Ageism is stereotyping and/or discrimination against individuals or groups on the basis of their age. The effects of ageism on older adults include: pervasive employment discrimination, biased health care, and media caricatures or invisibility. When internalized by older adults themselves, ageist views can lead to poorer mental and physical health. With negative stereotypes, older people have a higher risk of dementia. They have greater accumulations of plaques and tangles in the brain, the biomarkers of Alzheimer`s disease, and a reduced size of the hippocampus, the part of the brain associated with memory. It is not always easy to find the balance between shrugging off offensive messages and counterproductive scolding, but individuals can speak up about ageist generalizations.
For example, the government of a late developing country could provide subsidy in the ‘steel’ industry from international firms, for a period of ten years. During which period, the domestic industry must produce to meet the domestic demand. Understandably, a large amount of production would be required to make this subsidy economically viable. i.e the steel industry would have a high set-up cost, which is non-negotiable and fixed. Therefore the large production would be essential to make back the capital spent. It is to be noted that the state cannot subsidize a thousand steel mills as that would not lead to profit. The subsidy provided would be to a handful of firms, which are usually family owned conglomerates, i.e a less specialized industrial group that can social and pool the risk, as they are undertaking a long gestating, risky enterprise. For eg the Tata group in India.
However, the State must possess the capacity to ‘promote winners’ in this arrangement, and more importantly it must exercise good political power, for example in taking away subsidy from a non performing firm, or prevent a building of oligarchy due to subsidies – which is a difficult task.
Therefore, high potential of production in late developing countries, less or no budget for Research and Development, patents and advertising are some major reasons in favor of state sponsored subsidies.
IMPORT SUBSTITUTION
We have laid a considerable focus on Import Substitution. This is because the most critical consequence of it is bringing the domestic market up to internationally competitive standards, without being trampled upon by big players in the international market, when the domestic industry is in the nascent stage. As we have seen in the case of domestic industries being crushed in Sub-Saharan Africa by China in textiles and electronics, mainl
