The paper "China, the US, India, the EU and Russia as Polar Powers in a Multipolar Global Power Structure" is a good example of business coursework. There has been a lot of developments and changes in the world over the past 50 years and these changes are expected to be more dramatic in the next 50 years. The growth generated by the developing countries like China, India and Russia could grow into larger forces in the global economy than they are now, possibly more than expected (PricewaterhouseCoopers, 2017). These countries are growing and developing at a very fast pace such that there is a possibility of surpassing the United States and the European Union.
The developing countries are experiencing explosive growths in population while others are experiencing declines. These population fluctuations contribute to almost everything from the scarcity of resources, changes in culture and societal norms to shifts in economic power (PricewaterhouseCoopers, 2015). The countries have different demographic paths translating to different growth patterns and paces. Some are rapidly aging and their labor forces are expected to be controlled as a share of the overall population.
The young growing populations will create larger workforces and consumer markets. There is a gradual shift in global power as the United States no longer holds power since other regions are becoming more diplomatically and economically important. The question then is whether China, India, Russia, The United States and Russia are likely to become polar powers in a multipolar global power structure. The essay will look at each country’ s possibility of becoming a polar power by 2050 then draw conclusions from the findings. For the most part of history, the western countries have been the most developed with China following closely (Varisco, 2013).
China has gradually moved to a form of state capitalism from communism since the late 1970s and in the process, it has achieved economic growth rates that would exceed ten percent some of the times. The country however still has room to grow in the technological frontline and despite its macroeconomic imbalances that pose a threat to its pace of development, the country seems to be set to be as powerful as it was between the 14th and 17th centuries (Zheng et al. , 2011).
The expansion of the country’ s economy is expected to increase its cultural and geopolitical influence. There is a decrease of capital controls to allow the Chinese currency and the assets it owns become the backbone of the trade, finance and global reserves with the extent of sway that emanates with it. Massive strips of land are being developed in Africa by Chinese venture capitalists and there is also a discreet Chinese demographic and economic penetration of the Russian Far East (Peel, 2009).
Moscow even qualms that Chinese corporations with support from Beijing will ultimately have control of the reality on the ground with Russians themselves having a declining population. It is believed that the Chinese century is just beginning. Commentators imagine that just as the United States overtook the British empire bin shaping the world order, China will do the same to the United States becoming the world’ s superpower with India following closely bringing the current superpower to third place by 2050 (Kwasnicki, 2011). This is, however, would represent the natural order of things since China and India should be the biggest economies due to their large populations.
These projections are however the theoretical current view and some scholars see the extent of influence that will come with the prosperity of the country and the pace at which it will come as exaggerated (Cohen et al. , 2014). Unbalanced and thin financial markets, economic discrepancies due to over-investment, corruption and inflation will slow down China’ s growth to a superpower. In the event that the country becomes the largest economy, its huge population would translate to much lower per capita income than the western countries.
Even very small effects on the rates of differential growths can significantly alter the overall outcomes. If the appropriate interpretation of the shifting physical environment is taken, it would be noted that the world will be a multi-polar place with several leading centers shaping it by 2050, but not centered necessarily on China or East Asia. China is expected to be one of the biggest economies alongside the United States and other regions like Russia, India and the European Union if it can hold together and create a better fiscal regime.
As much as China is radically developing, there are some constraints to its development and other countries are not just watching, they are also in the competition to become the world’ s superpowers or maintain the status.
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