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Virtual Bazaar: A Means of Supporting Microtrade in the Least Developed Countries

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  • Shirazi Fraid

    (Ryerson University)

Abstract

This empirical study investigates the impacts of Information and Communication Technology (ICT), educational attainment, the rule of law and other determinantal variables on the growth of Gross Domestic Products (GDP) among 35 Least Developed Countries (LDCs) in Africa and Asia. The results of this empirical analysis on archival data from 1997 to 2007 show that while ICT expansion in LDCs has many positive impacts on GDP growth in these countries, the differences between countries in terms of the level of citizens’ educational attainment, the rule of law, governmental intervention in economic activities and the level of Foreign Direct Investment (FDI) can both enhance and restrict the relationship between ICT and GDP growth. This study proposes an e-commerce model called Virtual Bazaar. The model is adapted to the existing level of ICT infrastructure in LDCs in order to enable the micro-trade owners to sell their products directly to potential customers across the globe, hence increasing their level of incomes.

Suggested Citation

  • Shirazi Fraid, 2012. "Virtual Bazaar: A Means of Supporting Microtrade in the Least Developed Countries," The Law and Development Review, De Gruyter, vol. 5(1), pages 29-49, May.
  • Handle: RePEc:bpj:lawdev:v:5:y:2012:i:1:n:3
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    References listed on IDEAS

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    1. White, Halbert, 1980. "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity," Econometrica, Econometric Society, vol. 48(4), pages 817-838, May.
    2. Lisa Correa, 2003. "The Economic Impact of Telecommunications Diffusion on UK Productivity Growth," Working Papers 492, Queen Mary University of London, School of Economics and Finance.
    3. Lee Yong-Shik, 2009. "Theoretical Basis and Regulatory Framework for Microtrade: Combining Volunteerism with International Trade towards Poverty Elimination," The Law and Development Review, De Gruyter, vol. 2(1), pages 367-399, December.
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