The paper "National Difference in Political Economy and Economic Development - China" is a perfect example of a macro & microeconomics case study. Globalization is the worldwide movement towards trade, communication, financial and economic integration. This, therefore, implies that there is an interdependent and interconnected world whereby there is access to goods and services from one nation to the other. However, some factors such as labor may not be considered since some fragile economies may be directly affected (Veeck 2007). The national difference in political economy and economic development At this moment, China is experiencing great changes in its economic, social and political spheres.
This means that their account on scale and speed is intensified. It is said that there is no country in history that has experienced the amount of growth in industrialization as China. The country is transforming extensively and rapidly. As a result, China’ s success or failure story depends on its domestic development and may carry serious implications in the region and internationally as well. However, it is still not certain how soon China may become the most powerful economy in the next century.
Nevertheless, the growth that China is experiencing has already impacted so many lives among the Chinese and also those in the Asia Pacific region. This is so because the standards of living have been raised as more job opportunities have been created. Investment opportunities have also increased especially because of the political stability (Wild 1992). Human welfare, health and education are some of the areas that have been improved due to economic development. There are countries that raise their Income but do not consider upgrading literacy levels and increasing life expectancy.
There has to be a balance between economic growth and how citizens in the nation will cope with all the changes. Development in the economic wealth of a country is defined as economic development.
G. Veeck, C. Pannell, C. Smith and Y (2007). Huang. China’s Geography: Rowman and Littlefield, Lanham MD.
"The Fdi Report 2014 - Asia Pacific". Fdi Magazine. 25 June 2014. Retrieved 17 July 2014.
Killion, U. (2006) A modern Chinese journey to the west. New York: Nova Science Publishers, Inc.
Thomas, H. C. Lee, p.100 “Education in Traditional China: A History.”
Thomas Havranek & Zuzana Irsova (30 April 2011). "Which Foreigners are Worth Wooing? A Meta-Analysis of Vertical Spillovers from FDI".
Wild, O. (1992). The Silk road.