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The impact of economics on my life
Importance of international economic relations
Global economic interdependence
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Moreover, economic interdependence promotes peaceful trade between countries since it is beneficial and avoids war at all cost. For example, “China’s economy is thoroughly integrated in this complex interdependence global economy,” thus it would be suicidal for China to start war (Wong, The Rise of Great Powers, Nov.18). China free trades with the Association of Southeast Asian Nations (ASEAN) and has developed a profitable relationship that led to trade surplus (Kaplan, pg.3). As a result, starting conflicts with the ASEAN will threaten the Chinese economy because it will drastically impact free trade and will cause a downfall in profits. The possibility of war between China and United States is remote because China would rather benefit from resources such as, security, technology, and market that United States provides (Wong, The Rise of Great Powers, Nov.18). Although economic power shifts to China, United States provides security because it has always been the dominant hegemony; therefore, it has a better and powerful economy (Green, pg.34). It is evident that China’s economy is rapidly increasing, but it still has no interest in being the head hegemony and therefore does not challenge United States. That being said, countries choose to avoid conflicts with United States or their trading partners since it will negatively impact their markets and investments. On the other hand, hard-core realists predict that since China’s economy is on the rise, and United States economy is declining, it may create conflict. During World War I, a war occurred between England, a declining dominant hegemony, and Germany, a dissatisfied challenger on the rise (Wong, The Rise of Great Powers, Nov.18). However, war will not spark between China and... ... middle of paper ... ...lict. Neighboring countries will want to maximize their own revenues and in order to do so, they will set their own prices for goods and services. In conclusion, economic integration and economic globalization help reduce the probability of interstate belligerency because war negatively impacts the markets and investments, post World War reconstruction helps build stronger economies and lastly, countries would rather focus on specialization than war. In addition, economic integration and economic globalization help the economy grow and expand. These points show that war and conflict is decreasing because countries that are economically integrated prefer to free trade without any restrictions. As a result, markets increase since countries have more access to trade and that leads to an increase in globalization, whereas war would put the countries’ economies at risk.
The United States and China share the most imbalanced bilateral trade relationship in the world. The United States imports more goods from China than it exports to a tune of $202 billion dollars each year. All told, China alone accounts for nearly 26% of the United States' $725.8 billion trade deficit. “Increasingly, this imbalance has been the subject of a major political backlash within the U.S. congress, where some have charged that the US is destroying its industrial base to support a communist country's industrialization." http://worldnews.about.com/od/china/a/china_trade.htm
Some americans say that nations hinge on each other, while others say they also compete with one another. This gives rise to rivalry, which sometimes leads to war. Some wars emerge from differentiation in race, religion and culture. Due to the evolution of technology in an accelerated pace, highly sophisticated weapons are now available for use in wars. Wars also bring about widespread destruction, disrupt communication and hamper commerce. Thus, they cause heavy financial loss and great suffering to people. The effects of wars often affect countries that are not involved in the conflict. The threat of war can pressure a nation to waste immense amounts of money on defense instead of spending on developmental works like creating roads, hospitals, schools, and much more. War can halt a countries development. Some countries try to achieve political desires by using terrorism as a weapon against other countries. Terrorism spreads fear in civilians through acts of violence like killings and hostages. This intimidation has transformed into worldwide threat.
But every coin has two side, so does war. Some people think war will always around us because the country need develop. “The prominent University of Chicago political scientist John J. Mearsheimer, a self-declared “card-carrying realist,” sees great danger for the United States in China’s continued prosperity: “Can China rise peacefully? My answer is no. If China continues its impressive economic growth over the next few decades, the United States and China are likely to engage in an intense security competition with considerable potential for war” (2006, 160).” (James Payne, 2012) People around the world can see that China follow a peaceful way to develop fast both on military and economic. But there are still have some people believe it’s dangerous. I can understand what they are concern about, but every country wants to develop as well as the U.S., and the main goal is not to occupied or flaunt anything, the main aim is to make the ordinary people who live in the country have a better life. And the country develop their military is in order to protect their citizen, and make their citizen fell safety. There is a Chinese old saying “One shouldn 't have the heart to harm others, but must be vigilant so as not to be harmed.” We cannot have a bad idea for others, but we still need protect ourselves to avoid hurt. I think this view is the same as between
...e economy. Since China and the United States have interconnected economies instability in China could lead to problems in the United States.
Advances in technology and the expansion of trade have, without a doubt, improved the standard of living dramatically for peoples around the world. Globalization brings respect for law and human rights and the democratization of politics, education, and finance to developing societies, but is usually slow in doing so. It is no easy transition or permanent solution to conflict, as some overly zealous proponents would argue. In The Great Illusion, Norman Angell sees globalization as a force which results from and feeds back into the progressive change of human behavior from using physical force toward using rational, peaceful methods in order to achieve economic security and prosperity. He believes that nations will no longer wage war against one another because trade, not force, yields profit in the new global economy, and he argues that “military power is socially and economically futile” because “political and military power can in reality do nothing for trade.” While the economic interdependence of nations should prove to be a deterrent from warfare, globalization is not now, and was not a century ago, a prescription for world peace. At the turn of the twentieth century, formal colonialism was still profitable in some regions, universal free trade was not a reality, nationalism was not completely defunct, military force was necessary to protect economic investments in developing locations, and the arms race of the previous century had created the potential for an explosive war if any small spark should set the major powers off against one another. The major flaw in Angell’s argument is his refusal to acknowledge the economic advantages that colonizing powers, even after globalization has started to take shape, can actuall...
While free trade has certainly changed with advances in technology and the ability to create external economies, the concept seems to be the most benign way for countries to trade with one another. Factoring in that imperfect competition and increasing returns challenge the concept of comparative advantage in modern international trade markets, the resulting introduction of government policies to regulate trade seems to result in increased tensions between countries as individual nations seek to gain advantages at the cost of others. While classical trade optimism may be somewhat naïve, the alternatives are risky and potentially harmful.
In United States the economy has changed over the years the government wants their people to be more competitive and more marketable compared to other country such china. Many people have come to the conclusion that China may be a threat in the near future because of their growing economy and increasing influence in the world.
is more closing and China will be more capable power to take the role. And U.S. can not constrained power any longer especially after Iraq war, they lost a lot of money and more. From Waltzian neorealist perspectives here is the main problems between China- U.S. relation. First, the balance of power by arguing that true security can only be found atop the international system and that states will not be satisfied until they reach that point. From Waltz, his opinion is the world should be divide to bipolar so, this polar can decrease possibility of war because when two countries hold the great power and can avoid and concerned more about the effect if they make a war. But the main question is How much power is enough to maintain the bipolar? — He answered with defensive realism that state should not seek to be hegemon which is relative with peaceful architecture. Survival of the state is the point of purpose not to seek hegemony.But for China and U.S., the problem is nowadays both are trying to build many cooperations with many countries. For example,in Asia region, China and U.S. try to establish organizations such as TPP which U.S. is the main actor in this organization and China try to do bilateral relations especially with economic cooperations. The first problem is how China- U.S. weigh the balance of power between each other. China can rise peacefully or not in Waltzian indicate problem—both of China and U.S.’s intentions obvious reveal many dimension to the world of politics and this caused make many fear of them as the threats. In other hand, President Xi just visited U.S. to cool down the hot political situations. This can infer bipolar as Waltz said but in the ends no one knows and can not predicts what will
However, globalization could have an effect on conflicts and on who is involved fighting in these conflicts.
Given these sets of circumstances, china, Taiwan and United States have much to gain and even more to lose if an armed conflict erupts in the Taiwan Strait. All three countries have political, economic, and national security issues involved and united states and china are both in competition economic...
From the beginning of their establishment, the bilateral relations between the United States of America and China have changed throughout the time. The bilateral relations between the two countries emerged in the 1970’s with the ‘Ping-Pong’ diplomacy and there have been many pauses in their mutual relations. The US and China enjoyed cooperation in economic and military spheres and the mutual relations grew massively during until the end of 1990’s. The heads of the two states began visiting each other’s countries and the economic ties were tightening year by year. However, the issues of human rights and free speech declined mutual Sino-American relations.
China's development is praised by the whole world. Its developments are not only in the economic aspect, but as well in its foreign affairs. Compared with other developed countries, China is a relatively young country. It began constructing itself in 1949. After 30 years of growth, company ownership had experienced unprecedented changes. Entirely, non-state-owned companies can now be more involved in sectors that used to be monopolized by state-owned companies.
Interdependence: The possibility that unhindered commerce trade prompts interconnections that make clash too much over the top.
...y supply and this causes the collapse in the U.S. and elsewhere (Pinnell, Lecture notes, 3/23). Consequently, countries become very protectionist to protect firms at home and international trade collapses (Pinnell, Lecture notes, 3/23). Therefore, states must make decisions with reciprocity and consequences in mind (Pinnell, Lecture notes, 3/23).
... The Costs of US Hegemony: Military Power, Military Spending, and US Trade Performance. Sage.