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Originally Posted by Joshua R
For me this is pretty interesting. Dominican exports had grew 18 % the 1st quarter its tourism is also growing at a steady rate while its hoping to grow more with the rebuilding of the Montecristi airport. Its also known that the nations growth has also grown about 9 % ( may be wrong i forgot what its growth is) The metro will also bring economical oppertunities and possible growth to the country as well you may see metros springing up in other large cities like Santiago.This is just naming a few economic leaps that DR has taken. So in my view it is possible to see DR as a possible economic power.
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Joshua,
The problem with questions regarding economics is that everybody feels they have a right to say something about such subject.There is nothing wrong witha that, except that it's one of the few fields in which non-economists feel they know more than the economists themselves!
Now, if only we could do that with everything else in life.
When you get sick, do you consult with your neighbor or with your doctor in order to find a quick remedy to the problem?
To attempt answering your very broad question, it depends on what you mean by emerging economical power. Do you mean on a regional level or further afield?
Are you referring more to certain sectors of the economy or the economy as a whole?
Etc, etc.
Please, be more specific.
While it's true that Luxembourg and Iceland are not economical powers per se, those tiny states certainly have more political power on the international stage than most poor countries many times their size. Political power in the international arena is closely related to economical power.
And regarding the education level, while its true a well educated population is essential for a thriving democracy, it's also true that education alone does not explains the economic well being of the well off nations of the world.
According to the well respected McKinsey Global Institute, founded by William M. Lewis, he held several positions in the U.S. Departments of Defense and Energy and also served in the World Bank, plus some of his work has appeared in the Wall Street Journal, the New York Times, and the Economist; the issue of education is taken way out of proportion. They found that in South Korea, which is neither a rich or poor country, made a massive investment in edcuation in the 1960s. In fact, illiteracy is almost unknown in that country today.
One would think that with such a good education system, South Korea would have gained alot by simply being smarter than everybody else. Wrong! Korea actually achieves 35% of U.S. labor productivity and 50% of U.S. GDP per capita primarily by working 40% more hours than Americans do.
That's not the effect education advocates have in mind. According to many education advocates, South Korea's example should attribute its economic success and well being to its well educated workforce, NOT to the fact that half the country's wealth is created by merely working harder and not necessarily by being smarter.
This is only one macroeconomic example, the institute has discovered various examples of this at the micro level as well in economies across the world. Again, education is great for many social objectives, but economic development takes more than simply that and often times, the productivity level of individuals is attributed largely to factors beyond their own education level.
Trainability, flexibility, specialization, and the desire to work hard are more important elements in any workforce world wide for achieving fast economic growth and development than education alone.
-NALs
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Could you see DR as an emerging economical power?
