Question

With the listed terms give their definition and 1 significance in terms of economics or international political relations.

- Big push:

- Bejing Consensus;

- Asian financial crisis:

Answer 1

Solution:

Big push :   It deals with  the development economics concept where it can help the firm's to decide whether to industrialize or not depends on its expectation of what other firms will do. It also explains when industrialization would happen.   It's signaficance is it states that the underdeveloped countries require large amounts of investments to go for development from their present state of poverty . This theory proposes that a 'bit by bit' investment programme will not impact the process of growth as much as is required for developing countries rather it recquires large investments inorder to have signaficant growth.

Beijing Consensus: It refers to the chinese economic model which deals with the political and economic policy of china that began to be inculcated after the death of  Mao Zedong .This model has brought signaficant growth to the gnp of china in last few decades hence it became a boom for china.

Asian financial crisis: It was a secquence of currency devaluations which began in summer 1997 and spreaded in many asian countries. Due to the financial crisis it brought a signaficant crisis in many asian countries as the stock market started declining at a strong rate it also led to decrease in import revenues in various asian countries.

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