Do you think that despites such contradiction (coexistence of totalitarianism and rapid economic development), China will contin

MGMT 4710

INTERNATIONAL BUSINESS

UNIT 1 DISCUSSIONS

The World Bank (2019) classifies world economies into two categories: Developed economies and developing economies. Developed economies have a high per capita income (above US$ 12,375), and developing economies have a low to middle per capita income (US$12,375 or less). The political system of almost all developed economies is democracy, and their economic system is mostly market economy. Examples of developed economies include the United States, Canada, Western European countries, some Eastern and Southern European countries (e.g., Poland and Hungary), few Asian countries (e.g., Japan, South Korea, Singapore), Australia, New Zealand, etc.

China’s political system has been totalitarianism since the communist revolution in 1949. Also, it has had a mostly command economic system. Because it is neither a democracy nor a market economy, it makes sense to speculate that China would hardly achieve a meaningful economic progress. Surprisingly however, China has seen its per capita income rise from $307 in 1980 to $10,170 in 2019 (International Monetary Fund, 2021). Also, China has become the second largest economy in the world, after the United States. This led O’Neill (2011), an economist at Goldman Sachs, to describe the coexistence of totalitarianism and rapid economic development in China as the greatest global contradiction of our current lives.

References:

International Monetary Fund. 2021. World Economic Outlook. Washington, DC. Retrieved on January 17, 2022 at https://www.imf.org/en/Publications/WEO/Issues/2021/10/12/world-economic-outlook-october-2021 .

O’Neill, J. (2011). China, China, China. Viewpoints (Goldman Sachs), July 3.

Question: Do you think that despites such contradiction (coexistence of totalitarianism and rapid economic development), China will continue to rise faster and surpass the United States as the largest economy in the next few decades as some economists predict?

Instructions:

– First: In D2L, under Assessments, Discussions, and under Unit Discussions, click Unit 1, Start a New Thread. Enter a subject where indicated and write your answer in the larger box. Your answer should be one single spaced page or less (but at least 10 sentences). Also, cite inside your answer (e.g.: Peterson, 2019) two recent articles (no older than 2017) from business periodicals such as Business Week, Forbes Magazine, Fortune Magazine, Wall Street Journal, or any other relevant popular press (no textbook, academic journal, or Wikipedia). At the end of your answer, provide complete references of both articles.

– Second: It is wiser to post your answer two days or more before Unit 1 closes to give your classmates a chance to reply to your posting.

– Third: By the close date, but after you have posted your answer to the question, reply to answers from two of your classmates. Each reply must have between 5 and 7 sentences.

– Last: Click Post.

Collepals.com Plagiarism Free Papers

Are you looking for custom essay writing service or even dissertation writing services? Just request for our write my paper service, and we'll match you with the best essay writer in your subject! With an exceptional team of professional academic experts in a wide range of subjects, we can guarantee you an unrivaled quality of custom-written papers.

Get ZERO PLAGIARISM, HUMAN WRITTEN ESSAYS

Why Hire Collepals.com writers to do your paper?

Quality- We are experienced and have access to ample research materials.

We write plagiarism Free Content

Confidential- We never share or sell your personal information to third parties.

Support-Chat with us today! We are always waiting to answer all your questions.