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Impact of International Trade in Nigeria - 6120 Words

AN EMPIRICAL ANALYSIS OF THE IMPACT OF TRADE ON ECONOMIC GROWTH IN NIGERIA AN EMPIRICAL ANALYSIS OF THE IMPACT OF TRADE ON ECONOMIC GROWTH IN NIGERIA MIKE I. OBADAN DEPARTMENT OF ECONOMICS AND STATISTICS UNIVERSITY OF BENIN BENIN CITY AND OKOJIE, I. ELIZABETH DEPARTMENT OF ECONOMICS AND STATISTICS UNIVERSITY OF BENIN BENIN CITY ABSTRACT Many economists generally agree that openness to international trade accelerates development. The relationship between trade and growth is envisaged through an export led growth strategy, following the theory that sustained trade is the main engine of economic growth. This paper examines the impact of trade on economic growth in Nigeria. Using time series data, a regression analysis was carried†¦show more content†¦Chenery and Strout (1994) asserted that for a long time, there was hardly any country which exhibited sustained growth rate higher than its growth of exports. They also claim that growth rates of individual developing countries since 1950 correlate better with their export performance than with any other single economic indicator. Thirlwall (1997) in his work, explained the possibility that export growth may set up a vicious cycle of growth such that once a country is launched on the path, it maintains its competitive position in world trade and performs continual ly better relative to other countries. He also contended that export growth relieves a country of balance of payments constraints so that the faster exports grow, the faster output growth can be without running into balance of payments difficulties. His findings suggest that an export based strategy of development offers the best prospects for economic growth. Although theoretical links between trade and economic growth have been extensively discussed for over two centuries, a lot of controversies still abound concerning their real effects. The arguments in favour of trade can be traced to the classical school of economic thought that started with Adam Smith (Medina–Smith, 2001). Since then, the justification for free tradeShow MoreRelatedThe Impact Of Technological And Commercial Effects On Economic Growth1642 Words   |  7 Pagesin their preferences, capacity for growth and development, scale of production and technology. This creates the basis for (international) trade w hich enables exchange and consumption of goods and services which they cannot produce, thereby enjoying variety of goods and services to improve the standard of living of their people. Some of the positive effects International trade (IT) have on economic growth (EG) were pointed out by Smith (1776) and this idea triumphed until World War II. 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The novel is also a representative of the wider picture of African cultures and the socio-economic changes that characterized the colonial eraRead MoreOptimal Currency Area1588 Words   |  7 Pagesare to trading with each other the more they would benefit from a common currency. From the view of small companies looking to trade internationally, it removes the cost of the exchange rate and it secures the price of the product between the nations without the risk of change from currency a ppreciation or depreciation. On a national scale, a country with a high level of trade benefits from a stable currency; given that when its currency depreciates, inflation would increase and when the currency appreciates

Introduction to Management Employee Commitment

Question: Discuss about theIntroduction to Managementfor Employee Commitment. Answer: The role of managers is an indispensible part of any organization. They have a number of several functions to fulfill in order to regulate the flow of actions and the procedures that are involved within the day-to-day operations of the organization. One of the most important constituents of their function is appropriate decision making. Decision-making is one of the primary reasons for the successful accomplishments of planning, organizing and eventually incorporating the functions.[1] It is central to the adaptive measures of the organization, which often affects the relative procedures and organizational effectiveness in a drastic manner. In respect to the contemporary organizational set up the managers must be able to plan and execute decisions based on a specific framework or a structure, which is essential for the outcome. In fact, the involvement of all the aspects, which will yield the result of the decisions, must be considered. [2] A number of factors like the proactive attitudes in emergent cases, or the competence and patience required while determining complicated decisions are should be congruent within the managerial practices which are essential important for the effective utilization of the services. The cooperation and collaboration of mental and emotional quotient in a manager is one of the most essential factors, which are involved in improving the effectiveness. One more crucial factor would be the suitable and accurate use of the strategic mode of communication. The channel of communication aids in mediating the interactions between all the hierarchical structures of the organization.[3] Moreover, the application of new technology can be a very useful and effective approach for enhancing the characteristics of the managers in fulfilling their duties. The utility of technology will contribute to the decision making approach in the most effectual manner which shall be entitled to the importance for ac hieving the best practices of organizational culture. The culture of an organization entails the various features, which are involved within the stem of the enterprise. The practices of work, the diversity policies, the working environment, the human resource management and many other relative factors are involved which determines the type of culture, which is important for the impacts, which are based on the organizational culture practices. The importance of company culture as a concept involves a number of factors, which are involved with the activities and functions of the organization. As opined by Tracy Streckenbach, culture of an organization involves the performance of the employees in relation to the environment. Moreover, it also entails the sound congruency between the contribution and effort of the employees to the benefits and opportunities, which are provided to the employees in behalf of their effective productivity. [4]The elements of the organizational culture involve the competitive, fairness, precision, collaboration, risk and fairness orientation, which is important for the organizational practices. The culture is an association of integrated beliefs, assumptions and values, which manage the behavioral intentions of the workforce in the organization. The integrated systems of morals and cultural practices that are involved within an organization are a valuable instance, which affects the motivations of the employees. All organization maintains and develops a unique culture, which offers principles and guidelines for supervising and controlling the behavior of the resources of the enterprise.[5] The employee behavior can be enhanced based on the culture, as it is directly proportional on the organizational operations. The employee retention capacity is also dependent on this phenomenon of organizational culture. The stimulation and the impacts of the pervading culture are essentially important as it significantly influences the workplace satisfaction psychology of the employees. In order to analyze the influence of the environmental behaviors, in respect to organizational culture it is necessary to determine and comprehend the aspects of the business ventures and the objectives of the organization. Planning is the primary and introductory process, which is involved in all types of planning that is mandatory before proceeding with any operational structure or framework. There is no compromise on the part of planning and initial preparation as it is the edifice on which the development takes place. Therefore the process of planning will always be important and a significant part of decision making in case of managers.[6] The appropriate management of all the functions of several departments, which perform simultaneously, requires a plan or an outline of the actions, which will aid in the strategic operations of the organization. Planning will always be considered as the central to the theories of organizational management as it is significantly important for the impacts and the influences over the relative elements of the organization. This essential practice is likely to act as a catalyst in the development procedures, which is deemed to take place within the aspect of the whole scenario. In order to analyze the influence of the environmental behaviors, in respect to organizational culture it is necessary to determine and comprehend the aspects of the business ventures and the objectives of the organization. Over time, the involvement of technology and its improvement will increase its chance of incorporating the circumstances that is required for the better accruing and facilities of the organization. It entails the involvement of the specific opportunities, which should be congruent with the application of strategies that might prove to be helpful for the organization.[7] The outcomes of planning and executing is essential as it improves the state and the nature of the activities and decisions that are involved for the corporate behaviors that implement the effects that are to be brought about by the organizational changes and practices.[8] Reference Anitha, J. and Begum, F.N., 2016. Role of Organisational Culture and Employee Commitment in Employee Retention.ASBM Journal of Management,9(1), p.17. Bryant, A. (2012). Corner Office: Goals Matter More Than Mission Cadden, T., Marshall, D. and Cao, G., 2013. Opposites attract: organisational culture and supply chain performance.Supply Chain Management: an international journal,18(1), pp.86-103. Carlos Pinho, J., Paula Rodrigues, A. and Dibb, S., 2014. The role of corporate culture, market orientation and organisational commitment in organisational performance: the case of non-profit organisations.Journal of Management Development,33(4), pp.374-398. Fu, S.L., Chou, S.Y., Chen, C.K. and Wang, C.W., 2015. Assessment and cultivation of total quality management organisational culturean empirical investigation.Total Quality Management Business Excellence,26(1-2), pp.123-139. Hofstede, G., 2014. Organisational Culture Change Management. 2014. Huhtala, M., Feldt, T., Hyvnen, K. and Mauno, S., 2013. Ethical organisational culture as a context for managers personal work goals.Journal of Business Ethics,114(2), pp.265-282. Kleijnen, J., Dolmans, D., Willems, J. and Van Hout, H., 2014. Effective quality management requires a systematic approach and a flexible organisational culture: A qualitative study among academic staff.Quality in Higher Education,20(1), pp.103-126. Wood, V.R. and Wilberger, J.S., 2015. Globalization, Cultural Diversity and Organizational Commitment: Theoretical Underpinnings.World,6(2), pp.154-171.