Porter’s theory of competitive advantage highlights the nature of competition and the idea that competitive advantage varies between economies or industries. Some countries have an upper hand and can influence competitive advantage in certain industries. Porter argued that it is of great importance that economies have innovative projects in order to establish their presence in said industry, we know now that the production factors, such as Infrastructure, knowledge resources as well as the primary and advanced factors, are also contributors to having such presence that in turn leads to having competitive advantage. This is relevant to the Caribbean region as we know that Lewis developed his theory to be somewhat dependent on industrialization coming from external sources which is known as foreign investment and is evident even in today’s Caribbean society, whereas Porter believed in countries developing their own innovating solutions and insinuated that they must find their own strategies to remain in the markets. With similar intentions to Porter, Best and Levitt developed “import replacement” and believed that Caribbean regions’ dependency would lead to sustainability risks. With that said, both theories partially explain how growth and development can be achieved through different means even with having their own limitations. Please review and critique this paragraph constructively.
Porter’s theory of competitive advantage highlights the nature of competition and the idea that competitive advantage varies between economies or industries. Some countries have an upper hand and can influence competitive advantage in certain industries. Porter argued that it is of great importance that economies have innovative projects in order to establish their presence in said industry, we know now that the production factors, such as Infrastructure, knowledge resources as well as the primary and advanced factors, are also contributors to having such presence that in turn leads to having competitive advantage. This is relevant to the Caribbean region as we know that Lewis developed his theory to be somewhat dependent on industrialization coming from external sources which is known as foreign investment and is evident even in today’s Caribbean society, whereas Porter believed in countries developing their own innovating solutions and insinuated that they must find their own strategies to remain in the markets. With similar intentions to Porter, Best and Levitt developed “import replacement” and believed that Caribbean regions’ dependency would lead to sustainability risks. With that said, both theories partially explain how growth and development can be achieved through different means even with having their own limitations.
Please review and critique this paragraph constructively.
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