Deng Xiaoping

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.

During the 1950s and 1960s, the Maoist government in China implemented a socialistic economy wherein the state controlled nearly every aspect of national and economic development. The process of making the Chinese economy public took the better part of the decade, but resulted in an explosive rate of expansion. Both the nation’s industrial and agricultural sectors grew exponentially until finally reaching a tapering off point during the late 1960s.

During Mao’s time, he strongly stressed his principles of the “Great Leap Forward” and the “Cultural Revolution”. However, due to these philosophies, China’s economic and social foundations crumbled and was severely damaged. The country was severely poor and economic production slowed. After Mao passed away, Deng Xiaoping emerged as Mao’s successor. He launched comprehensive economic reforms. These reforms aimed to decrease the role of the state in the economy and gradually introduce private forms of production in agriculture and industry. Because of these reforms, production increased by leaps and bounds and poverty was reduced dramatically. However, there was a problem that was arising. There was a lot of corruption and nepotism that was beginning to take over the economy. The gap between the wealthy and poor was growing and people began to see it as unfair.

Although the total size of China’s economy has grown at an astonishing pace, being the second largest economy in the world by now, its real GDP per capita does not tell the same story. China is still quite far behind most developed countries by this measure. The other problem facing both countries now is growing income

China is one of the largest countries on earth, it is four times the size of the United States. In recent years China has made headlines in becoming a global powerhouse. However, China was not always a vibrant country due to domestic problems that caused little to no economic growth for a period. Under the leadership of Mao, the focus was to increase the food supply to feed China’s growing population. The Mao administration redistributed farm land to the peasants where they did not have to pay any rent. This meant that the peasants could invest extra profit to help better the farming soil. Mao would buy the crops from the peasants for a low price and then sell them to outside for a high price. The profit Mao made would be put back into the economy to stimulate growth. Over time the peasants began to consume more food resulting in less food for the

. In the contemporary scheme of things China makes up for roughly 11% of the world’s exports, an amazing feat for a country that practiced an isolation policy and communism only forty years prior. Additionally, China with a large-scale allocation of funds to improve poverty ratings has successfully brought four hundred million people out of poverty, into a lower-middle class. Now, while still competing with Japan for Asian hegemony, China enjoys a great deal more security and prosperity through its transformation from a failing communist state to a wealthy hyper-capitalist state. Through capitalistic economic reforms, an export led economy, and efficient one-party, authoritarian politics China has been able to bounce back from three decades

The AEI argues that “more state action—such as credit provision or infrastructure spending—cannot reverse it. A return to a healthy economic trajectory will require resuming pro-market reform” (Blumenthal). It is not capitalism that leads to stagnation, but rather poor economic policy. This line of thinking is further endorsed by Fred Hu, a former Greater China chairman for Goldman Sachs, who has previously advised the Chinese government on economic policy. Hu argues that without reform away from central planning, China will face “loss of growth momentum, [and] a slow descent into economic stagnation” (Hamlin). Stagnation, while an important issue, is not a sign of self-destruction from capitalism. China is evidence that stagnation can, and will occur in a variety of economic systems, thus rebutting Streeck’s

Over the course of the Communist Party’s ruling history, the economy has fluctuated in its quality. From Mao Zedong’s reign (1949-1978), Chairman Mao focused on the industrialization of communes and agriculture. The economy not only remained relatively stagnant as a result, but also caused an immense famine throughout these communes. Since Mao’s death in 1976, the Communist Party has steered away from its communal form of economy and became the world’s second largest economy through capitalism. This act of change depicts how the Communist Party has influenced the People’s Republic of China’s financial system into becoming increasingly capitalistic. The People’s Republic of China had issued a multitude of economic reforms in 1978 after the death of Mao Zedong. As a result, China has risen in the ranks of the world’s economy, effectively becoming the second fastest growing economy in the world as well. All in all, the Communist Party of the People’s Republic of China has aided the Chinese economy to reach its current success.

In October 1997, with the impact of the Asian financial crisis, most of the Asian countries’ economic were malaise (Sharma, 2003), even China. In 1998, the Chinese government implemented a series of policies to promote economic growth, and led China into a golden stage of the economic growth ( ). Therefore, the study of this period of successful economic policy is particularly necessary. This essay will lay out the successful policies of China in this period from four different aspects at first. Then, I will analyze and evaluate the success of the policy in each period. Finally, I will summarize the success of these policies.

Over the last 50 years, china has experienced a meteoric growth economically to become one of the world’s most industrialized and modernized countries. One of the reasons for this accelerated growth of the country’s economy is the decision by the authorities to adopt an open economy aimed at tapping the benefits of globalization. During this period of economic growth, the country has progressively moved from a predominant agrarian society steeped in traditions to an industrialized and modernized society. This transformation has led to improvement of standards of living and increased industrial output, hence propelling the growth of China’s economy. This has not been without the conscious efforts by the government to undermine traditions in

China in the 1980s was characterized by the economic reforms of Deng Xiaoping. After the death of Mao Zedong, the new supreme leader of China launched his “reform and opening” program that drastically overhauled China’s financial sector. China wanted access to world markets for trade, investment, and technology. For this to happen, China needed to demonstrate to the world its

The purpose of this essay is to show how the economy of China has, and is changing, becoming the second largest economy in the world today. Although China is currently under the leadership of Xi Jinping, this essay will concentrate primarily on the actions undertaken by then President Mao Zedong, followed by then President Deng Xiaoping, (sans mention of Hua Guofeng). Given the relative infancy of Xi’s assumption of power, economic policies still remain largely rhetorical in form. Likewise, the majority of literature concerning economic policies under Xi are largely speculative, often citing strategies and ambitions as opposed to thereby, lacking a solid basis for rational induction In addition to China’s lack of transparency, In addition, it will be shown that the methodology behind the Chinese economy demonstrates the implementation of varying levels of the characteristics associated with the schools of Realism, Marxism and Liberalism. Thus, China’s approach to global trade in the 21st Century is pluralistic, testamentary to the failed economic

China had to experience some tough times before even considering addressing economic policy changes that would change the way that china did business with the world. Before the time of Mao Zedong and the Peoples Republic of China, the land of China was controlled by landlords that thuggishly ruled over their areas in order to maintain wealth and food for themselves while supporting the larger government. After the revolution and the implementation of the People Republic of China, the land was taken from these landlords and redistributed back to the peasants that worked the land. They were allowed to farm this land to produce crops for the government as well as make enough for self-sustainment. Later these peasants were grouped into cooperatives in order to meet the needs of the growing country.

Since the reform and opening-up policy published in China in 1978, Chinese economy boomed in the past decades. China is facing great opportunities with its Chinese features; however, it also brings some negative

Since its founding, especially after the 1980s, China has experienced a series of economic reforms, such as the development of non-government-owned industrial economy, the opening-up policy. Unprecedented growth occurred in China, with its economy increase by 9.5% a year. Meanwhile, sharp regional disparity becomes one of the biggest development challenges China is facing, with metropolitan areas of the eastern coast far richer than that of central and western China. Reform along with opening-up