East Asia and the Socialist Term Paper

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7 per cent. In general, GDP growth has ranged 6-7 per annum for the last 4 years. Such growth is likely to continue" (Presidency of Mongolia, 2007).

At the same time however, there are still several aspects of the issue which are not fully developed, such as the corruption issue which is a traditional aspect for a former communist state. Nonetheless, there are tendencies which point out the fact that the country is heading in the right direction.

Concerning China, the matter is more delicate. The fact is that there is little consideration for the way in which the political evolution of the country is concern; therefore, the economic situation can develop according to the general lines of the party. Indeed, China entered the road of modernization in terms of the new technologies, as it is one of the most advanced technology-based economies in the world. yet the manufacturing facilities are still run by the state, and there is still a wide control of the industry. The fact that there is a clear modernization of the state is a sign of modernity, while the control of the state in all walks of life is a clear sign of socialist rule. Therefore, it can be said that China represents one of the best, if not the best example of the way in which socialism can still be a part of the capitalist global economy.

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The Communist Party managed to adapt to such an extent to the requests of the West and to the economic implications of the globalised world that at the moment there are few people who are actually discontent with the general direction of evolution. Aside from the issue of human rights and the treatment of Tibet, an aspect which of great concern for the West, the political aspects of the Communist Party in China are a viable match with the global tendencies of its technology and modern approaches.

Overall, it can be said that both Mongolia and China have communist legacies. However, for the Mongolian state, there were little options other than a full attempt to democratization, a road it is slowly taking. China though has the luxury to maintain its political structure intact, yet to advance technologically and become one of the most important economies in the world. The example of China is relevant for the way in which socialism can contribute to modernity......

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