The paper "Economic Growth in China" is an impressive example of a Marco & Microeconomics essay. Robert Fogel is an American economic historian and scientist born in New York City. He is a son of a Russian Jewish immigrant and he has contributed a lot in the intellectual discourse of development and in the discipline of economics. He is the winner with Douglass North of the 1993 Nobel memorial prize in Economic science and currently, he is the director of the center of population Economics at the University of Chicago, school of business.
Robert Fogel has written several economic analyses of various economies in the globe but in this paper, the one, which is in focus, is his forecast on the future growth rate of China’ s real GDP per capita in the year 2040. His opinions regarding this aspect and the general Chinese economy have invited enormous opinions from all quarters ranging from businesspersons, students in economics, scholars, politicians to the citizenry. Discussion Robert Fogel in his work posted that by the year 2040 the Chinese economy will be turning at the level of 123 trillion dollars, which translates to almost thrice the global economic output of the year 2000 (Fogel, 2010).
He further forecasted that the per capita income of China during this time will strike 85,000 dollars which are double the matrix that the European Union has forecasted and also it will greater than that of India and Japan. Robert Fogel further asserts that by the year 2040 the Chinese megacity dweller will be having living standards, which will double the average standard of Frenchman. China’ s standard will not have overtaken the per capita wealth of the United States according to his forecast in terms of the global gross domestic product. Factors may influence China’ s economic growth rate The Chinese economy is blossoming and it is a reality that it has high potentiality to grow even more.
My confidence for China's growth and affirmation of Fogel’ s perspective is that China has grown to become one of the kingpin economies of Asia, and it has become a hub for enormous business and technological activities that two decades ago no one imagined China would achieve. In the recent past, the People’ s Republic gross domestic product (GDP) surpassed the levels of Britain and France and this prompted it to shoot to be ranked as the fourth-largest economy in the globe.
Consonery, Nicholas (2010) ‘A $123 Trillion China? Not Likely,’ Foreign Policy, Jan/Feb 2010.
Fogel, Robert (2010) ‘$123,000,000,000,000,’ Foreign Policy, Jan/Feb 2010.
Huang, Yasheng (2007) ‘Roots of China’s Miracle,’ Financial Times, 21 October 2007.
Huang, Yukon (2010) ‘China’s Unbalanced Growth Has Served it Well,’ Financial Times, 7
Keidal, Albert (2006) ‘Why China Won’t Slow Down,’ Foreign Policy, 25 April 2006.
Lee, John (2009) ‘The Chinese “Economic Miracle” – What Lies Beneath,’ Chapter 3 of Will
China Fail? Second Edition. Sydney: Centre for Independent Studies).
Maddison, Angus (2007). Chinese Economic Performance in the Long Run: Second Edition 960-2030 AD (Paris: OECD).
Pei, Minxin (2006) ‘The Dark Side of China’s Rise,’ Foreign Policy, Mar/Apr 2006.