Rise of China as an Economic Power

The rural depression was a primary component in the Great Depression, as bank advances turned sour, credit became scarce, and banks across the nation shut down. All through the 1930s, more than a million acres of land were influenced in the Dust Bowl, a large number of agriculturists lost their jobs and property, and mass relocation patterns started to arise as ranchers left rustic America looking for work in urban areas. This relocation, or migration, added to Great Depression unemployment hardships, stressed alleviation and advantages programs, and made in many vast American urban areas (The Great Depression Causes).

Since the reform and opening up, the economy of China grows significantly, as an emerging economy, China's economy has made tremendous contributions to the global economy, and Renminbi has become one of the most important currency in the world. According to the survey conducted by China National Bureau of Statistics found that from 1979 to 2012, China has attained an annual average growth rate of 9.8% for its national economy, while the annual average growth of the world economy is only 2.8 % during the same period. In past 30 years, China's GDP surpassed Japan’s, China became the world 's second largest economy, in addition, the huge total volume of trade makes China become the world 's largest trading nation. The contribution of China’s

1. Why are the centuries of the Tang and song dynasties in China sometimes referred to as a “golden age”?

In 1949 china was under the expression of a communist state. The regime of china was set up in similarity to the regime of Vladimir Lenin in the Soviet Union. Mao Zedong was part of the communist party. He followed the vision of Karl Marx, by envisioning a society under his regime that all shared equal prosperity and communism. In order to bring this vision to reality, he wanted to eliminate all capitalism and its emphasis on property rights, profits, and free-market competition. In the 1950’s in the rural of china, Mao banned free markets, which involved peasants selling farm products. However the trade of capitalism still existed through the private enterprise of remnants. Mao was dissatisfied with the outcomes towards an economy of Marxism. So he strived for a stronger approach by coming up with the Great Leap Forward. However, after the intense economic development that china had suffered from the great leap forward, it left millions of individuals throughout china suffering from the masses and deaths from the collapse of the food system. Because of the major consequences that were suffered from this approach it was unable to be left unnoticed. So, in 1960 after Moa Zedong declined all responsibility towards the disaster from the Great Leap Forward, Lui Shao-chi and Deng Xiaoping were left to rectify and administer the crisis. However, their attempt to repair the economic damages towards china, only led to the reverse of Mao’s earlier policies. That were

Around the time Ma Yin Chu began to publish articles on population, the Communist rule took over in China. The Communist were ruled by Mao Zedong. Mao directed most of his energy into the Chinese economy. In 1958, Mao created an economic plan called the great leap forward. This plan called for the people to use their will power to improve the economy. The lack of technology and capital made the plan back fire and lead the people into the great famine.

In October 1949, the People’s Republic of China (PRC) was established and led by Mao Zedong. China’s new communist leaders turned their backs on China’s traditional output (based on individual and small scale household production) economy and set out to create a massive socialist industrial government inspired by the Soviet Union. This idea introduced a model, which prioritize industrialization known as the “Big Push Model”. China started prioritizing investments into the heavy industry, which would reshape the Chinese economy and create a Command economy. Mao’s economic policies seemed be working in the

The Great Depression takes place in between the two World Wars. After World War I, the United States emerged as a prominent country on the world stage (Cohen & Kisker, 2010). It was able to benefit from “exporting agricultural products, manufactured goods, and explosives to the belligerents” (Cohen &Kisker, 2010, p.110). According to Granados, Roux and Portes, (2009) the 1920s started with a negative in economic growth and unemployment rate that was over 10%. The economy began to flourish during the middle part of the decade (Granados, et al., 2009). While there were signs that the economy was struggling in the summer of 1929, the onset of the Great Depression was during the stock market crash in October of that year (Granados, et al., 2009). According to Granados, et al., (2009) the unemployment rate rose substantially; “reaching it historical maximum of 22.9 % in the United States in 1932” (p.17290). The economy greatly affects the

The economy in the 1930 's was in a depression, which was the worst depression that the

After 1927, consumer spending declined and housing construction slowed. Inventories piled up, and in1928 and 1929 manufacturers began to cut back on production and lay off workers. Reduced income and buying power in turn reinforced the downturn. By the summer of 1929 the economy was clearly in a recession. Although the stock market crash and its immediate consequences contributed to the Great Depression, longstanding weakness in the American economy accounted for its length and severity. Agriculture, in particular, had never recovered from the recession of 1920-1921. Farmers faced high fixed costs for equipment and mortgages incurred during the high inflationary war years. At the same time prices fell because of overproduction, forcing farmers to default on mortgage payments and risk foreclosure. Because farmers accounted for about one-forth of the nations gainfully employed workers in 1929, their difficulties weakened the general economic structure. Other industries also had experienced economic setbacks during the prosperous 1920s. The older industries such as textiles, mining, lumbering, and shipping faltered, newer and more successful consumer- based industries, such as chemicals, appliances, and food processing, proved not yet strong enough to lead the way to recovery.

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.

China had a prosperous economy based on technological and industrial development and long-distance trade. China raised taxes and confiscated the land of wealthy individuals. Iron metallurgy in China was high. Iron was used domestically

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.

World War One gave China’s businesses and industries a chance to flourish. Britain, France, Germany and Russia were preoccupied with what was happening in Europe and no longer had spare goods to export. Imports from the West thus dropped dramatically, giving Chinese manufacturers a chance to sell more profitably. At the same time, the demand for products from China increased dramatically, giving Chinese manufacturers a chance to sell more profitably. At the same time, the demand for products from china increased helping china’s export industries. The number of Chinese textile mills increased from 22 in 1911 to 109 in 1921. Tonnage of coal produced grew from 13 to 20 million tons between 1913 and 1919. Modern banking took off: between 1912 and 1923, the number of modern banks increased from 7 to 31. Telephone and electric companies were formed not only in major cities but also in county seats and even in market towns. New fortunes were made. For instance, the Rong brothers from a family of merchants in Wuxi built a flour mill in 1901 and another in 1913. As opportunities opened up, they built eight new factories between 1914 and 1920 expanding into textiles. Therefore, like Japan and Korea, modernisation for China

The China Boom: Why China Will Not Rule the World, by Ho-fung Hung. New York: Columbia University Press, 2016.

In the current anarchic world, The United States acts as the global hegemon. However, China’s recent rise to power has lead international relations experts, Ikenberry, Mearsheimer, Subramanian, and Friedberg, to predict an upcoming power shift in the international system. China’s increasing control over the Asia-Pacific region has threatened U.S. power. According to Waltz, the realism paradigm interprets the anarchic structure of the international community, as a constant power struggle. Although each country may be different, to survive, they must all strive for power. Under the liberalism paradigm, the system is still anarchical but cooperation may be achieved by shared norms, and aligned political and economical interests.