Distinctive Features o f Economic Development o f Uzbekistan in Terms o f Globalization (original) (raw)
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The liquidation of seven decades communist rule in central Asia in 1991, has witnessed an unprecedented politico-economic experiment. The shift from Planned Economy to the revolutionary transition of market economy is complicated process for newly installed governments. Uzbek Economic transition in the post-Barrack-type of Socialist economic system was deemed as unique. The transition policy as proposed by neo-classical economists was based on the so-called Washington Consensus focusing on liberalization, privatization macroeconomic stabilization and opening of post-socialist economies. In order to handle the abrupt transition, the new nation-states adopted different approaches, Uzbekistan the exceptional and extraordinary in its approach of gradualism. The approach proved more or less progressive for the Republic in making its robust economic performance in regional and international markets. Uzbekistan experienced relatively low output decline compared to other countries in the region as President Islam Karimov adopted a state-led approach, and devised its own model of economy as 'Road-Map' its mild economic stabilization measures have played a vital role in maintaining foreign exchange inflows and growth. In the mid of 1990's Uzbekistan join its hands with many international organizations in order to have an economic stability. According to many statistical reports of Asian Development Bank (ADB) and International Monetary Fund (IMF) Uzbekistan has achieved miraculous socioeconomic development since independence. Today Uzbekistan is an integral part of the world community and global financial-economic market.
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The liquidation of seven decades communist rule in central Asia in 1991, has witnessed an unprecedented politico-economic experiment. The shift from Planned Economy to the revolutionary transition of market economy is complicated process for newly installed governments. Uzbek Economic transition in the post-Barrack-type of Socialist economic system was deemed as unique. The transition policy as proposed by neo-classical economists was based on the so-called Washington Consensus focusing on liberalization, privatization macroeconomic stabilization and opening of post-socialist economies. In order to handle the abrupt transition, the new nation-states adopted different approaches, Uzbekistan the exceptional and extraordinary in its approach of gradualism. The approach proved more or less progressive for the Republic in making its robust economic performance in regional and international markets. Uzbekistan experienced relatively low output decline compared to other countries in the region as President Islam Karimov adopted a state-led approach, and devised its own model of economy as 'Road-Map' its mild economic stabilization measures have played a vital role in maintaining foreign exchange inflows and growth. In the mid of 1990's Uzbekistan join its hands with many international organizations in order to have an economic stability. According to many statistical reports of Asian Development Bank (ADB) and International Monetary Fund (IMF) Uzbekistan has achieved miraculous socioeconomic development since independence. Today Uzbekistan is an integral part of the world community and global financial-economic market.
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Impact of Globalization on International Trade of Uzbekistan: Quantitative Analysis
Purpose-Study intends to find the cause and effect relationship of globalization and international trade , extent to the factors of globalization affect the international trade in Uzbekistan. For the purpose study selected government policies, inflation, tax system , markets and infrastructure. Design/Methodology/Approach-Study adopted quantitative analysis approach based on 5 likert questionnaire, conducting online surveys due to Covid-19. For the purpose of theoretical support study selected Transformationalism theory of globalisation to lens the problem and its solution. Study depends on primary data collection and literature basis. Treatment-For the statistical analysis and treatment study selected IBM SPSS as tool and different techniques to analyze data such as: T-test, P-test, Z-test, Regression Analysis and Correlation Analysis. Parametric analysis is used to nullify the null hypotheses. Findings-After the thorough investigation study finds a positive relationship between globalisation and international trade of Uzbekistan. Study finds correlation of dependent and independent variables. Both the factors are linear in function. Originality values-This work is original in nature and never been published before in any journal, data collected is from first hand managers, executives and directors working in multinational organizations from Uzbekistan.