- The influence of emerging economies in International Affairs
- India's future as a world power depends on 4 key relationships
- India, China and Globalization: The Emerging Superpowers and the Future of Economic Development
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Buy Hardcover. Buy Softcover. FAQ Policy. About this book The momentum of economic progress in India and China will bring about the next major shift in geopolitics. The multi-billion dollar natural gas contract with Russia in May of will be a major plus for China's energy demand.
China's drive for the development of non-fossil fuel under its twelfth five-year plan could make it a world leader in energy exports and offer unmatchable prices on alternative energy in the world market contributing to convergence of per capita income of the silk rout countries. The process of China's remaining catch-up time of per capita income to that of the first world is estimated to take place in approximately two decades. It follows that China's catch-up time with the first world would take place in five decades, starting in while it took the first world nearly 50 decades to reach its current level of per capita income.
Part of the explanation is the diminishing return to capital in the first world since it is saturated with capital and return to capital has dropped.
The United States achieved a 2. This performance is in sharp contrast to a number of countries where the recession is still lingering in It is most notable that China escaped three global financial meltdowns since , including the Japanese severe credit implosion, the Asian economies foreign reserve meltdown caused by capital flight due to rigidity of fixed exchange rate.siocentrepse.cf
The influence of emerging economies in International Affairs
The Great Recession which engulfed the world economy was contagious, and China was subject to the turbulence and transmittable global meltdown -- but ironically China escaped. China's experience has drawn re-examination of the Western neoclassical paradigm concerning macroeconomic stability, and efficacy, of countercyclical measures via mini manipulation of the supply of money by the Federal Reserve Board. A better alternative for all nation states is to establish social indicator targets. This policy will contribute to clean air in China and prevent environmental degradation as the use of fossil fuel is substituted by renewable energy.
China is already the world's biggest merchant marine operator according to U. Container port data compiled by the United Nations shows. Customs administration figures show around 40, ships entered and left Chinese ports in the first half of China's one-child policy and its recent modification has been optimal given the absolute number and the possibility of population trap. Successful control of fertility rate number of children per women is the hallmark of optimal population and determinant of China's long-term growth potential and carrying capacity.
China's prosperity is closely connected to its population policy although the age distribution of the population may pose some problems concerning productivity in the future. Its population is expected to peak to 1. No doubt, it is known that population policy in Europe in the 14th century led to the Industrial Revolution in the 18th century.
India's future as a world power depends on 4 key relationships
Technology of industrialization from 18th century to the present created the high level of per capita income in the first world. Clearly, demographic policy affects economic development in all low- and middle-income countries. Since , China has uplifted millions of peasants out of poverty and it has been the most successful country in the world in poverty reduction. China will deserve very high marks for its social indictor and distributional objectives. Other favorable political economy policies that have made poverty reduction feasible include annexation of Hong Kong.
India, China and Globalization: The Emerging Superpowers and the Future of Economic Development
Three-fifths of China's foreign direct investment are financed through Hong Kong, and billions of dollars of China's assets are in Hong Kong's financial institutions. Development of Growth Zones -- such as Shanghai to attract foreign investment -- and investment in human capital including all levels of education through college are among the hallmarks of growth policies in China. This is an unprecedented growth rate in the experience of world economy with the exception of Germany in the '20s, largely due to military buildup. Thus it becomes difficult to undo corruption. It is keenly prevalent in low- and middle-income countries.
China is no exception in this regard, however, a concerted effort has been launched to bring corruption under control beginning with the effort of former president Hu Jinping and follow-up by the current president Xi Jinping. Beginning in , reportedly imposing punishment occurred upon , government officials at all ranks through Several high level party members have been removed; legal cases of anti-corruption of high officials in China have been reported in the Western press with due process.
Perhaps China will succeed to clean up corruption completely.
The anti-corruption drive in China is serious and admirable. It is certainly instructive for other countries to adopt a policy of transparency and uproot such criminal activities. The duel system of one political party and free competitive market economy characterize China's unique socio-economic-political system. The political system is not monolithic, or colossal, it has worked under a seven-member Politburo Standing Committee of party congress. Last year 10, small protests were tolerated.
Currently over half of China's GDP is produced by private enterprises. China's government has not been shut down due to internal political dissent of multi-party feuds.
In June of , China's 2,year-old Grand Canal, which historically linked sections of the Silk Road, was awarded Enesco heritage status, as were large portions of the ancient overland Silk Road. The 11, kilometer Yunxinou International Railway linking Chongqing and Xinjiang with Europe and, commonly referred to as the "New Silk Road", runs alongside many of these ancient caravan tracts. The foregoing are indicative that China is embarking in a distinctly alternative approach of inter-governmental collaboration and connectivity to promote economic catch-up of low and middle income countries that are located in the path of silk road.
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International Monetary Fund, www.