The Economy Of The Modern Age

Entering an untapped international market can strengthen a business tremendously—but what if the costs outweigh the benefits for the market itself? China has long been an important player on the global stage, but recent advances in manufacturing, natural resources, and energy production have catapulted the expansive country to the forefront of international trade. Currently the world’s fastest growing major economy, China is set to eclipse the United States as the world’s largest economy by 2016. Among various domestic and international plays, one of China’s most fascinating uses of its

Chinese merchants go to South Asia and trade there as well, however, they are actually getting

what they trade from Asia is merely luxury items that people can now afford but send to

Asian taxes would rise to offset the lost revenue of monies from the factories that have shut down.

The following memorandum is a direct response to Robert Reich’s book Aftershock: The Next Economy and America’s Future (2013). It includes an overview of Reich’s diagnosis of the economic issues facing America, as well as relevant analysis for consideration by the President and Congress. The following text considers a potential prescription for the issue of income equality and a prediction regarding the potential action or inaction of the United States government on these issues.

In the book Rewriting the Rules of the American Economy written by Joseph E. Stiglitz, is able to capture the attention of the reader by bringing the problems with the economy to light as he also discusses the solutions that can help restore the economy. I think the problems that are very prominent in The US’s economy today are so unsatisfactory that as a society it is easy to be very aware of what is going on. The United States has always been thought of as this great and equal country where people have always wanted to live because of this big idea that comes along with living in The United States. The big idea that the land of the free also offers people this chance at The American Dream. Sometimes this idea does not always come true. Instead

Trade between nations of the world is extremely important in many aspects such as keeping a strong relationship between countries and to hold a good strong trust. It is through trade that

The population of the Asia region of the world contributes a massive amount of exporting goods, and global business as a whole. The sheer number of people consuming goods that must be imported to support the large population force the need for trade with other regions. The demand for resources is high and the need to develop strong trade relations with other countries is vital to the continued growth and success of Asian countries.

Global markets vary about their level of development. Also, the kind of products sold in each of these markets will differ depending on the degree of development. Language and cultural affinity are vital in global markets. Culture comprises everything from the way of thinking and doing business to the consumption arrangements of the people. Therefore, understanding the culture is essential as it accords clues on how to do business in such nations. In some countries, there exists a natural hostility to foreigners as well as foreign business. Also, culture commands the approach to dealing. For instance, in the United States as well as Western nations, they are approaching in communicating their lack of ability to accept the products, whereas, in the eastern nations, they are more circumspect (Havaldar, 2014). Aspects including punctuality, the procedures as well as civilities in carrying out business, the negotiation course, and even dressing differ from culture to culture, and these aspects should be understood to succeed in such a setting. One different between the western and eastern nations is that the countries of the east tend to be punctual an aspect that can be

Although modern day economic conditions are vastly different when compared to the economic conditions that the British had while they were industrializing, China most closely resembles Britain as it entered into the industrial revolution. Today, China is one of the fastest growing industrializing economies in the world (GDP growth rate ~8%) and can credit this to their shift from an agrarian economy to an industrial economy, their abundance of natural resources, cheap labor, and rapid urbanization.

The following examines the nation of China and its trade relations with the world, particularly the United States. The focus is primarily on China’s culture and how it impacts business dealings with other countries. Areas examined include: Religion, Management Philosophy, and Business Etiquette. Also discussed is China’s growing status as a world super power and how that has impacted the global business landscape. Likewise, various trading partners are examined and the effects of doing business with China, specifically for the United States. Points of concern for the United States are things such as the

A firm’s use of a warehouse that it owns and could rent to another firm

United States had face many events that had put this country in the position that is today. 21st century is an era where we had seen in major impact to our society; one of these challenges could be the new economy. In this new economy was one of the major challenges that had face our country for a better change, Clinton presidency at that time he had a major popularity and he was part on this American economy in the 1990’s. From that time in the 90’s to all the way to 2000 the economy expansion continue with more jobs reflecting that that unemployment stood below 4 percent, as we used to see in the 60’s. Referring to the book “Give Me Liberty by Eric Foner in the Chapter 27 Globalization and its Discontents “A New Economy” (1073-1080).

The market society has changed and transformed into a set of ideas only based on commodities. The market society is a human invention that took place with the ideas of capitalism. The great transformation started with the modern state. It is crucial to understand the great transformation because prior, in the past, the market had little say on the society. Currently the market is what shapes our society and culture. The role of the market has drastically and dramatically changed and is something that controls people.

Globalization is far reaching in this day and age. Globalization is the worldwide flow of goods, services, money, people, information, and culture. It leads to a greater interdependence and mutual awareness among the people of the world (Tischler, 2011, 2007, p. 430). One non-Western culture that has been impacted by globalization is China. An example of the impact of globalization on China is their economy. Since joining the World Trade Organization, China has transformed from a culture that relied on economic self-sufficiency and shunned the thought of globalization to an economy that is progressively more open to trade and foreign investment.