Joe Studwell's How Asia Works

As the modern day economy continues to grow, more and more discussion are emerging revolving around what are the factors that led to the successful economic growth in some countries and one country that has been gaining researcher’s interest is China and the development of Beijing from a third world country in the to a developed and Newly industrialized country today.

Hung’s stated goals are as follows. First, he aims to outline the historical origins of the capitalist boom in China as well as the conditions which predicated said boom. He also names four conceptions against history to explore the global effects of China’s capitalist boom and the limit of that boom. Firstly, he seeks to challenge the notion that China is challenging the United States neoliberal order. Secondly, he examines the belief that the increasing incomes of poor Chinese citizens helps to reverse worldwide income polarization. Thirdly, he analyzes the claim that China’s rise is challenging Western dominion over the world, and is radically altering the world order. Lastly, he plans to evaluate the assertion that China has been emerging as the most powerful driver of growth since the global financial crisis. He plans to devote a single chapter to the refutation of each of these views and explanations of why they overstate the importance of China, in addition to several introductory chapters describing China’s rise. He aims to prove with this work that China is no different than the other major capitalist powers, that its boom is dependent on the global neoliberal order, that its boom contributes to rampant inequality, and, in sum, that China is just a foundation of the capitalist status quo.

Ha-Joon Chang is a distinguished economist from Seoul, South Korea specializing in developmental economics. He attended the University of Cambridge in 1986 as a graduate student and earned his PhD for his thesis the political economy of industrial policy - reflections on the role of state intervention in 1992 and has taught as a professor of the Political Economy of Development at the University of Cambridge since 1990. He has served as a consultant to the World Bank, the Asian Development Bank, the European Investment Bank, as well as to Oxfam and various United Nations agencies. He is also employed at the Center for Economic and Policy Research in Washington, D.C. and is on the advisory board of Academics Stand Against Poverty (ASAP). His approach to economics is so inspiring and continues to influence those in high power such as Rafael Correa, the president of Ecuador. His insight on economic policy has been spread worldwide through his numerous books that are still widely discussed today. It has earned him his many achievements, including his ranking as one of the top 20 World Thinkers in 2013 in Prospect Magazine.

For more than two decades under the communist rule of Mao Zedong, China’s economy was in a stagnant state, but now it is known to have the world’s fastest growing economy. In fact China is currently undergoing what is being described as a second industrial revolution. According to the international monetary fund, China became the world’s

On global standards, in the consideration of growth, Chinas economy is impressive. However, within the nation itself, the economy has not been able to achieve the government standards it wants to during the past few years. The capability that China has to become the largest economy in the world is evident due to the fact that China is the second largest economy and with that power, everyone is looking at them to see how they are going to survive in the years to come. Their economy grew 6.7 percent in 2016, which is a 2 percent decrease from 2015. This may appear unfavorable at a glance but it is within China’s target range; therefore, a two percent decrease does not affect them much in the long run. China has to be able to reflect on what

The economy of China can be difficult to understand and follow; here is an overview on the Nation’s economy. In 1820 China was the largest economy in the world, today it is the second largest. China lifted more people out of poverty than any other country, to where urban areas in China, poverty is eliminated (Project Specialist, Economic Growth and Social Inclusion Initiative, World Economic Forum). China is the world’s manufacturing hub due to the fact that it specializes in labor-intensive and export led production of cheap goods. Many US companies prefer to manufacture in China because the work is fast and cheap. “China is the world’s largest exporter and the second largest importer of merchandise goods” (Project Specialist, Economic Growth and Social Inclusion Initiative, World Economic Forum). By 2030, it is expected that China will once again be the world largest economy.

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 has always been a country talked about whether it’s because of trade that the U.S. and other countries are involved in or how much they have grown as a country. You usually hear a story in the news about their growing power. China has become one of the top countries in the world ranked as #2 right behind the United States with a GDP of $10.4 trillion U.S. dollars as of 2014 and continues to rise. China has transformed itself to a manufacturing and exporting hub since they were a centrally closed economy in the 70’s and has grown over 7% in the past couple of years while continuing to grow. What makes China’s economy powerful? As you continue to read this research paper you’ll understand why and how China has grown with their economic, military, and political power.

In chapter fifteen of our textbook, Understanding the Political World, it classifies China as a ‘transitional developed country.’ More specifically, China is defined as one of the five BRICS countries. These countries consist of; Brazil, Russia, India, China, and South Africa. The BRICS countries do not share a global region, political systems, or economic systems. The textbook argues that the three main goals of these countries are prosperity, stability, and security. In a 2015 article, published in the Journal of Democracy, written by Carl Minzner, entitled China After the Reform Area, Minzner articulates many of the same ideas about China that Danziger and Smith put forward in the textbook about all of the BRICS countries.

China is seen as a very influential and prosperous country in terms of its technological advances, the fact that we are in trillions of dollars in depth to them , referring to the United States, etc. With that being said; however, China has multitudes of problems facing its country. In terms of freedom, China has one of the lowest scores on the scale, because its lack of education and its increasing income inequalities among its people. Many reforms need to take place, as well as more education. Although China technologically is sufficient and prosperous, these articles below focus on key problems faced in China early decades ago, as well as still today. Encouraging entrepreneurship, higher levels of education, reformed agricultural base, etc, will all be significant factors in the promotion and overall prosperity among China.

In this essay we look in-depth on how government strategies and economic policy play a crucial role in the success of High Performance Asian Economies (HPAEs) during 1960 to 1990 (World Bank 1993).There are eight countries within HPAEs: South Korea, Taiwan, Hong Kong, Singapore, Thailand, Malaysia, Indonesia and Japan. Its economic development has significantly rise that it was name ‘East Asia Miracle’ (World Bank, 1993).

Zhiwu Chen, a professor of Finance at Yale School of Management, had once addressed two pivotal questions to the world: “Why has China’s economy grown at such a fast rate during the last 30 years, and is this growth rate sustainable?” Over the past decades, China’s uprising as a huge economy power was undeniably prominent, first in Asia and then to the eyes of the world. The most popular answer as the world knows it is because China has “vast and cheap labors”, but that is not necessarily true. The idea of China’s development has been supported not only by huge labor force. Instead, it was also driven by all the changes that happen in the world, which allowed China to gain from its labor force, and also

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

This essay has analyzed the common policies that contributed to the Miracle as well as the contrasting policies between the HPAEs and its developing neighbors in Southeast Asia. It can be argued that a mixture of reasons as to why the developing economies struggled for decades stemmed from their fundamentally weak governmental structure, nepotism resulting in ineffective policies, and domestic conflicts led to their weakened economies. The historical context behind these nations cannot be ignored, and thus led to their struggle in implementing similar effective policies that successfully transformed its neighbors’ economies in East

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