2 pages/≈550 words
Business & Marketing
Chinise Market Economy (Essay Sample)
the task was about giving an overview of the impact of Chinese successful economic transition on the U.S basing on the concept of mercantilism assumptions.source..
Chinese Market Economy
China is the 4th largest nation worldwide subsequent to Russia, Canada, and the U.S. having a population of about 1.3 million people. However, it has experienced magnificent economic transition over the preceding two decades which has enabled it become the 2nd most powerful economy worldwide after USA. All this has been attributed to China’s communist victory of the year 1949 and the outstanding Cultural Revolution that took stage during the 1960s period. Generally, China has made remarkable strides in extending its economy to meet diverse market demands of the international trade policy (Wu 214).
When Mao Zedong was in power, China was a communist country where the impacts of its economic ties were not felt with outmost market reception. However; with Deng Xiaoping taking power in the year 1978, china began to experience an amicable market rule that enabled its GDP to have a positive turn. According to a research on Chinese market economy, the nation has been able to achieve a 73% economic marketization as per the conditions set by the E.U and the U.S. Strangely enough, the economic transition of china has resulted to a negative impact on other economies such as the U.S. In this regard, this literature will give an overview of the impact of Chinese successful economic transition on the U.S basing on the concept of mercantilism assumptions.
Mercantilism is a theory related to Realism. It states that, international systems are principally different from the domestic economic systems. Incidentally, the theory advocates that; power is often used to defend the domestic system of the economy from international competition, power enhances the competitiveness of most domestic manufactures in the global market against foreign rivals, and lastly it concludes that power controls natural resources by the use of force at time. The Chinese government has predominantly improved their economy at the expense of other nations. It is true that the form of leadership in China approves for Mercantilism thus other nations should realize that they are being antagonized economically.
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