Economics Assignment - Changing Economies of Asia
Added on 2020-05-16
17 Pages3149 Words48 Views
Running Head: CHANGING ECONOMIES OF ASIAChanging Economies of AsiaName of the StudentName of the StudentAuthor note
CHANGING ECONOMIES OF ASIA1Table of ContentsIntroduction................................................................................................................................2Key aspect of agricultural sector and its contribution................................................................2Green Revolution: a brief history...............................................................................................4Current problems of agriculture.................................................................................................6Agriculture in Asian economy: a case study of Taiwan............................................................7Land reform............................................................................................................................7Agricultural protectionist policy in Taiwan...........................................................................9Role of Agriculture in development.........................................................................................10Share of agriculture in GDP.................................................................................................11Role of agriculture in Employment generation....................................................................11Role of agriculture in Trade.................................................................................................12Conclusion................................................................................................................................13Reference List..........................................................................................................................14Appendix..................................................................................................................................16
CHANGING ECONOMIES OF ASIA2Introduction Agriculture is considered as the primary sector of the economy. A nation is highlydepended on the agriculture sector to feed the growing population. The contribution ofagriculture is not limited in supplying food; the sector plays a vital role for providing rawmaterial to agro based industries. Agriculture comprises of both food crops and cash cropsand thus has a strategic role in country’s prosperity if nurtures properly. However, in theprocess of development the contribution of primary sector is often neglected and morereliance is given on industrialization. However, there are instances of countries whereeconomic growth is achieved through development of agricultural sector. The success storyof east Asian countries is an example of agro based economic growth. Rapid growth of thesenations is not subject to industrial and manufacturing development. The three key aspects ofgrowth there are emphasis on land reform, rural industrialization and protectionism policy foragriculture. The paper analyzes the importance of agriculture from economic and socialperspective. ‘Green Revolution’ is an important event in the history of agriculture. Therevolution introduced new and advanced technology in agriculture. The particular case ofTaiwan here is taken into consideration to view the importance of the particular sector. Key aspect of agricultural sector and its contribution The agricultural economies in defined as an applied social science discussing aspectsrelated to production, distribution and consumption of primary or agricultural products andservices. Economics is study of allocation of scarce resources. The agricultural economicsdeals with resource allocation in context of farming. It involves theoretical concepts of microand macroeconomics and focuses on practical application of it. Apart from crop productiontoday agricultural economics deals with management of livestock. The main factor input in
CHANGING ECONOMIES OF ASIA3agriculture is land. Because of inelastic supply of land, the aspect of growing humanpopulation and productive capacity of land has become a matter of concern (Atkins andBowler 2016). The contribution of agriculture in economic growth has come from three mainchannels – contribution of agriculture in supplying factor input, contribution in finalconsumption and contribution is market economy.Factor contribution: Agriculture supplies raw materials in industries that primarily dependson this sector. There are several food producing industries that are growing around the worldand depends on agricultural input. Product contribution: The food crops are used for final consumption. Rice, wheat, maize andmany other are considered as staple food for population living in different regions (Norton,Alwang, and Masters 2014). Market Contribution: Farmers do not consume all the agriculture produce. Cash crops likejute, tea, sugarcane and cotton and excess of food crops after consumption are marketed usingproper network. Depending on agricultural supply, several markets develop in areas locatedcloser to agricultural land. Green Revolution: a brief historyGreen Revolution that was initiated in 1960s attempted to make a rapidtransformation in method of farming and productivity. The revolution in agriculture hasbrought with application of advanced technology and scientific knowledge. Green revolutionintroduced use of high yielding varieties of seed, advanced technique of irrigation and soilconservation and use of fertilizer and pesticides (Franke 2015). The Green Revolution thus uplifted agriculture from its primitive stage to a contributor of industrial economics.
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