The notion of the race-to-the-top approach might be considered as a novelty to business strategies, as well as to public policies. Its primary aim is to deal with the gap between developed and emerging economies within the scope of the economy. This paradigm is founded on the advancement (or value enhancement) of the available resources that might be considered as a distinctive feature and competitive advantage of countries (Ruelas-Gossi 2017). The mentioned concept implies a significant circle by leveraging a state’s advantages through this value enhancement approach toward an independently-existing circle of development. The described process might achieve notable results in terms of nations’ incomes and state of art. Such a new strategy contributes to substantial changes in relationships between multinational companies and emerging markets. For developing countries, this strategy provides chances to evolve with a great degree of sustainability, which is beneficial to both global society and domestic people. Nevertheless, for emerging economies, it is vital to realize the value of the concept presented.
The country I have chosen to refer to in this subject is New Zealand. The latter has quite a noticeable experience within the scope of the theme. Its milk industry may be perceived as an appropriate example in the context of race-to-the-top strategies. This country has the largest share of dairy products, and throughout the last ten years, it has attained the highest levels of sophisticated products from milk. In the industry’s framework, there are a plethora of R&D activities to which both the public and private sectors contribute. It seems apparent that the current level of New Zealand’s development implies the appropriacy of the race-to-the-top policy. Such experience is to be followed by countries striving to get the status of developed economies.
Reference
Ruelas-Gossi, Alejandro. 2017. “Race-to-the-Top Strategy Paradigm”. Academy of International Business Insights 17 (4): 10–13. Web.