Economic Systems Are Quite Complex Essay

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Plus, if the world is tied together economically, there is more impetus to prevent hyper-inflation, to help other countries in times of natural disaster, and to form a more humanitarian-based society. It seems that the idea of globalism was also assisted with new macro-trade agreements combine with the easy communications brought about because of the advances in cellular technology and the Internet. This rapid growth of the global economy affects modern economic development, stability, labor, and the environment in a dramatic way. Developing countries did not, in most cases, have the long tradition of the Industrial Revolution, so they are now trying to rapidly modernize; to build their economies in years or decades when it took the West centuries. This is in part due to the need for satisfaction of the populace, in part because of the way information is shared, and in part because on a regular basis, the developing world is faced with issues from economics to political -- from cultural to legal, because of commerce, immigration, and travel. It also seems like the developing world is struggling with similar political issues -- whether to democratize with a population at times not trained for democracy, and to what extent (368, 344).

Part 5.2 Major Trends - One of the most visible changes in the 21st century is the trend that globalization shows in the evolution of power and authority transferring from West to East. China, the sleeping giant, is awakening, for example. China is a gigantic nation with an unprecedented fastest growing major nation for the past 25 years, and an average annual GDP growth above 10%. While China's per capital income is classified in the lower middle category, at about $3,2000, it is the third largest economy in the world after the U.S. And Japan with a nominal DFP of $4.

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3 trillion. China now participates in the private sector, and her companies play a major role in the global economy. China's view of her economy is "Socialism with Chinese Characteristics," which is defined variantaely by scholars. Over 1/3 of the economy is state owned and controlled, and there is significant new foreign investment in the country. Key government industries are utilities, heavy industry and energy resources. China is the world's largest producer of rice, and is among the top producers of corn, tobacco, soybeans, peanuts and cotton. Industrially, it is also a world producer in cotton products, coal, crude oil, and its mineral resources are among the richest in the world but only partially developed.

China is racing forward technologically, too. Since 1949 the idea of science and technology has preoccupied the communist regime in China. Premier Deng Xiaoping called it the "first productive force," and more recently members of the upper echelon of China's ruling body have been trained engineers -- technocrats. In fact, since the 1980s China has been pushing science and technology as part of the push towards modernization and given the highest priority in terms of fiscal dollars spent. The educational structure has been rebuilt and China regularly sends its brightest students to Western countries for advanced degrees. China concentrates on microelectronics, telecommunications, computer technology, automated manufacturing, and energy productions. China has also launched and maintains over 30 satellites. Chinese per capita income continues to rise; urban citizens have more goods and services and are becoming increasingly westernized. China ties its political goals to individual performance on the global stage -- in sports, the arts, and science. Not only does this help keep the population focused on using….....

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