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Mohamed Ariff and Shamsher Mohamad

Adam Smith traced the source of opulence of nation, which he called capital, to the uninterrupted efforts of every man to better his condition. Today we define wealth as the item that has some economic substance, a value such that this wealth can be used for several intended purposes, in modern economics, for consumption as theoretically glorified by the Utility Maximization Theorem (Arrow-Debreu). In this chapter, the reader is introduced to the modern idea of net wealth held by households and entities. The amount of wealth as at 2017 is given as US$ 250 trillion after all liabilities are subtracted from total wealth. In this context, Calvin’s contribution of wealth as God’s gift to man is referred to, which provides a continuity with Islam’s claim that wealth belongs to God, and He apportions who begets it.

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Xiaowei Zang and Lucy Xia Zhao

The study of the family and marriage in China is interesting given profound changes in fertility transition, household structure, mate selection, divorce, old age support, and so on, since the nineteenth century. This chapter first reviews the English literature on a few selected aspects of the family institution and marriage in China. Next, it summarizes the outline of each of the chapters, which discuss a wide range of topics including love and marriage, educational endogamy, family planning, son preference, the marriage squeeze, family decision-making power, filial piety and old age support, intermarriage and intercultural dating, international adoption from mainland China, and many more.

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Preface

Theory and Practice

Edited by Mohamed Ariff and Shamsher Mohamad

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References

A Critical Assessment

Chunlai Chen

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Preface

A Critical Assessment

Chunlai Chen

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Subhash C. Jain and Ben L. Kedia

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Introduction

A Critical Assessment

Chunlai Chen

Since the implementation of the market-oriented economic reform and open policies in late 1978, China has attracted massive foreign direct investment (FDI) inflows. Chapter 1 starts with an examination of the characteristics of FDI in China. It finds that FDI in China is characterized by fast growth and a huge amount of inflows; uneven regional distribution with heavy concentration in the coastal region; overwhelming concentration in the manufacturing and services sectors; and heavy engagement in the processing trade. The chapter then raises the main issues to be explored in this study: the impacts of FDI on China’s regional economic growth, urban–rural income inequality and urbanization development. To establish a theoretical framework for the empirical analysis, the chapter presents a compelling and thorough analysis of the leading theoretical explanations of FDI. Among the many theories, Dunning’s OLI framework has been the most influential and comprehensive explanation of FDI. As a result, it is used as the fundamental theoretical framework for this study. According to Dunning’s OLI framework, because of its ownership advantage and the possession of firm-specific intangible assets, FDI is expected to produce a series of impacts on a host country’s economy through capital formation, employment creation, and more importantly through knowledge spillovers to the host country’s domestic economy. Therefore, based on the theoretical framework derived from Dunning’s OLI paradigm, the chapter discusses the main implications of the existing theory for this study. Finally, the chapter outlines the structure of the study.

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Subhash C. Jain and Ben L. Kedia

The introductory chapter outlines the purpose of the book. As India gained independence, it faced the problem of economic development as well as a number of social and political problems which had to be addressed right away. Overall, India in the last 70 years of its independence has done remarkably well although it failed to realize its full potential in economic growth. This book argues that with free market policies and strong leadership, India could advance economically, thus benefiting all sections of the society.

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Foreword

A Critical Assessment

Chunlai Chen

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Shahid Yusuf