The founders of Liberia or "founding fathers" as some historians refer to them established a government modeled after the United States of America.
Download PDF The 12 pillars of competitiveness We define competitiveness as the set of institutions, policies, and factors that determine the level of productivity of a country. The level of productivity, in turn, sets the level of prosperity that can be reached by an economy.
The productivity level also determines the rates of return obtained by investments in an economy, which in turn are the fundamental drivers of its growth rates.
In other words, a more competitive economy is one that is likely to grow faster over time. The concept of competitiveness thus involves static and dynamic components. Many determinants drive productivity and competitiveness. While all of these factors are likely to be important for competitiveness and growth, they are not mutually exclusive—two or more of them can be significant at the same time, and in fact that is what has been shown in the economic literature.
In addition, Appendix A assesses statistically the robustness of the GCI as an appropriate estimate of the level of productivity and competitiveness of an economy. The components are grouped into 12 pillars of competitiveness: Institutions The institutional environment is determined by the legal and administrative framework within which individuals, firms, and governments interact to generate wealth.
The importance of a sound and fair institutional environment has become all the more apparent during the recent economic and financial crisis and is especially crucial for further solidifying the fragile recovery, given the increasing role played by the state at the international level and for the economies of many countries.
The quality of institutions has a strong bearing on competitiveness and growth. For example, owners of land, corporate shares, or intellectual property are unwilling to invest in the improvement and upkeep of their property if their rights as owners are not protected.
Government attitudes toward markets and freedoms and the efficiency of its operations are also very important: In addition, the proper management of public finances is critical for ensuring trust in the national business environment.
Indicators capturing the quality of government management of public finances are therefore included here to complement the measures of macroeconomic stability captured in pillar 3. Although the economic literature has focused mainly on public institutions, private institutions are also an important element in the process of creating wealth.
The global financial crisis, along with numerous corporate scandals, has highlighted the relevance of accounting and reporting standards and transparency for preventing fraud and mismanagement, ensuring good governance, and maintaining investor and consumer confidence.
An economy is well served by businesses that are run honestly, where managers abide by strong ethical practices in their dealings with the government, other firms, and the public at large. Infrastructure Extensive and efficient infrastructure is critical for ensuring the effective functioning of the economy, as it is an important factor in determining the location of economic activity and the kinds of activities or sectors that can develop within a country.
Well-developed infrastructure reduces the effect of distance between regions, integrating the national market and connecting it at low cost to markets in other countries and regions. In addition, the quality and extensiveness of infrastructure networks significantly impact economic growth and reduce income inequalities and poverty in a variety of ways.
Effective modes of transport—including quality roads, railroads, ports, and air transport—enable entrepreneurs to get their goods and services to market in a secure and timely manner and facilitate the movement of workers to the most suitable jobs.
Economies also depend on electricity supplies that are free from interruptions and shortages so that businesses and factories can work unimpeded.The "limits to growth" analysis argues that the pursuit of affluent lifestyles and economic growth are behind alarming global problems such as environmental destruction, resource depletion, poverty, conflict and deteriorating cohesion and quality of life in even the richest countries.
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