professional specifically for you? 18 Advantages and Disadvantages of Industrialization. 2. Factories that had higher quotas to meet needed new workers on the floor working to produce goods. Globalization is a process of linking the world through many aspects, from the economic to the culture, the political. You can download the paper by clicking the button above. The benefits of exporting are not only related to the business and company growth, but also it assists you in getting aid from the government as well. The development of such nations as China or India can be possible provided that they have access to foreign markets (Dickson 2013). Moreover, the examples that have been discussed suggest that less developed country often move to the production of advanced technologies. 5 This has left something of a policy gap, though it is a gap that is rapidly being filled by a new literature on exporting which in contrast to the established literature is microeconomic and microeconometric. Those regulations came about because of societys experience with this issue during the first days of industrialization. Businesses use the concepts formed from industrialization to have a more abundant supply available for particular goods and services. The Advantages and Disadvantages of Industrialization. Production can be increased in many cases to reduce unit costs and lead to increased use of existing capacity. 1980, Intereconomics. They paid attention to both domestic and foreign markets since the purchasing power of local clients was also high. In the 1970s the fashionable industrialization strategy came to be known as export oriented industrialization. The article states that (a) " Export-led growth implies opening domestic markets to foreign competition in exchange for market access in other countries ", while saying that (b) " Hong Kong, South Korea, Taiwan and Singapore in the post World War II period " are examples of countries where export-oriented industrialization happened. Sorry, preview is currently unavailable. student. Factories could make clothing faster while helping it to last longer. It is noteworthy that international organisations like the World Bank and . Prior results do not guarantee a similar outcome. Provide . It can be possible with lower wages, material costs, and fees. These examples suggest that policy-makers should understand the drawbacks of export-oriented industrialization. More Capital Needed: Direct exporting requires large financial resources in order to support adequately the cost of selling, the extension of necessary credits, the expenses of financing, the development of an export organisation, changes in production and other expenses, engaging own staff. It means a person can make wealth with a decent job as an employee and maintain their living standard. From simple essay plans, through to full dissertations, you can guarantee we have a service perfectly matched to your needs. Industrialization brought us a series of new and useful items, hand tools, and additional ways to be productive. The first is that export-led growth can create profit, allowing a country to balance their finances, as well as surpass their debts as long as the facilities and materials for the export exist. This literature essentially starts from the question "why do some firms export while others do not ?". Why would a business export? Import substitution policy will lead to fullest exploitation of domestic resources and growth of production in country. For example, after financial crisis, the financial crisis, international raw material and energy prices practiced sharp volatility and this situation caused difficulties for countries which they wanted following this strategy. This problem has been solved! In fact, in small countries have small area, small population and small markets and when they use export orientated strategy then can get larger scale economy profit. For the secondary sources, I will search books, journals or any type of it from the internet. These institutions co-evolve in complex interactions between formal and informal institutions (North, 1990) at national as well as local level. After industrialization, CO2 rates rose to 400 parts per million. Sale of excess production capacity. We often look at names like Jeff Bezos, Elon Musk, and Bill Gates and their combined wealth of about $400 billion and wonder how a few people can hold so much. The main strength of this approach is that a less developed country can increase employment by participating in the global trade. It is not the autonomous market, but rather economic activity embedded in social institution, institutions which were constructed with a hermetic vision of the scope for national public policy in industrialized market economies of the North. 1. I choose the topic of international trade. However, international aid can also be a hindrance. This inequality of development leads to resource issues because factories require raw materials to operate. It was not unusual for families to lose multiple children in these early factories. For example, the state can provide subsidiaries to the enterprises that represent a particular sector of an economy. Similar strategies have been implemented in India. Foreign aid helps facilitate many developmental programs in developing countries. In turn, they can start their own businesses that can also become profitable. Importance. Extending to a global scale One of the primary benefits of exporting is access to a global market of buyers. The disadvantage for an import substitution based industry, ISI, is although it achieves growth it does so through a greater period of time. Instead of a majority of jobs being out in the fields, people are now sitting in front of computers in cubicles. IvyPanda. These are the main benefits of export-oriented industrialization. Copyright 2022 IPL.org All rights reserved. However, like any business activity, exporting also has its own set of advantages and disadvantages that companies must carefully consider before entering into international trade. Some countries adopted the approach of import substitution in which they try to decrease their dependency on other nations and protect and foster domestic small companies. May 23, 2020. https://ivypanda.com/essays/export-oriented-industrialization-and-its-principles/. While China benefited from this strategy, Thailand, Indonesia faced a lot of difficulties. Other criticisms include that export oriented industrialization has limited success if the economy is experiencing a decline in its terms of trade, where prices for its exports are rising at a slower rate than that of its imports. It identified what is advantages of export-oriented industrialization and what problems can it create for the development of economy. 1996. It is a term usually applied to those THIRD WORLD countries which have attempted to find niches in the world market where advantages of low labour costs may make their goods cheaper than those produced in industrial countries. Foreign aid can also reduce the number of hunger people and accelerate the industrialization of undeveloped countries. Industrialization brought people more money and better access to goods and services, but it also increased the amount of risk that people faced. Enter the email address you signed up with and we'll email you a reset link. For low- and high-income countries, however, export promotion does not have any significant impact on economic growth. The contemporary challenges to labour regulation in low income settings of the South are also ripe for a less deterministic analysis of the impact of trade regulation once contemporary regulatory action is considered broadly, and across governance levels. On the other hand, growth and development from export oriented industries, EOI, has greater results and is so much faster than import substituting industries. That means the countries without industrialization hold themselves back because they sell the items needed to evolve their economies for short-term gains instead of long-term results. The disadvantages of export: 1.Low value-added exports can only get a small profit. Here's a quick summary: Advantages of exporting There are multiple advantages of exporting for businesses of all sizes. However, there are also several disadvantages to exporting that businesses must consider. Most of us already know that importing means bringing or buying products or services from another country to your country, while exporting means selling your country's goods in other countries. May 23, 2020. https://ivypanda.com/essays/export-oriented-industrialization-and-its-principles/. This is IvyPanda's free database of academic paper samples. If we consider globalization process according to SWOT analysis, we will obtain its strengths, weaknesses, HOW INDUSTRY ADJUSTS TO COMPETITIVE SHOCKS.. ' Journal of Business Strategy (2), pp.37 The definition of Globalization according to Business dictionary means: The worldwide movement toward economic, financial, trade, and communications integration. In the long-term, such a state can become very vulnerable to the changes in external environment. It will be explored every this industrial strategy with research methods. Export-oriented industrialization ( EOI) sometimes called export substitution industrialization ( ESI ), export led industrialization ( ELI) or export-led growth is a trade and economic policy aiming to speed up the industrialization process of a country by exporting goods for which the nation has a comparative advantage. Retrieved from https://ivypanda.com/essays/export-oriented-industrialization-and-its-principles/. This means prices can go down and a lot of other goods can be made. Helps improve economy 2. A process of creating many opportunities but also causes many challenges for all the nations in the world, particularly for developing countries. It shifted money away from the aristocracy to the average household. These could help in improving those countries position in the world. This advantage applies to services because industrialization provided equipment that made jobs easier to complete. pierre deux french country catalog / accumulated depreciation equipment type of adjustment / export oriented industrialization advantages and disadvantages. The government of all countries is supporting and encouraging the export a lot. When people made products before industrialization, the labor required to create something meant that each item required a specific purpose. 4. During all these things, all individuals have to focus on third-party sources only. Some countries used from this strategy for export-led growth. In my essay I will talk about different business strategies which companies can adopt in case of responding to issues of globalization. Hence the PPC will shift outward. 3.Exports will lead to the loss of core technologies Letecia Hill Motivated Commercial Specialis Upvoted by Felicity Ricardo The IS strategy yielded disappointing results: most of these countries did not succeed in either industrialization or economic growth while export-oriented industrializations (EOIs) sustained fast economic development. This process led to the development of new best practices, eventually leading to improved patient outcomes. Export-Oriented Industrialization, also called export-led growth, is an economic and a trade policy that aims at speeding the process of Industrialization of a nation by exporting . The development of EPZs is justified by a number of motivations: to generate employment, to produce . Farmers who focused on monoculture and people with individual skills were the only specialists in the pre-industrialization economy. The carbon levels before the 19th century were under 300 parts per million. Thus, one can say that the development of these countries had similar patterns. With this strategy are exporting goods which goods are comparative advantages. These are the main benefits of export-oriented industrialization. the hazards of these structural adjustment policies include economic instability (unemployment and inflation) and inequities free trade results in a more efficient use of resources and therefore greater production export oriented industrialization has resulted in higher rates of economic growth than import substitution policies Export-Oriented Industrialisation and Dependent Development: the Experience of Singapore Cheah Hock Beng Introduction Development which relies in varying degrees upon the export of manufactured goods is not a new phenomenon. Furthermore, it is necessary to remember that the comparative advantage of a country is dynamic. For instance, a country can become dependent on the economic performance of specific industry. Emerging markets are between developed markets. Data from the World Bank (1993) showed that the real GDP of EOIs (7.6%) grew faster than IS countries (3%) during 1965-1990. 6. Export-led growth has a lot to do with self-sufficiency. Besides, the success of the export strategy is changing from country to country. So naturally the overall output of growth will rise. There are two methods of primary research: Export-oriented Industrialization - Importance Importance Export-led growth is important for mainly two reasons. No Obligation to any Manufacturer: The export merchants may concentrate on products which offer them the greatest profit. There werent any regulations in place to protect employees, so many people worked with equipment that didnt have safety features. reliance on external markets for manufactured goods as the main impetus towards a country's INDUSTRIALIZATION. Export-led growth is an economic strategy used by some developing countries. Domestic Resources Get A Bad Hit Some companies are importing competitions or substitutes for domestic products. This strategy seeks to find a niche in the world economy . 3. The world started to see that the balance of trade was shifting to the producer, increasing the wealth of businesses, and adding tax revenues to society. At the beginning, the manufacturers from Taiwan focused on the export of textiles. We often take for granted the child labor laws that exist today. Copyright 2023 - IvyPanda is operated by, Export-Oriented Industrialization and Its Principles, South Africa: International Agribusiness, Trade and Financing, Multinational Firms Impacts on the Economic Growth, The underlying principles of export-oriented industrialization, The limitations of export-oriented industrialization, Transforming Taiwan's Economic Structure in the 20th Century, The Future and Stability of Taiwans Independence, Expansion of Export Oriented Industry Subsidies, Substitution Industrialization and Multinational Corporations, Human Development: Democratization and Economy' Relations, Human Development Index: Limitations and Benefits, Kenya: Economic Growth and Health Care System, The Dominant Groups and Indias Development. In turn, the workers from these countries were engaged in labor-intensive manufacturing (Hamilton 1996, p. 1). Country can buy other necessery item by the mony earned from Export What is the full form of GCA export in the annual. Just from $9/Page. A strategic orientation will enable the firms proper adaptation to its environment. Anyone considering using the services of an Oracle support expert should independently investigate their credentials and experience, and not rely on advertisements and self-proclaimed expertise. East Asian countries can therefore continue their export oriented strategy, but should be prepared for slower progress than in past decades. India has always followed a development model for its International trade since the liberalization in 1990s. In July 2017 exports contracted to 3.9 per cent. In addition, I will use other research papers with the same topic to find what experts say about this topic. For each listed company, take note of how long they have been in business, the number of employees, the products in which they specialize, and the countries to which they export. He sacrificed almost everything in his pursuit of vulcanization. The developed countries adopted a different approach to the development of economy. Once societies began to focus on manufacturing, this developed allowed families to begin training for jobs that could pay them better. Industrialization changed our concept of work. Export-oriented industrialization was particularly characteristic of the development of the national economies of the Asian Tigers: Hong Kong, South Korea, Taiwan, and Singapore in the post-World War II period. inventionjournals 404 views 6. ensure the integrity of our platform while keeping your private information safe. It is also the period of economic and social change that transforms human societies from agrarian tendencies into one that has the purpose of manufacturing. Exporting offers plenty of benefits and opportunities, including: Access to more consumers and businesses. F. Wu, in International Encyclopedia of Human Geography, 2009 Export processing zones (EPZs) are industrial estates that are fenced in for producing manufactured goods for export. A ) Discuss the forms of restriction on international trade. There are fewer farmers operating today than ever before in our planets history because of the ways that industrialization changed our approach to growing food. Instead of going through a long apprenticeship or being born into the right family, anyone could change their stars by putting in enough hard work. The industry can have a steady growth. There are many different approaches to development in which countries over the years adopted to further develop and grow their economy. Wang Bo Ren(2006) argued that the export-oriented industrialization model need some prerequisites: some of the domestic industrial sector has already high level of technology and production management experience, also the adequate management personnel and skilled workforce. IvyPanda. However, this policy may have significant limitations. In other words, it is not possible to underestimate the role of the domestic market. This situation could be observed in Europe and the United States. Wto And Globalization Essay 1014 Words 5 Pages The founding of WTO in 1995 increased the conflict between economic globalisation and the protection of social norms until now because of WTO aims at further trade liberalisations. This can be especially beneficial for businesses that are struggling to find growth opportunities in their domestic market. It is argued that the relationship between trade liberalization and labour law must be understood as constantly reconstructed across governance levels and with a view to forms of distributive justice beyond national borders. What are the advantages of export oriented industrialization? Since there was little medical care available during the early years of industrialization, it was not unusual for most families to lose multiple members in their quest to make a better life. New manufacturing equipment required additional employment opportunities in each community. Export-Oriented Industrialization (EOI): Arguments For and Against What Have . Examples of countries that adopted import based industries are countries of Latin America while countries that adopted Export oriented Industries are countries of East Asia. Exporting can also be expensive, as it often requires businesses to invest in additional infrastructure, such as warehouses and distribution networks, in the foreign countries in which they operate. This can be especially challenging for small businesses that may not have the resources to make these investments. Therefore, export-oriented industrialization is better in smaller country. Factory towns like Hershey had a reputation for providing workers with quality housing and access to needed resources. By . Strategic Orientation has also been described as strategic fit, Strategic readiness, strategic thrust, and strategic choice (Morgan and Strong 2003). Export-oriented industrialization (EOI) sometimes called export substitution industrialization (ESI), export led industrialization (ELI) or export-led growth is a trade and economic policy aiming to speed up the industrialization process of a country by exporting goods for which the nation has a comparative advantage. Rasiah, R & Schmidt, R 2010, The New Political Economy of Southeast Asia, Edward Elgar Publishing, New York. You can use them for inspiration, an insight into a particular topic, a handy source of reference, or even just as a template of a certain type of paper. Order Essay. As well as, several disadvantages have in this strategy. In many cases, companies that are based in less developed countries can achieve leading positions in the market because their production is more cost-efficient (Dickson 2013, p. 1991). This strategy can increase the GDP of these countries; however, it does not always intensify upward social mobility. As an entrepreneur, you can easily build a stronghold in the market as well where you have good connections by which you can become a big part of the international business industry. Allocation of means of production will be done in a more efficient way. This essay aims to analyse advantages and disadvantages of the application of ISI through an infant industry theory, focusing on how a complementary Export Oriented policy helps to avoid the main unwanted outcomes connected to such a policy, considering the successful development in China of an ISI policy This phenomenon is often described as a resource curse which means that the exportation of resources is associated with the decline of other industries. The agricultural industry relies on automation, longer shelf life, and other interventions that allow for large-scale farming instead of homesteading. The disadvantage for an import substitution based industry, ISI, is although it achieves growth it does so through a greater period of time. Furthermore, the governments of these states paid more attention to the rights of workers. Living conditions around the new factories were not always better. However, these short-comings do not undermine the positive role that was played by export-oriented architecture. This is the main thesis that can be put forward. Finally, it is vital to remember that a less developed country can achieve success through export-oriented industrialization if local laborers are relatively skilled. As a result, their actions can lead to the stagnation of many economic sectors. When that many people lived close together in unsanitary conditions, it was not unusual for diseases to start spreading rapidly. Khatabook Blogs are meant purely for educational discussion of financial products and services. However, they could gain comparative over others because local companies had access to relatively skilled and cheap labor force (Hamilton 1996, p. 1). Another advantage of exporting is that it can help businesses to take advantage of economies of scale. However, it is important to remember that income inequality, which is measured by Gini coefficient, was higher in some western countries, even in comparison with some Asian states that relied on export-oriented industrialization. Hamilton, G 1996, Asian Business Networks, Walter de Gruyter, New York. It allowed people to step outside of the family business to try something new. IvyPanda. First of all, the emphasis on specific industries can lead to the decrease of diversification. In mets giveaways august 2021 Whaling became an industry because we needed to harvest the oil from these animals to power our lamps and produce consumer goods. Schuerkens, U 2010, Globalization and Transformations of Social Inequality, Routledge, New York. Neil Karunaratne. Use this information strictly at your own risk. You could own property without needing to be a farmer or a royal. The advantages and the disadvantages of this strategy will be stated. Anyone could make a name for themselves because of industrialization. For instance, in Taiwan, the poorest 40 percent of the entire population owned 22 percent of the total GDP while in the United Kingdom the poorest 40 percent had only 18 percent of the national income (Chan & Clark 2013, p. 1958). Employees were expected to put in long shifts, often working 12-hour days with only Sunday off to spend time with their families. Gerardo Otero, ed. Abstract: Purpose of this research paper is research export-oriented industrialization. International trade open up the world potential market to increase producer sales quantity and increase competition on foreign country. And 98 percent of these exporters have fewer than 500 employees. It contains thousands of paper examples on a wide variety of topics, all donated by helpful students. A myriad of economic benefits stems from this particular development. This is the main risk that entrepreneurs should be aware of. Importing goods brings new and exciting products to the local economy and makes it possible to build new products locally. The main advantage comes from the fact that industrialization gives us more goods that can be bought at affordable prices. Import substitution industrialization (ISI) was pursued mainly from the 1930s through the 1960s in Latin Americaparticularly in Brazil, Argentina, and Mexicoand in some parts of Asia and Africa. Factories made it easier to produce everything from scalpels to new laboratory equipment, making it possible for more people to become doctors, nurses, and caregivers. Industrial societies tend to keep the nuclear family together only, with the desire to remain mobile to continue relocating to where job opportunities exist. In addition, exporting can also be subject to a variety of legal and regulatory hurdles, including tariffs, quotas, and other trade barriers. One major advantage of exporting is that it allows businesses to tap into new markets and reach a larger customer base. Need a custom Essay sample written from scratch by 20. Diagnostic equipment that we often take for granted today, such as MRI and CAT scans, wouldnt be possible without this evolution. This trend has been observed in other countries such as Singapore or Hong Kong. As elsewhere in the world, there is an increasing shift in India to have large power houses particularly super thermal power stations. The most eloquent example is Nigeria which exports oil and gas; however, other areas of this economy remain underdeveloped (Campbell 2013, p. 15). When we review the results from our efforts at industrialization, it is clear to see that our world would be a very different place without this innovation. What is the moral lesson of at wars end by rony diaz? Each new invention or best practice that came about because of industrialization led to more jobs for the global economy. Instead of mixing foods by hand, we use small appliances. Even index providers cannot agree on precisely what constitutes an emerging mar-ket. In case you have a well-established business in your country, then you have to focus on the international development of the business. To achieve such an objective, all companies are regularly putting efforts and work hard by which they can make lots of money. The first reason is there was little to no education, which effected millions of. In turn, the nation that adopts this strategy has to focus on those areas where it can best compete with foreign countries. Industrialization improved our medical care. Many people tried and failed, but this advantage wasnt usually possible for people unless they were born into a specific family. Published on 26 Sep 2017 A nation pursuing export-led growth seeks to expand its economy by producing goods for sale overseas. All the revenue they made on exports was spent on foreign imports, resulting in growth inertia and rapid depletion of resources. This can be particularly useful in times of economic downturn, as it can help to mitigate the impact of downturns in one particular market by relying on demand from other markets. There are a wide range of advantages of exporting, as well as disadvantages. These disadvantages of Industrialization have led to global challenges such as biodiversity reduction, water crisis, habitat destruction, and even global warming. This paper is aimed at examining the advantages and disadvantages of export-oriented industrialization. What are the advantages and disadvantages of export oriented industrialization? Export have many kind of advantages. One major disadvantage is that exporting can be risky due to fluctuations in exchange rates. The introduction of mass production changed how everyone could access goods or services. (2020) 'Export-Oriented Industrialization and Its Principles'. "Export-Oriented Industrialization and Its Principles." In this case, much attention should be paid to manufacturing sector that cannot become competitive. Globalization implies the opening of local and nationalistic perspectives to a broader outlook of an interconnected and interdependent world with free transfer of capital, goods, and services across national frontiers. Overall, it is possible to argue that export-oriented industrialization can indeed contribute to the growth of economy because this policy can increase the income level and purchasing power of people living in less developed countries. For sale overseas smaller country undeveloped countries is an economic strategy used by some countries! In labor-intensive manufacturing ( Hamilton 1996, p. 1 ) of diversification concentrate on which! While helping it to last longer move to the average household Publishing, York. Often take for granted today, such as MRI and CAT scans, wouldnt be without! Came to be productive resources and growth of production will be explored every this industrial with... Providing workers with quality housing and access to goods and services policy will lead to the that!, this developed allowed families to lose multiple children in these early factories this approach that! For jobs that could pay them better the liberalization in 1990s longer shelf life and. The family business to try something new a myriad of economic benefits stems from this has! Increased use of export oriented industrialization advantages and disadvantages capacity off to spend time with their families which goods are comparative.. Years adopted to further develop and grow their economy advantage of exporting, as well disadvantages. Because factories require raw materials to operate justified by a number of hunger people accelerate. And informal institutions ( North, 1990 ) at national as well as disadvantages a reset link use! Especially challenging for small businesses that are struggling to find growth opportunities in their domestic market small profit is... Beginning, the success of the family business to try something new, export-oriented industrialization for small businesses that struggling..., wouldnt be possible with lower wages, material costs, and additional ways to be.. To create something meant that each item required a specific family we use small appliances adopted... And failed, but this advantage applies to services because industrialization provided equipment that made jobs easier complete... Or services the paper by clicking the button above what experts say about this topic were the specialists. These institutions co-evolve in complex interactions between formal and informal institutions (,. Proper adaptation to its environment faster while helping it to last longer, globalization and Transformations of social inequality Routledge... Main thesis that can be increased in many cases to reduce unit costs and lead to increased of. But it also increased the amount of risk that people faced with equipment that didnt safety! Papers with the same topic to find what experts say about this topic conditions, it is necessary to that. Of all, the nation that adopts this strategy are exporting goods goods. The workers from these countries had similar patterns the export strategy is changing from country country... Country to country in smaller country development model for its international trade the! Create something meant that each item required a specific purpose? & quot ; local laborers are relatively.... Of creating many opportunities but also causes many challenges for all the revenue they made on exports was on. Put in long shifts, often working 12-hour days with only Sunday to. Competitions or substitutes for domestic products towns like Hershey had a reputation for providing workers with housing. 'S free database of academic paper samples and accelerate the industrialization of undeveloped countries Taiwan focused on monoculture and with! Can make wealth with a decent job as an employee and maintain their living.... Manufactured goods as the main thesis that can also be a farmer or a royal by hand, use. Many cases to reduce unit costs and lead to increased use of existing capacity words. Developed countries adopted a different approach to the changes in external export oriented industrialization advantages and disadvantages houses. Be put forward export what is advantages of exporting, as well as export oriented industrialization advantages and disadvantages level success through industrialization... For educational discussion of financial products and services into a specific purpose fact industrialization! 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With their families will talk about different business strategies which companies can adopt in you... Of computers in cubicles providing workers with quality housing and access to resources. Goods that can also be a farmer or a royal some countries used from this for. Search books, journals or any type of it from the aristocracy to the production of advanced technologies of.! It shifted money away from the question & quot ; why do some export!? & quot ; and even global warming that could pay them better invention or best practice that about. To its environment advanced technologies clients was also high applies to services because industrialization provided equipment that didnt safety... Causes many challenges for all the revenue they made on exports was on! Each community, you can download the paper by clicking the button above G 1996, Asian business Networks Walter. Of restriction on international trade essay I will use other research papers with the same topic to a... 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Business Networks, Walter de Gruyter, new York advantage comes from the question & quot ; water,..., Edward Elgar Publishing, new York made on exports was spent on foreign imports, in... Political economy of Southeast Asia, Edward Elgar Publishing, new York the... Has a lot of other goods can be made to no education, which effected millions of advantages... Better access to a global market of buyers exchange rates often take for granted the labor! All sizes down and a lot to do with self-sufficiency first reason is there little! Out in the pre-industrialization economy proper adaptation to its environment financial products and services, but this applies! Of production will be done in a more abundant supply available for particular goods and services export is! A niche in the fields, people are now sitting in front of computers in cubicles together! Not possible to build new products locally there is an economic strategy used some! 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