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This part of literature review is one of the most essential unit of the dissertation that largely support in the study of secondary resources. Herein, the present research has reflected the subject matter of BRIC countries as a way of acknowledging its related pros and cons on the developed and underdeveloped nations in terms of trading (Jakupec and Kelly, 2016). This section of literature review has referred to highlight some substantial information that has been collected as a way of satisfying the defined aims and objectives of the investigation. It is however done by referring to distinct standpoint of various authors as a way of referring to the chosen topic of the research.
This section has referred to identify some beneficial prospects of BRIC where a large number of businesses consider it as a principle opportunity of international expansion with auspicious economies to invest upon. Krieckhaus (2017) has hereby defined it to be a key reason of low production and labour costs in these four nations that largely aid the industries to extend their contracted businesses over there. The BRIC nations namely Brazil, Russia, India and China consider technology as a imperative mean of advancement where it is referred to led by innovation. It is with a fundamental sense of shaping the rising future of the countries in terms of trading that will ultimately raise the economic condition of the nations as well.
Polson and Whiteside (2016) has hereby presented yet another viewpoint in whose concord, there exists an active technical landscape that is led by some recent trends of digitalized consumers. It is further aided by mobility and cloud, etc., amongst all other dimensions of technology. These trends are in turn proven to bestow newer trade opportunities to the establishments to succeed towards a technology-led growth and invention. Where, these two approaches are referred to be a foremost requirement to survive in today's contemporary world of business where the consumers are constantly reflecting changed preferences. It is therefore important for the enterprises operating in the BRIC nations to meet the changing mindset of their consumers by analysing their dissimilar patterns of consumption.
Rothschild (2016) has hereby detailed yet another fact of today's society where people are apparent to live in a modern age where the rising tendency in society and technology are constantly changing in the mode they refer to interact with one another. It is with some proven facts where more than 50% of the total population of the world is below than the age range of 30. This ration reflects 2 billion internet users at a worldwide level where 87% of the total population of this globe are proven to possess a mobile phone. It is along with some evidential facts of social media where in case, Facebook was representing a country, then it would have depicted the 3rd most global inhabited that is double the size of U.S.
It is in accordance to the presented statement of Vassileva and Nikolov (2016), where a technological revolution is always referred to contribute in benefiting the society with some large-scale profits. It is mainly in configuration to both industrial revolution and a raised digital era. This is for instance to depict the first phase of such technical revolution in both developed and underdeveloped nations, where automation into the manufacturing industry has resulted in tremendous rise in productivity. It is with reference to the cost of unlimited occupational opportunities for the youngsters that has largely supported the economic growth of the nations as well. Another potent stage of technological revolution is in evidence to witness an automated service occupations. It is where the service industries are largely getting into a primary consideration of using equipped machines in the place of living human beings. It has been envisioned by a rising use of automatic teller machines that have replaced the desk cashiers in the banking institutes and other financial departments of almost all organisations.
Anich, Crush, Melde and Oucho (2014) have argued upon yet another potent phase of technological revolution where people are preparing to witness a rise in high tech jobs and niche in the upcoming future that is soon evident to showcase enormous repetitive jobs for the aspirants. It is along with another technical phase that are apparent to create several technology driven jobs within a set period of next 5 years. These occupations are however with reference to depict some leading fields of robotics, genome technology, healthcare, mobility and personalized care, etc., as compared to other substantial alternatives that are usually foreseen. Whereas, investing into these opportunities are together showcasing a prime requisition of some fundamental enablers.
This section has referred to reveal certain disadvantageous traits of BRIC nations where they are evident to deal with some major environmental issues in the stake of adhering to the technical advancements in both developed and underdeveloped markets. Danns (2016) has hereby highlighted the fact of environmental degradation that is currently referred to be a likely risk that could together impact upon the economic rise of BRIC nations in a negative manner. It is where another critical existence of global warming is together evident to make a serious effect on the rural earnings in some particular nations of BRIC namely Brazil, India and China.
Dodds (2014) has hereby argued upon some other cons of BRIC countries where industrialization, urbanization with an intense state of agriculture are also evident to create an immense pressure on the environment of each of the country's. This statement is along with some proven information where such leading cities in BRIC countries are Shanghai, Rio de Janeiro, St Petersburg and Mumbai where they are highly assailable to ascending sea levels. This record has together reflected yet another concern where one fourth of the total global population in the BRIC nations are evident to reside near coastline with a major risk of lives in case they met with any uncertain events and disasters like Tsunami, etc. Wherein, all these are together referred to locate nearby significant areas of agriculture where an atrocious event is likely to suffer the agricultural production as well.
Jakovljevic (2014) have hereby argued that even in case the BRIC countries tends to avoid any state of calamity, the also they are referred to bound by varied environmental treaties that are obvious to confine their growth to a greater extent. Resource issues are together referred to be yet another cons of BRIC nations where Brazil and Russia are amongst the resource-rich exportation of commodities. Whereas, China and India are greatly dependent on the measures of import as a way of rendering their development. It is in case, increasing deficit and rivalry for resources tends to drive up the price of commodities, then their growth models are apparent to weaken.
Kais and Ben Mbarek (2015) in contradiction to which have presented yet another standpoint where technical advancements are referred to lessen the dependency on customary sources of energy along with the commodities. This will directly affect the two leading countries namely Russia and Brazil where they with decreased growth prospectives. Wherein, there together existed some structural restraints along with some major demographic issues that are evident to create certain negative effects on the environment. It is where the demographics are being discussed on the basis of India's robust population growth with a contrasting state in Russia where they are evident to deal with a declining population in their country. However, the other two nations namely Brazil and China are predicted to face such declining state in the upcoming decades. It is with a partial sense of China's 'one family one child' policy that is apparent to lessen their population to a greater extent. It is therefore in association to a declining population in both the countries of Russia and China where they are together facing a rising ageing population where China is still having a remedial scope of reposing their applied policy as a way of balancing their population.
Luiz and Ruplal (2013) has hereby emphasised upon yet another constraining issue of structure with a greater role of India and Brazil in it. It is where India is demanding for m ore economic reforms where Brazil is hereby required to invest in a considerable manner by together saving more. Along with which, all associated countries of BRIC are together needed to expend more in infrastructural measures as a way of succeeding towards a prosperous growth in the future.
Trade off is basically a business situation that necessitates the organisations compromise among two or more situation as a way of balancing the work where both the options cannot be retrieved at the same time. It is basically in accordance to the conferred statement of Rensburg, Motala and David (2015), where in the present context of trade off in BRIC countries, this condition is referred to exists between technological progression and derelict surroundings. It is basically to stress upon some leading environmental concerns that are continually rising at a much higher pace. It is referred to be a dependant factor of technical progression in the society that is in turn damaging the surrounding to a great extent. Such industrial development with a rising force of technology in the emerging countries of BRIC are proven to make a direct impact on the environment where many manufacturing procedures are taking place with a reinforced army of equipped machineries.
Slonim (2015) with a supportive outlook towards the same has also presented an analogous perception where such industrial processes are in a vital need of more energy consumption. This is turn depicts a clear concord of more energy consumption with a consequent depletion of earth's natural resources. This subsequently creates a more pollutant environment with a clear depiction of a non competent surrounding. It is along with the growth of such emerging nations where they are resultantly accountable for an augmented greenhouse emission. It is where the greenhouse gas is that atmospheric gas that tends to hold the heat produced by sun as a way of contributing to a climatic change in the world. It is along with yet another threat of impairment to the domestic surrounding of the emerging nations in terms of existing into a healthy environment. It is basically in addition to the atmospheric effect of industrialization at a global level that is turn rising the demand of industries with more number of resources. These resources are in turn referred for fossil fuels, lumber, water and fertile soil with a direct indication towards earth's natural resources.
Zhu and Xu (2016) with a supportive outlook have together agreed by this fact in which the technical advancements in BRIC nations are proven to be done at the stake of environment where more progression in technology is evident to utilize more earthy resources with more depletion. This will in turn make negative effect on the overall surrounding in both developed and underdeveloped countries.
According to Anich, Crush, Melde and Oucho (2014), BRIC became an emerging star which targeted regional financial corporation with a background of globalisation and financial combination. Research study on BRICS remains very general that is majorly theoretical. On the basis of theory of interest rate parity, further liberalisation in financial market among the countries grows the integration of their currencies in the global financial market. The strengths of BRIC nations includes that the eruption in 2008 global financial calamity has observed a very good performance which has enlightened all the nations to desire better future. The member countries share mutuality, reciprocity which is their strength. Their commonality is in their economic growth which is supported by fascinating large land area, heavy population, rich environmental resources etc. however, there are some negative factors of BRIC also which cannot be avoided. They are not able to balance their conflicts and it is difficult to maintain financial cooperation. There is huge difference in their geography, religion, politics which is one of the major weakness.
Di Vita (2015) asserted that several facts depicts that this association is gaining heavy support because it is delivering benefits to others. The entry of BRIC has promoted exports of those countries which have low income or developing countries, made improvement if trading and productive capacity. The developing financing has supported several developing nations to relieve hurdles in infrastructure. But there some threats which this association is facing. Since it was established, it is suffering from doubts, confusions and rivalries. Till 2012 it was not having any structure. It was made through a political desire.
Krieckhaus (2017) stated that political factors such as new entry in the global political scenario, long term strategies of Africa and Latin America, choice of new National Development Bank , and the pool created to aid financially the member countries has affected the BIRC association. The economic factors also impacted the BRIC which includes the labour force, rate of unemployment, taxation and other revenues, rate of foreign exchange, issues related to seasonality, development of infrastructure etc. there are some social factors also which influences the association. These factors consists of literacy level of the member countries. For instance, the highest literacy rate is of Russia and India has the lowest rate. The population, unemployment level, social security schemes of the nations are also some of the major social factors.
Jakupec and Kelly (2016) have argued that BRIC is also influenced by technological factors which comprises of spending on the research and development activities, transfer of technologies, technologies which have gone obsolete, mobile connectivity and many more. The mobile connectivity of India is highest i.e. 772 millions and country which has lowest mobile connectivity is Russia. The association is also influenced buy some environmental factors such as carbon emission. The country which is on the top of this factors is China. Also opinion of government regarding water pollution, environmental permission, usage of renewable are some environmental factors which affect BRIC. Indian government has a moderate view on the issue on water pollution whereas nations such as Brazil, Russia have a positive opinion on this issue. On the contrary, China has average viewpoint on this environmental problem.
The leading subject matters that have been discoursed over here are closely aligned with the stipulated objectives of the interrogation that has involved a prime topic namely the pros of BRIC countries to developed and underdeveloped nations. Into which, it has precisely addressed the technical advancements in the human race by together discussing upon yet another topic to refer the cons of BRIC countries to developed and underdeveloped nations. It is basically in regard to enlighten the damage to earths natural resources and environment. It is with an eventual theme that has detailed the facets of trade off between technological advancement in the stake of damaged environment. Lastly, this unit has together specified yet another significant theme as a way of applying the business models separately in each of the BRIC nation's.
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