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China's late-twentieth-century economic reform quizlet
Theory of demographic transition and its applicability to developing countries
Theory of demographic transition and its applicability to developing countries
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China is the second major economy in the world and most populated country in the world with well over 1.3 billion people. Simultaneously, India is the second most heavily populated country consisting of 1.1 billion people. Although 1.1 billion people constitute a large amount of purchasing power India continues to have the world’s highest concentration of poor people. In particular, India’s economy consist of agriculture, textiles, chemicals, food processing, steel, transport equipment, and software services (Just the facts, 2006). In this paper I will discuss and compare China and India’s economy, political, out shoring, social issues, educational system, government structure, and infrastructure. China’s Economy and the Goods and Services it Provides China’s economy has been changed by continual influences of economic reform. Before 1949, China was a traditional society with a traditional household-based economy. To illustrate, 90 percent of the population living in China lived in rural areas and depended on agriculture. However, “China’s new leaders turned their backs on China’s traditional household-based economy, and set out to develop a massive socialist industrial complex though direct governments control” (Wei & Rowley, 2009).China shaped its economy from socialism for 30 years until it became associated with major shortcomings. As a result, China launched economic reform which transformed China’s economy from a “Soviet-style centrally planned economy to a more market-oriented economy, but still within a rigid political framework of Communist Party control “(Wei & Rowley, 2009). China experienced large amounts of economic growth after the beginning of the reform in 1978, and has progressively continued to expanded overti... ... middle of paper ... ...k: Charles Scribner's Sons. Retrieved from http://0-go.galegroup.com.library.dcccd.edu/ps/i.do?id=GALE%7CCX3403700565&v=2.1&u=txshracd2500&it=r&p=GVRL&sw=w Rothermund, D. (2002). India—Education System. In K. Christensen & D. Levinson (Eds.), Encyclopedia of Modern Asia (Vol. 3, pp. 17-20). New York: Charles Scribner's Sons. Retrieved from http://0-go.galegroup.com.library.dcccd.edu/ps/i.do?id=GALE%7CCX3403701275&v=2.1&u=txshracd2500&it=r&p=GVRL&sw=w Wei, J. Q., & Rowley, C. (2009). China. In C. Wankel (Ed.), Encyclopedia of Business in Today's World (Vol. 1, pp. 268-272). Thousand Oaks, CA: Sage Publications Inc. Retrieved from http://0-go.galegroup.com.library.dcccd.edu/ps/i.do?id=GALE%7CCX3201500172&v=2.1&u=txshracd2500&it=r&p=GVRL&sw=w Xinhuanet.com (2003) Health Sector. Retrieved Online May 4, 2012, 2003 from http://202.84.17.11/english/china_abc/health.htm
Following the Chinese Revolution of 1949, China’s economy was in ruin. The new leader, Mao Zedong, was responsible for pulling the economy out of the economic depression. The problems he faced included the low gross domestic product, high inflation, high unemployment, and high prices on goods. In order to solve these issues, Mao sought to follow a more Marxist model, similar to that of the Soviet Union. This was to use government intervention to develop industry in China. In Jan Wong’s Red China Blues, discusses Maoism and how Mao’s policies changed China’s economy for the worse. While some of Mao’s early domestic policies had some positive effects on China’s economy, many of his later policies caused China’s economy to regress.
To begin with, this research exposed a FDI puzzle between India and China through analyzing the current economic condition. Prime, Subrahmanyam and Lin (2011) stated, "Given their growth records, large markets, and reformed economic systems, both China and India appear to be equally likely candidates for foreign direct investment. Yet, China has received substantially more FDI" (p. 303).
The introduction of communism in China continued to have a large disparity in wealth and powe...
With the Industrial Revolution and Age of Imperialism intensifying among Western nations in the 19th century, China faced an impending threat to its ancient cultural values. Pressured to adapt to the changing global environment but fearful of losing its traditional identity, China and its reform leaders have since attempted to incorporate a “ti-yong” distinction between utilizing Western function and preserving Chinese values, most notably in the Self-Strengthening movement beginning in 1860 and Deng Xiaopeng’s economic reforms of the 1980s. The Qing’s attempts at self-strengthening proved unsuccessful with humiliating defeats in the Sino-French and Sino-Japanese Wars in the late 1800s. However, Deng’s utilization of Western market techniques in China’s socialist state proved wildly successful, with annual economic growth of 8-15% throughout the decade. The disparity of success between these two movements demonstrates the evolving political strength of the Chinese state that has revolutionized in its sovereignty and organization since the mid-nineteenth century, providing the foundation for mass reform and Chinese modernization.
Though the world economy as a whole has grown in recent years, a factor that is not taken into account is that the number “of the poor in the world has increased by 100 million” (Roy 3). In other words, the gap between rich and poor is widening. For India, this has startling implications. Though it is a nation that is developing in many ways, it also is a nation blessed with over one billion citizens, a population tally that continues to grow at a rapid rate. This population increase will greatly tax resources, which can create a setback in the development process. The tragedy, of course, is that the world is full of resources and wealth. In fact, Roy quotes a statistic showing that corporations, and not even just countries, represent 51 of the 100 largest economies in the world (Roy 3). For a country struggling to develop, such information is disheartening. However, there is also a more nefarious consequence of the growing disparity between rich and poor, and power and money being concentrated in the hands of multinational corporations: war is propagated in the name of resource acquisition, and corruption can reign as multinationals seek confederates in developing countries that will help companies drive through their plans, resulting in not only environmental destruction but also the subversion of democracy (Roy 3).
Multiple differences exist between the educational systems in Canada and India. In Canada, education is like an open topic with a rising debate that education can provide students with a career, but at the same time students can find success without it. However, in India education is not an open topic as many students must go to school as the country takes too much value into it as students can only get a well-paying job with a degree. This is what sets the two countries apart in their educational systems as Canada values willpower of the student in school because motivation is necessary to achieve success, whereas India values discipline in school because obedience is necessary to achieve success. Multiple differences can be seen in the way both educational institutions deal with punishments, dress codes, and curriculum.
As these economic reforms led to China's accelerating economic growth, they also led to increasing political and economic decentralization where local regional governments made economic decisions, used tax revenue for local projects and received less financial support from the central government(Goldman & Mcfarquhar 2000, p.8). As explained by social scientist Gordan White, he characterized the social changes in post-Mao economic reforms as 'fragmented and fragmenting' (Goldman & Mcfarquhar 2000, p.17) The introduction of market forces as well as political and economic devolution of power to the local governments had produced serious social unrest to the Chinese's society. For example, the economic decentralization of the central government to the local government contributed to the alliances between the local officials and local enterprises. Although it improved the standard of living, this kind of alliance gave rise to corruption and enrich the local officials with power, giving them ultimate control ( Goldman & Mcfarquhar 2000, p.17). Due to economic interest of local authorities, they ignore the central government warning against corruption, labour exploitation and taxes overcharges. For example, due to the dual-price policy in products, it provides opportunities for people who have access to state-controlled goods and materials to make huge profits by buying them at an officially-fixed low price and reselling them at free market at a higher price (Minami 1994 , p.21). This shows that local government do not obey government rules and corruption in government is evident and inevitable. The central government failed to realise that although economic and political decentralization did improve market economy, it would on the ot...
Finally, the United States political system has a strong structural structure but in China their people always work together to be the best and stand out in the world. It is predicted that China will one day be the largest economy-growing country in the world. They continually grow and rebalance their world to be the best. The growth of the economy will depend on the Chinese government's comprehensive economic reforms that more quickly accelerate China's transition to a free market economy. Consumer demand, rather than exporting, is the main engine of economic growth; boost productivity and innovation; address growing income disparities; and enhance environmental protection.
Hill, C., Wee, C. and Udayasankar, K. 2012.International Business:An Asian Perspective. 8th ed. Singapore: McGraw-Hill.
From the 1970s, there has been a wave of liberalization in China, which was introduced by Deng Xiaoping. This is one of the key reasons to the rise of China to be one of the economic giants in the world. In the last 25 years of the century, the Chinese economy has had massive economic growth, which has been 9.5 percent on a yearly basis. This has been of great significance of the country since it quadrupled the gross domestic product (GDP) of the country thus leading to saving of 400 million of their citizens from the threats of poverty. In the late 1970s, China was ranked twentieth in terms of trade volumes in the whole world as well as being predicted to be the world’s top nation concerning trading activities (Kaplan, 53). This further predicted the country to record the highest GDP growth in the whole world.
China and India both have ponderous bureaucracy systems created by history and tradition. Since the opening of China’s market to foreign investors in 1978 and India in 1991, they have been gradually moving from centrally planned economic system towards decentralisation. However, besides their continuous movements in order to provide businesses a better environment, significant problems still exist.
Zhu, Y. & Warner, M. (2000). “An Emerging model of employment relations in China: a divergent path from the Japanese?” International Business Review, 2000, Vol.9 (3), pp.345-361. [03 April 2014]
The rise in China from a poor, stagnant country to a major economic power within a time span of twenty-eight years is often described by analysts as one of the greatest success stories in these present times. With China receiving an increase in the amount of trade business from many countries around the world, they may soon be a major competitor to surpass the U.S. China became the second largest economy, last year, overtaking Japan which had held that position since 1968 (Gallup). China could become the world’s largest economy in decades.
When the new Chinese Government was set up in 1949, the new government faced a lot of problems. First on their agenda was how to re-build the country. As Communist Party of China (CPC) is a socialist party, their policies at the time were similar to that of the Soviet Union’s. Consequently, the CPC used a centrally planned strategy as its economic strategy when it first began. For a long time, the Chinese economy was a centrally planned economy in which none other than the state owned all companies. In fact, there were absolutely no entrepreneurs. As time went on, the problems of a centrally planned economy started to appear, such as low productivity, which was the key reason for restricting the development of China. With the population growing, the limitations of the centrally planned economy were clear. In 1978 China started its economic reform whose goal was to generate sufficient surplus value to finance the modernization of the Chinese economy. In the beginning, in the late 1970s and early 19...
India, the second highest populated country in the world after China, with 1.27 billion people currently recorded to be living there and equates for 17.31% (India Online Pages 2014) of the world's population, but is still considered a developing country due to it’s poverty and illiteracy rates. As these nations continue to grow at rates that are too fast for resources to remain sustainable, the government’s in these areas wi...