Economic miracles: Valuable economic lessons for developing nations

Abstract

This article, a literature review of Israel`s economic miracles, examines the secrets behind the transformation of Israel, a Start-up Nation slightly smaller than New Jersey or Wales born in 1948 with a population of around seven million, to become an Innovation Nation with more companies listed on the National Association of Securities Dealers Automated Quotations (NASDAQ) outside the United States of America. The article further examines the unique conditions existing in Israel which are luring technology companies and global investors. On the whole, it was established that Israel has managed to achieve economic development through its innovativeness that has come as a result of many factors some of which are discussed in this article. The author broadens the context of his conclusions by taking into consideration some of the concluding remarks by Israel `s Prime Minister Benjamin Netanyahu`s 2014, Davos World Economic Forum address. This article will go a long way in influencing government policy implementation. This article has therefore business and academic value.