Sattar, 2004). 3. Literature Review 3.1. Concepts and Empirics on Export-Led Growth Phenomenon Export led growth phenomenon has been central to the trade and development literature for many years. The bulk of researches that has taken place on this issue are therefore, not small in number and range. The focuses of these studies were bi-directional. Some of the studies attempted to find whether expanding export would improve the growth performance. Others tried to find the paths through which the expansion of export will affect the growth performance. Economic theory confirms that export expansion leads to increase the growth performance, as that efficiently allocates productive resources and also with the high volume of productive resources accumulated as a result of higher capital earned through export growth, (Bardhan, 1970; Cheneray, 1966; Basu, 1991; Romer P. , 1989 ; McKinnon, 1964; Grossman, 1991). Export expansion makes the home country to concentrate on comparative advantages and to earn economies of scale. The home country continues to invest on its economies of scale and achieve better efficiency. The increased efficiency creates external competitive pressure on the home country, along with improved internal competition. In the face of more competition, the monopolistic and oligopolostic behavior of the market is eliminated. Efficiency is also created as learning by doing. Knowledge is transferred to other sectors and growth is enhanced. The external competition, aids the small economy to realise and emphasize on removing limitations, through economies of scale, and by reaping the true advantage of globalisation, which is acquired by increasing export. The theoitical literature also argues that, export expansion increases the investment and capital accumulation in a country. The two-gap model explains , that growing export reduces the constraints that prevail in foreign exchange. Such reduction of constraints lead to better accumulation of productive resources, capital goods and intermediate goods (McKinnon, 1964; Bacha, 1984; Cheneray, 1966). Export expansion also increases investement opportunity of a country. Modern economists suggest that, savings by domestic and banking system, government savings and foreign exchange savings cannot only induce investment. Investment opportunities determine investment rather than savings. The growth of export will provide investment opportunities to home country, (Sandrum, 1994). Theories suggest that, the relationship of export and economic growth is bi-directional. Economic growth may also increase export for a country. The effect of better learning and technological development, give rise to output. The growth of output ensures that domestic demand is met and export will expand. However, this technological process development or learning process development is not directly related to the export promoting policies (Jung, 1985). As the home country realizes economies of scale, expansion of export takes place. Investemnt (Grossman, 1991). Therefore, the bi-directional theory suggests that, GDP is a function of investment, that enhances export performance, and export increases investment opportunity, that is directed to GDP growth. In the designing process of development economics, entailed was dominant export passimistic theories, rather than export promoting views. After the end of world war II, import substitution strategies were to be followed by many countries. However, the initial phase of implementing import substitution strategies seemed ideal during that period, but the results of taking attempts to implement the import substitution strategies were not favorable for all economies. Economists found that, that export passimistic views were not justified for many economies that have reached a certain level of development, and industrialization. On the other hand, the import substitution trade policies laid undesirable effcts on balance of payment. As a result, the growing economies did not accept import substitution strategies, rather accept export promoting views (Adelman, 1984). The growth led export is also suggested by theories. According to Bhagwati (1988), growth led export hypothesis is dominant when supply and demand is induced by growth. In such cases, anti-trade bias is turned down.The possibility of bi-directional causality prevails in many major theoritical literture (Grossman, 1991; Bhagwati J. , 1988). On the other hand, Irma Adelman (1984) argues that, export-led growth is not the only open development strategy for a least developed country. The open development strategy that ensures the allocation of agriculturally driven resources may prove superior than the strategy for allocation of capital for investment resources. An alternative to the import substituion strategy, for a closed development approach, maybe an ADLI ( agricultural-demand-led-industrialization) strategy. It is important to identify the phase of closed development ideology, which is dominant after the era of Pro-agricultural strategy is over. Another theoritical literature similarly argued that, ADLI as a balanced-gowth-approach, can only be a mean, to attain the goal for developing countries need for higher growth, and the need for growing industrialization by expanding the demand for domestically produecd consumer goods and intermediate goods. The linkage effect to agriculture with industrialization is also exam ined (Singer, 1979). Singer (1979) defines this target as Lime target and ADLI is the solution. However, Irma Adelman(1984), also puts out the constraints to ADLI strategy as it requires the improvement of infrastructure in Agriculture which is difficult to attain in South Asian Sub-continent. The physical capital needs to be perfectly infrustructred for ADLI yield expected results. Therefore, ADLI strategy is a solution to allow time to the developing countries to bring abouth changes structurally, in 1980s to 1990s. This strategy cannot wire out the importance of export-promoting strategies as an alternative for import substituion strategies at all (Adelman, 1984). Alongside the theoritical literatures on export-led growth hypothesis, the number empirical literature from the first of its kind by Maizels(1963) is many. Jung and Marsall(1985) scanned 11 empirical studies that were carried out from 1967 to 1982 timeframe, and all of the studies found supportive relationships to export and growth. Greenaway and Sapsford(1994), reviewed 14 empirical studies that were conducted on the export-led growth hypothesis, and 12 empirical studies vividly shown relationships between export and growth. One of a major study conducted by Giles and Williams (2000), which conducted 150 cross country analysis from 1963 to 1999. Out of the 57 countries that were analysed , only 4 countries failed to show significant relationships between export and growth, and only 10 out of the 102 time series analysis didnt show significant relationships between export and growth. It has interested the empirical literature to examine export-led growth hypothesis prior and after the oil shock in 1973-74 timeframe. Among the studies,that took place prior to the oil shock, Michalopoulos and Jay (1973) conducted a study in a 1960-73 timeframe, by estimating export and gowth into a poduction function, signifcant relationships were found. Tyler (1981) conducted study on a group of middle income countries, putting export and growth into similar production function framework, and found similar relationships.Therefore, export orientation into the framework is supposed to effect growth therough economies of scale, allcation of productive resources and utilization of capital, optimally. The study of Feder (1983) found similar results. Balassa (1983) were dubious about the relationship afther oil shock, as in the face of economic recession 1974-75 that took place after the quadrupling of oil price in 1973-74, may have effected the relationship because of the orientation o f external shock in the production function. The study he conducted had taken th period of 1973-79, after the shcok, on 43 developing countries, who were directly affected by subsequent recession. The result did show export affecting growth positively and the numerical magnitude of the effect did grow compared to early results. The changes in intercountry growth rate before and after the oil shock is rather a result of different trade policies introduced. An important theoritical implication is increasing export also paves the way for imported capital goods to be entered into the country (Islam M. , 1998). As productivity is increased, investment along with profit grows and the economy enjoys higher growth (Edward, 1993; Levine, 1992). In last two decades, exports of newly industrialized countries grew by 20%. Manufacturing exports entailed 70% of total exports. As a third factor, import of manufactured and productive capital goods increased. The demand for these capital goods indicates the increasing rate of growth. Therefore, the plethora of studies on export and growth make this issue important enough to review. 3.2. Cross-country empirical analyses In light of previous section, many empirical literature also focused on perticular countries or a category of countries to examine the export-led growth hypothesis. In theoritical literature, it is defined that, if export growth coefficients and and output growth coefficients are significantly positive in regression, the country follows export promoting strategies. If output growth causes export growth in regression than the country is labelled IGE or internally generated exports. On the other hand if a export growth coeiicient and output growth coefficient is negetively correlated in the regression for growth, the country follows ERG or export reducing growth strategy (Jung, 1985). Such countries are following inward-oriented strategies rather than outward-oriented policies. Inward-oriented countries may also follow IS (import substitution) trade policy. Many empirical studies on cross-country did confirm the existence of export-led growth for different countries, and in some countries results otherwise is found. Hatemi J. and Irandsout (2000) continued analysis on Ireland, Portugal and Mexico, and significant relationship was confirmed. In the same study, they failed to confirm causal relationship for Greece and Turkey (Hatemi-J.A., 2000). The study by Ghirmay et al. (2001) did find positive relationship of export and growth for a number of developing countries. Just after one year, another study by Greenaway et al. (2002) conducted analysis on a number of selected developing countries and found that the growth rate for these countries dropped immediately after trade reform, for a constant rate of export, but gained momentum following a J-curve response after the affect of trade refor wires out. M. Michaely (1976) analysed 41 developing countries for a significantly large period. The resulting conclusion implicated that while Greece, Taiwan, Portugal, Spain, Israel, Yoguslavia and Koria had rapid growth with increasing export, Portugal did not show significant export growth, while GDP was growing in same pace. On the other hand, when Ethiopia incresed its export performance considerably, but failed to increase its growth to the pace with other countries. On the basis of rank correlations, M. Michaely (1976) concluded that export performance will positively effect growth of a country, only when a country achieves development of a perticular level. Countries below this level will fail to exhibit good export-growth relationships. Bela Balassa(1977) followed similar study conducted by M. Michaely (1976), running rank correlations on a sample of countries that established industrial base for a timeframe of 1960-73. Among these countries, Korea, Singapore and Taiwan adopted EP (ex port promoting) strategies at a very early stage and provided incentive to the exporting sector by subsidizing the sector in many ways. On the contrary, though, Israel and Yoguslavia promoted export during the same period, but their efforts seemed to dim in the later periods. On the other extreme, Argentina, Brazil, Columbia and Mexico, continued the existing trade policy, supporting import substitution (IS). During this period, Chile and India continued their inward-oriented policies and was in the phase of weakly introducing export promotion policies. The resulting conclusion estimated that, while Korea and Taiwan would have less growth with more export, Chile, India, Mexico,Brazil and almost all other countries would have better levels of growth with higher levels of export. The countries that moved to opposite direction is due to the unfavorable internal conditions and policy constraints, the countries have. Similarly, for Phillipines and Srilanka, opposite direction of relation ship is found (Islam M. , 1998). 3.3. Controversial Theories and Evidence Due to the debt crisis and continued recession that prevailed during 1980s, after many countries adopted export promoting strategies, theorists and economicsts were dubious about export-led growth hypothesis. It became a necessity to re-examine the export promoting strategies (Bhagwati J. , 1988). The revived passimistic school of thought was dominated by old and new school of thoughts. The most influencial school of thoughts were suggested by two great contemporay development economists, that were Raul Prebisch (Prebisch, 1952) and Ragner Nurkse (Nurkse, 1953). Prebisch (1952) recommended that, chief exports for newly industrialized countries will decline following a natural cycle, regardless of the trade policy implemented by the home country. Producers of home economy will respond by rapid industrialization and the economy will respond by employing more protection and higher level of restrictions. All these attempts will make export promotion unjustified. The other dominant export passimism was realized by Nurkse(1953), who stressed more on â€Å"balanced growth†. The â€Å"balanced growth† theory suggests that the accelerated pace of growth and exports of developing countries, make foreign markets unable to accommodate imports on sufficient level. Developing economies shift from raw materials to synthetic materials as inputs, and damage exports for developing countries longer run. Riedel (1984) suggests that, demand dominates export performance. It is a biased view towards export growth relationship if that is explained by export performance of selected countries. Export performance maybe more reliant on domestic incentives of a country, rather than the external conditions (Riedel, 1984). The new literatures focus more on successful Asian exporters, which maybe a mistake to be implemented as a general strategy for all economies. The sources of worry advocates that, markets are shifted to export promotion, markets will fail to absorb all exports. The earlier wave of export passimism was afflicted by this idea. Economists have always supported the idea of intra-industry specialization which leads to adoption of inward-oriented policies, and terms an economy as closed economy.The countries that adopt outward-oriented policies to a greater extent, or publicly promotes export promoting strategies, associates some level of government intervention. The government intervention makes sure that exports are promoted, subsidized and invested into. The countries that are empirically supportive of export-led growth hypothesis, mostly follow government intervention. This practice is generalized except countries like Hong-Kong. However, these are exceptional cases and should not be g eneralized (Bhagwati J. , 1988). Economists also view that, export promoting trade policies, make the domestic market less sheltered and susceptible to world economic condition, outside pressure, world competition as well as innovation. This view has also been critisized and the opposite direction is supported by Schumpeterian arguments (Bhagwati J. , 1984). The theory of market imperfections addressed by Fields(1984) suggests that, in presence of excessively high wages, countries may do poorly. An example of this theory is set to Jamaica. Another interesting theory is the satisfaction theory of import substitution suggests that, the export promotion strategies are not suitable for many newly industrialzed countries due to their lack of flexibility for movemet of capital resources. Countries also lack the political capabilities to implement this flexibility (Ruggie,1983). Similar argument is also suggested by Adelman (1984) who argues that, agricultural-demand-led-industrialization strategy should be applied to allo w a country enough time, for it to develop a structural base, before the country can successfully implement export promoting strategies. Export-led growth will follow if the country can achieve a minimum level of development as suggested before. While in the face of rapid growth, many countries are doing well with export promoting trade policies, countries like Taiwan, Sri-Lanka, Phillipines, Jamaica, Brazil, Korea. are examples of countries, that was not in the position to implement export-promoting trade strategies,and the desired export-led growth was not achieved. In some theories, learning by doing or intra-industrial knowledge transfer was an important factor for adopting export promotion strategies. It is believed to be a mean of acquiring economies of scale for industries. The know-how process is a major motivating factor for economies, to support export promotion strategies. However, even, learning by doing effect dims down and may stop completely in absence of newly developed technology (Young, 1991). This makes outward-orientation unjustified and export-led growth, a failure. Import substitution and export promotion strategies do best when they are complementary (Grabowski,1994; Hamilton and Thompson, 1994). One important alternative suggested by Adelman (1984), is the ADLI (agricultural-demand-led-industrialization) strategy. The ADLI argument can be set into the similar footsteps of IGE (internally gorwn exports) of Jung (1985). Adelman (1984) argues that, when the countries became more reliant on industrial export-led growth, the controversies arise as many of least developed countries experienced lower employment, deteriorated income distribution, high level of food imports as domestic demand is not met, and lower level of growth. Therefore, countries required to implement more basic need oriented strategies. The rising foreign exchange constraints, and the serious liquidity problems, least developed countries faced, as they moved towards more export promoting strategies, following the export-led growth hypothesis, newly renewed export passimism (Adelman, 1984). As empirical evidence, causality tests between export and groth conducted by Jung and Marshall (1985) on 37 countries should be addressed. In this empirical study, countries as many as South Africa, Korea, Pakistan, Israel, Bolivia and Peru did not show significantly positive relationship between export and growth. Rather these countries showed export reducing growth, which is the other way around. If these countries implements export promoting trade strategy, the countries will experience crippled economy and lower growth. Countries such as Iran, Kenya and Thailand are in favor of internally generated growth, and in the process of successfully implement export promoting growth policy (Jung, 1985). Looking at the above results, countries therefore, support import substitution as a pro-agricultural trade policy (Adelman, 1984). Countries are also adviced to move towards ADLI strategy in this stage. It may not be favorable for countries to immediately implement export promoting trade strategies, hoping to yield benefits of export-led growth hypthesis. In the primary stage, countries require import substitution policies, to develop intra-indistrial skills, economies of scale, and a trade base to a minimum level. The level in between is a complementary stage between import substitution and export promotion. Countries as India, Malaysia, Bangldesh in South east Asian region, followed import substitution for longer period until they believed to reach the minimum level, before these countries can move towards outward-oriented policies and introduced trade openness, and enjoyed the benefits of export-led-growth. For many countries mentioned above, steps taken in an earlier phase, have backfired. Therefore, the controversies to export led growth is as prevailent as the support toward the hypothesis. 3.4. Empirics on export led-growth and trade liberalization in the context of Bangladesh As one of Asias growing power house economy, The export-led growth hypothesis has been examined in the context of Bangladesh, in many empirical literaures. Among the newly conducted researches, conintegration analyses, vector error correction models, explained many important variables such as manufacturing exports, investment capital to the total exports and growth. This part will briefly review the studies conducted in the context of Bangladesh. Since its independence, Bangladesh embarked in a import substitution trade policy; following the ideology that a pro-agricultural society should be motivated to develop intra-industry to achieve economies of scale (Adelman, 1984). The mounting foreign debt, instable political condition, low productivity and growth, lower national income, did not allow the country to achieve its economic objective. Therefore, the country had to convert its inward looking policies, towards more outward looking policy, and adopted export promoting trade policy in 1982. Many structural adjustments were adviced by world bank and international monetary fund. The country went under furth Effect of Exports on Growth Effect of Exports on Growth 1. Introduction 1.1. Theoretical Framework The general idea of free trade agreement of growth was developed in advocacy of free trade based on neoclassical trade theory (Solow, 1956) and from recent endogenous growth theory (Romer P. , 1990). The support for free trade is drawn from Ricardian principles of comparative advantage (Viner, 1937). Similar idea is drawn from the notion of perfect competition and the believe of neoclassical economists who argues on the importance of efficient capital allocation due to free trade (Krugman, 1986; Corden W. , 1974). The phenomenon of free trade came under severe scrutiny in the face of Great Depression. Hence, theoretical foundations of ‘optimum tariff were developed in support of protection (Johnson, 1950; Kaldor, 1940). Johnson (1958, 1971) advocated trade protection in three groups in his classical exposition. They are the economic arguments, non-economic arguments and non-arguments. Economic arguments raise infant industry argument, optimal tariff argument and correction of domestic market distortions, while non-economic arguments emphasize on self-sufficiency for domestic economy. Non-arguments attempt to resolve balance of payment distortions through trade protection. Johnson concluded that ‘optimal tariff protection is the only valid argument, while in other cases such arguments will only inflict distortions. The neoclassical economists refute the notion of protection as an alternative, as this would result in intra-industry effects. The increased barrier to entry would make domestic traders to engage in monopolistic competition, while small enterprises will be left inefficient. Intra-industry effects are the source to welfare loss (Tybout J. D., 1991). In addition, Bhagwati(1988) and Kruger(1974), raises the theory of directly unproductive and profit (DUP) seeking activities, which will cause waste to national resources. Additionally, the Solow-growth model embodies technology as an endogenous factor (Agion, 1992; Romer P. , 1989), which argue that international trade ensures faster diffusion of technology, that is embodied into the better intermediate goods which results in higher productivity and growth for domestic economy (Grossman, 1991). This will result in learning by doing effect and technological know-how is surpassed. In addition, management is more efficient and all will combi ne in high growth (Krugman, 1987; Young, 1991; Lucas, 1988) . 1.2. Objective of the study A high number and standard of studies have been conducted on Export-led growth, trade openness, â€Å"manufacturing exports as a new engine of growth†, specifically in the last decade, on different economies, ranging from developed to poor countries, drawing interesting conclusions. The present study seeks to investigate the effects of export, openness on growth in the context of Bangladesh. Firstly, the study will seek for stable effects of policy shifts and implementation, in Bangladesh, which will be determined by stable changes in the determinants. Stationarity conditions, if satisfied, will ensure the stability of economy and productivity, towards a particular goal. Secondly, the study will investigate the current association between growth and trade openness. While it is desired, that the adopted outward-looking trade policies of Bangladesh to result in positive association of productivity to liberalization, trade openness might be effected by other variables and may render different conclusions. Thirdly, the study will examine, if the export led growth hypothesis is still applicable to Bangladesh, as before, while many countries, such as Sri-Lanka, Philippines, Nigeria have seen opposite relationships. Additionally, Hossain and Karunaratna (2004) have argued that â€Å"manufacturing exports have become new engine of growth† which is a disciple of the de novo hypothesis. In contrast, Adelman (1984) suggests that, agricultural exports should have dominant effect for a pro-agricultural society as Bangladesh. It is important to see if, ‘manufacturing exports is an engine of growth, or still other factors are dominant as before. Investment is an endogenous factor that should imply the increased import of intermediate goods, as a result of increased export, and more openness, would consequently; render higher productivity (Krugman, 1987; Lucas, 1988; Young, 1991). 1.3. Relevance and limitations of the study Relevant studies have been conducted in the context of Bangladesh, in last decade and have drawn interesting remarks. However, the major drawback is the timeframe of earlier studies, which did not cover analyses from the last ten years. In the last ten years, econometric methods have changed and improved rigorously. Hence, many studies have been rendered invalid due to absence of proper methodology. The world economy has seen dramatic events in politics, international trade and global economy. The trends in global economy, which were much more rigorous, in the last ten years, have affected Bangladesh magnificently, as Bangladesh emerges as a high power economy in Asia, and have interested researchers, due to high deviations and high rises to productivity. It is necessary to embody recent econometric techniques of Johansens maximum likelihood cointegration analysis and vector error correction methodology, which will inform on recent associations, among the interested indicators. Hence the state-of-art econometric techniques will provide reliable results that would help the policy makers to observe the relationships and bring sufficient changes, in trade policy to render profit. Among the few limitations of the study was the absence of first hand secondary sources. Most data sources for Bangladesh are not available online and are preserved in paper based format. The lack of proper technology and internet, withdraw the authorities of the country, to provide data directly. Therefore, data are collected from World Bank sources, which may not correct for errors, and sometimes fail to provide detailed data series as an intermediary. 1.4. Structure of the dissertation The second section will contain a brief country profile and approaches to liberalization. The third phase will contain literature review that will discuss literatures in support to export-led growth hypothesis and trade liberalization. This section will bring forth studies that contrast and significance of the study. The fourth and fifth section will contain methodology to estimation and results of analysis. The final section will give conclusion and remarks to the dissertation. 2. Process of trade openness and Export-growth in Bangladesh After independence in 1971, Bangladesh has gone through three phases of policy changes, towards deregulation and openness to trade. The first phase was marked by severe control on exports and imports. The policy implemented in 1972 to 1975, put the country in a socialist framework, with a fixed exchange rate system. Industrial enterprises, banking and trade infrastructure was massively nationalized as an inward-looking, import substitution approach was adopted. Agricultural inputs and outputs were controlled. Empirical literature suggests that this was a good decision for the researched timeframe (Ahmed N. , 2000). The second phase of policy shifting began in 1976 and continued up to 1990. This phase of denationalization, deregulation and trade liberalization lacked a good direction to work out the process. Nationalized trade barriers were reduced, and a ‘free trade approach was undertaken. Privatization of industries and banking sector was allowed and price controls over nationalized firms were lifted. Abolishment of state trading was initiated. The third phase of policy shift, were introduced in the beginning of 1991 and continued up to 2002 with significant remarks. In the recently developed policies toward export-promotion and trade openness, ‘trade barriers have been removed as a flexible exchange rate regime is adopted. To encourage further reduction of anti-export bias, export processing zones have been established, to co-operate manufacturing exports. This recent policy shift has moved towards complete privatization of banks, infrastructure and agricultural sector. During this phase, Bangladesh continued to experience rapid liberalization. In order to further opening up the boundaries, Bangladesh has entered into a ‘free trade agreement among countries in the region. As discussed, to encourage EP trade policies, and free trade, Bangladesh entered into bi-lateral agreements with India, Pakistan, Sri-Lanka, and continues to trade and investment framework agreement with United States. Bangladesh is an active member of SAARC, Developing-8, and Bangkok Agreement. The country is rigorously seeking to import in developing of a regional co-operation among Bangladesh, Bhutan and seven northeastern states of India and Nepal. From the graph presented above, it can be seen that, starting form 1971, imports were increasing at a low rate, with a fall in 1976-77, but moved up after that. The import line took a peak after the third policy implementation in 1991, and continued to rise at a high speed. The export trend was almost at a constant level, until the 1991 policy implementation. Afterwards, the trend peaked, gained a momentum after 2000. However, the export line still falls below the import trend. As reported by the export promotion bureau, in 2005-2006 FY, export earnings have grown by 21.3%, which is due to high demand of, chiefly manufactured goods, led by garments industry and knitwear. During this period, import payments have grown by 9.5%. In contrast to real export, manufacturing exports exhibit of higher exports than imports which are in percentage of merchandise exports. This is indicative of higher productivity. When the country adopts rigorous trade policy towards openness and promoting exports, large scale capital owners and labor unions are in oppose to liberalization. The cause of opposition may lie in the fact that, increased competition, effect the workers, in protected public and private sector, who fail to adjust to the exposed economy, with increased productivity. The politicians tend to protect large scale owners, who severely discourage competition and create bias towards exports (Sattar, 2004). 3. Literature Review 3.1. Concepts and Empirics on Export-Led Growth Phenomenon Export led growth phenomenon has been central to the trade and development literature for many years. The bulk of researches that has taken place on this issue are therefore, not small in number and range. The focuses of these studies were bi-directional. Some of the studies attempted to find whether expanding export would improve the growth performance. Others tried to find the paths through which the expansion of export will affect the growth performance. Economic theory confirms that export expansion leads to increase the growth performance, as that efficiently allocates productive resources and also with the high volume of productive resources accumulated as a result of higher capital earned through export growth, (Bardhan, 1970; Cheneray, 1966; Basu, 1991; Romer P. , 1989 ; McKinnon, 1964; Grossman, 1991). Export expansion makes the home country to concentrate on comparative advantages and to earn economies of scale. The home country continues to invest on its economies of scale and achieve better efficiency. The increased efficiency creates external competitive pressure on the home country, along with improved internal competition. In the face of more competition, the monopolistic and oligopolostic behavior of the market is eliminated. Efficiency is also created as learning by doing. Knowledge is transferred to other sectors and growth is enhanced. The external competition, aids the small economy to realise and emphasize on removing limitations, through economies of scale, and by reaping the true advantage of globalisation, which is acquired by increasing export. The theoitical literature also argues that, export expansion increases the investment and capital accumulation in a country. The two-gap model explains , that growing export reduces the constraints that prevail in foreign exchange. Such reduction of constraints lead to better accumulation of productive resources, capital goods and intermediate goods (McKinnon, 1964; Bacha, 1984; Cheneray, 1966). Export expansion also increases investement opportunity of a country. Modern economists suggest that, savings by domestic and banking system, government savings and foreign exchange savings cannot only induce investment. Investment opportunities determine investment rather than savings. The growth of export will provide investment opportunities to home country, (Sandrum, 1994). Theories suggest that, the relationship of export and economic growth is bi-directional. Economic growth may also increase export for a country. The effect of better learning and technological development, give rise to output. The growth of output ensures that domestic demand is met and export will expand. However, this technological process development or learning process development is not directly related to the export promoting policies (Jung, 1985). As the home country realizes economies of scale, expansion of export takes place. Investemnt (Grossman, 1991). Therefore, the bi-directional theory suggests that, GDP is a function of investment, that enhances export performance, and export increases investment opportunity, that is directed to GDP growth. In the designing process of development economics, entailed was dominant export passimistic theories, rather than export promoting views. After the end of world war II, import substitution strategies were to be followed by many countries. However, the initial phase of implementing import substitution strategies seemed ideal during that period, but the results of taking attempts to implement the import substitution strategies were not favorable for all economies. Economists found that, that export passimistic views were not justified for many economies that have reached a certain level of development, and industrialization. On the other hand, the import substitution trade policies laid undesirable effcts on balance of payment. As a result, the growing economies did not accept import substitution strategies, rather accept export promoting views (Adelman, 1984). The growth led export is also suggested by theories. According to Bhagwati (1988), growth led export hypothesis is dominant when supply and demand is induced by growth. In such cases, anti-trade bias is turned down.The possibility of bi-directional causality prevails in many major theoritical literture (Grossman, 1991; Bhagwati J. , 1988). On the other hand, Irma Adelman (1984) argues that, export-led growth is not the only open development strategy for a least developed country. The open development strategy that ensures the allocation of agriculturally driven resources may prove superior than the strategy for allocation of capital for investment resources. An alternative to the import substituion strategy, for a closed development approach, maybe an ADLI ( agricultural-demand-led-industrialization) strategy. It is important to identify the phase of closed development ideology, which is dominant after the era of Pro-agricultural strategy is over. Another theoritical literature similarly argued that, ADLI as a balanced-gowth-approach, can only be a mean, to attain the goal for developing countries need for higher growth, and the need for growing industrialization by expanding the demand for domestically produecd consumer goods and intermediate goods. The linkage effect to agriculture with industrialization is also exam ined (Singer, 1979). Singer (1979) defines this target as Lime target and ADLI is the solution. However, Irma Adelman(1984), also puts out the constraints to ADLI strategy as it requires the improvement of infrastructure in Agriculture which is difficult to attain in South Asian Sub-continent. The physical capital needs to be perfectly infrustructred for ADLI yield expected results. Therefore, ADLI strategy is a solution to allow time to the developing countries to bring abouth changes structurally, in 1980s to 1990s. This strategy cannot wire out the importance of export-promoting strategies as an alternative for import substituion strategies at all (Adelman, 1984). Alongside the theoritical literatures on export-led growth hypothesis, the number empirical literature from the first of its kind by Maizels(1963) is many. Jung and Marsall(1985) scanned 11 empirical studies that were carried out from 1967 to 1982 timeframe, and all of the studies found supportive relationships to export and growth. Greenaway and Sapsford(1994), reviewed 14 empirical studies that were conducted on the export-led growth hypothesis, and 12 empirical studies vividly shown relationships between export and growth. One of a major study conducted by Giles and Williams (2000), which conducted 150 cross country analysis from 1963 to 1999. Out of the 57 countries that were analysed , only 4 countries failed to show significant relationships between export and growth, and only 10 out of the 102 time series analysis didnt show significant relationships between export and growth. It has interested the empirical literature to examine export-led growth hypothesis prior and after the oil shock in 1973-74 timeframe. Among the studies,that took place prior to the oil shock, Michalopoulos and Jay (1973) conducted a study in a 1960-73 timeframe, by estimating export and gowth into a poduction function, signifcant relationships were found. Tyler (1981) conducted study on a group of middle income countries, putting export and growth into similar production function framework, and found similar relationships.Therefore, export orientation into the framework is supposed to effect growth therough economies of scale, allcation of productive resources and utilization of capital, optimally. The study of Feder (1983) found similar results. Balassa (1983) were dubious about the relationship afther oil shock, as in the face of economic recession 1974-75 that took place after the quadrupling of oil price in 1973-74, may have effected the relationship because of the orientation o f external shock in the production function. The study he conducted had taken th period of 1973-79, after the shcok, on 43 developing countries, who were directly affected by subsequent recession. The result did show export affecting growth positively and the numerical magnitude of the effect did grow compared to early results. The changes in intercountry growth rate before and after the oil shock is rather a result of different trade policies introduced. An important theoritical implication is increasing export also paves the way for imported capital goods to be entered into the country (Islam M. , 1998). As productivity is increased, investment along with profit grows and the economy enjoys higher growth (Edward, 1993; Levine, 1992). In last two decades, exports of newly industrialized countries grew by 20%. Manufacturing exports entailed 70% of total exports. As a third factor, import of manufactured and productive capital goods increased. The demand for these capital goods indicates the increasing rate of growth. Therefore, the plethora of studies on export and growth make this issue important enough to review. 3.2. Cross-country empirical analyses In light of previous section, many empirical literature also focused on perticular countries or a category of countries to examine the export-led growth hypothesis. In theoritical literature, it is defined that, if export growth coefficients and and output growth coefficients are significantly positive in regression, the country follows export promoting strategies. If output growth causes export growth in regression than the country is labelled IGE or internally generated exports. On the other hand if a export growth coeiicient and output growth coefficient is negetively correlated in the regression for growth, the country follows ERG or export reducing growth strategy (Jung, 1985). Such countries are following inward-oriented strategies rather than outward-oriented policies. Inward-oriented countries may also follow IS (import substitution) trade policy. Many empirical studies on cross-country did confirm the existence of export-led growth for different countries, and in some countries results otherwise is found. Hatemi J. and Irandsout (2000) continued analysis on Ireland, Portugal and Mexico, and significant relationship was confirmed. In the same study, they failed to confirm causal relationship for Greece and Turkey (Hatemi-J.A., 2000). The study by Ghirmay et al. (2001) did find positive relationship of export and growth for a number of developing countries. Just after one year, another study by Greenaway et al. (2002) conducted analysis on a number of selected developing countries and found that the growth rate for these countries dropped immediately after trade reform, for a constant rate of export, but gained momentum following a J-curve response after the affect of trade refor wires out. M. Michaely (1976) analysed 41 developing countries for a significantly large period. The resulting conclusion implicated that while Greece, Taiwan, Portugal, Spain, Israel, Yoguslavia and Koria had rapid growth with increasing export, Portugal did not show significant export growth, while GDP was growing in same pace. On the other hand, when Ethiopia incresed its export performance considerably, but failed to increase its growth to the pace with other countries. On the basis of rank correlations, M. Michaely (1976) concluded that export performance will positively effect growth of a country, only when a country achieves development of a perticular level. Countries below this level will fail to exhibit good export-growth relationships. Bela Balassa(1977) followed similar study conducted by M. Michaely (1976), running rank correlations on a sample of countries that established industrial base for a timeframe of 1960-73. Among these countries, Korea, Singapore and Taiwan adopted EP (ex port promoting) strategies at a very early stage and provided incentive to the exporting sector by subsidizing the sector in many ways. On the contrary, though, Israel and Yoguslavia promoted export during the same period, but their efforts seemed to dim in the later periods. On the other extreme, Argentina, Brazil, Columbia and Mexico, continued the existing trade policy, supporting import substitution (IS). During this period, Chile and India continued their inward-oriented policies and was in the phase of weakly introducing export promotion policies. The resulting conclusion estimated that, while Korea and Taiwan would have less growth with more export, Chile, India, Mexico,Brazil and almost all other countries would have better levels of growth with higher levels of export. The countries that moved to opposite direction is due to the unfavorable internal conditions and policy constraints, the countries have. Similarly, for Phillipines and Srilanka, opposite direction of relation ship is found (Islam M. , 1998). 3.3. Controversial Theories and Evidence Due to the debt crisis and continued recession that prevailed during 1980s, after many countries adopted export promoting strategies, theorists and economicsts were dubious about export-led growth hypothesis. It became a necessity to re-examine the export promoting strategies (Bhagwati J. , 1988). The revived passimistic school of thought was dominated by old and new school of thoughts. The most influencial school of thoughts were suggested by two great contemporay development economists, that were Raul Prebisch (Prebisch, 1952) and Ragner Nurkse (Nurkse, 1953). Prebisch (1952) recommended that, chief exports for newly industrialized countries will decline following a natural cycle, regardless of the trade policy implemented by the home country. Producers of home economy will respond by rapid industrialization and the economy will respond by employing more protection and higher level of restrictions. All these attempts will make export promotion unjustified. The other dominant export passimism was realized by Nurkse(1953), who stressed more on â€Å"balanced growth†. The â€Å"balanced growth† theory suggests that the accelerated pace of growth and exports of developing countries, make foreign markets unable to accommodate imports on sufficient level. Developing economies shift from raw materials to synthetic materials as inputs, and damage exports for developing countries longer run. Riedel (1984) suggests that, demand dominates export performance. It is a biased view towards export growth relationship if that is explained by export performance of selected countries. Export performance maybe more reliant on domestic incentives of a country, rather than the external conditions (Riedel, 1984). The new literatures focus more on successful Asian exporters, which maybe a mistake to be implemented as a general strategy for all economies. The sources of worry advocates that, markets are shifted to export promotion, markets will fail to absorb all exports. The earlier wave of export passimism was afflicted by this idea. Economists have always supported the idea of intra-industry specialization which leads to adoption of inward-oriented policies, and terms an economy as closed economy.The countries that adopt outward-oriented policies to a greater extent, or publicly promotes export promoting strategies, associates some level of government intervention. The government intervention makes sure that exports are promoted, subsidized and invested into. The countries that are empirically supportive of export-led growth hypothesis, mostly follow government intervention. This practice is generalized except countries like Hong-Kong. However, these are exceptional cases and should not be g eneralized (Bhagwati J. , 1988). Economists also view that, export promoting trade policies, make the domestic market less sheltered and susceptible to world economic condition, outside pressure, world competition as well as innovation. This view has also been critisized and the opposite direction is supported by Schumpeterian arguments (Bhagwati J. , 1984). The theory of market imperfections addressed by Fields(1984) suggests that, in presence of excessively high wages, countries may do poorly. An example of this theory is set to Jamaica. Another interesting theory is the satisfaction theory of import substitution suggests that, the export promotion strategies are not suitable for many newly industrialzed countries due to their lack of flexibility for movemet of capital resources. Countries also lack the political capabilities to implement this flexibility (Ruggie,1983). Similar argument is also suggested by Adelman (1984) who argues that, agricultural-demand-led-industrialization strategy should be applied to allo w a country enough time, for it to develop a structural base, before the country can successfully implement export promoting strategies. Export-led growth will follow if the country can achieve a minimum level of development as suggested before. While in the face of rapid growth, many countries are doing well with export promoting trade policies, countries like Taiwan, Sri-Lanka, Phillipines, Jamaica, Brazil, Korea. are examples of countries, that was not in the position to implement export-promoting trade strategies,and the desired export-led growth was not achieved. In some theories, learning by doing or intra-industrial knowledge transfer was an important factor for adopting export promotion strategies. It is believed to be a mean of acquiring economies of scale for industries. The know-how process is a major motivating factor for economies, to support export promotion strategies. However, even, learning by doing effect dims down and may stop completely in absence of newly developed technology (Young, 1991). This makes outward-orientation unjustified and export-led growth, a failure. Import substitution and export promotion strategies do best when they are complementary (Grabowski,1994; Hamilton and Thompson, 1994). One important alternative suggested by Adelman (1984), is the ADLI (agricultural-demand-led-industrialization) strategy. The ADLI argument can be set into the similar footsteps of IGE (internally gorwn exports) of Jung (1985). Adelman (1984) argues that, when the countries became more reliant on industrial export-led growth, the controversies arise as many of least developed countries experienced lower employment, deteriorated income distribution, high level of food imports as domestic demand is not met, and lower level of growth. Therefore, countries required to implement more basic need oriented strategies. The rising foreign exchange constraints, and the serious liquidity problems, least developed countries faced, as they moved towards more export promoting strategies, following the export-led growth hypothesis, newly renewed export passimism (Adelman, 1984). As empirical evidence, causality tests between export and groth conducted by Jung and Marshall (1985) on 37 countries should be addressed. In this empirical study, countries as many as South Africa, Korea, Pakistan, Israel, Bolivia and Peru did not show significantly positive relationship between export and growth. Rather these countries showed export reducing growth, which is the other way around. If these countries implements export promoting trade strategy, the countries will experience crippled economy and lower growth. Countries such as Iran, Kenya and Thailand are in favor of internally generated growth, and in the process of successfully implement export promoting growth policy (Jung, 1985). Looking at the above results, countries therefore, support import substitution as a pro-agricultural trade policy (Adelman, 1984). Countries are also adviced to move towards ADLI strategy in this stage. It may not be favorable for countries to immediately implement export promoting trade strategies, hoping to yield benefits of export-led growth hypthesis. In the primary stage, countries require import substitution policies, to develop intra-indistrial skills, economies of scale, and a trade base to a minimum level. The level in between is a complementary stage between import substitution and export promotion. Countries as India, Malaysia, Bangldesh in South east Asian region, followed import substitution for longer period until they believed to reach the minimum level, before these countries can move towards outward-oriented policies and introduced trade openness, and enjoyed the benefits of export-led-growth. For many countries mentioned above, steps taken in an earlier phase, have backfired. Therefore, the controversies to export led growth is as prevailent as the support toward the hypothesis. 3.4. Empirics on export led-growth and trade liberalization in the context of Bangladesh As one of Asias growing power house economy, The export-led growth hypothesis has been examined in the context of Bangladesh, in many empirical literaures. Among the newly conducted researches, conintegration analyses, vector error correction models, explained many important variables such as manufacturing exports, investment capital to the total exports and growth. This part will briefly review the studies conducted in the context of Bangladesh. Since its independence, Bangladesh embarked in a import substitution trade policy; following the ideology that a pro-agricultural society should be motivated to develop intra-industry to achieve economies of scale (Adelman, 1984). The mounting foreign debt, instable political condition, low productivity and growth, lower national income, did not allow the country to achieve its economic objective. Therefore, the country had to convert its inward looking policies, towards more outward looking policy, and adopted export promoting trade policy in 1982. Many structural adjustments were adviced by world bank and international monetary fund. The country went under furth