China and India: Their Development Paths of and Obstacles to Sustainable Growth - Research Paper Example

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The following paper will examine the processes which initiated their growth and how these economies have been developing in time. It will also look into the structural imbalances and economic hardships that they have overcome in order to maintain sustainable growth process…
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China and India: Their Development Paths of and Obstacles to Sustainable Growth
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Download file to see previous pages This essay analyzes China and India that have had a great record of economic growth and development since the ‘80s and 90’s respectively. This has made these two economies be the subject of many studies. The highly populated countries began their development processes with humble beginnings. Using the Gross Domestic Product as an indicator, China’s economic size was the same as that of Japan and Korea in the mid ‘60s and 80’s respectively. On the other hand, India’s economic size was the same as that of Japan and Korea in the mid ‘50s and 70’s respectively. Global trade, economic growth and poverty reduction have received impacts from the success of these two economies because of their population sizes. China and India account for two-fifth of the world population. China’s economy is the 3rd largest importer and exporter. This has given it a say in global price levels especially of commodities and manufactured goods. The issue about the sustainability of these two economic giants may be addressed by looking at Japan and Korea several decades ago when they began to catch up with the developed countries. The most effective engine of growth for any economy is the Manufacturing sector. Demand for Its products is highly elastic to changes in income especially in the world markets. This is seconded by many developed economies whose growth is attributed to industrialization. The manufacturing sector also has a higher potential for an increase in labor productivity. Growth in the manufacturing sector therefore has more chance to result into a dynamic profit-investment nexus and economic growth. The above is in line with the Verdoorn’s law, which states, “growth in industrial productivity and industrial output are positively correlated” (Verdoorn, 9). Since China has been highly populated, the manufacturing sector has been quite relevant to its economy. This is because the sector is characterized by need for intermediate goods, infrastructure, and capital good for its expansion. This led to an increase in employment levels which came timely to reduce unemployment in the rural and urban areas of China. Japan and Korea also had a similar strategy. Their economies are not adequately endowed with resources. These countries there had to determine a way to use their scarce resources optimumly for them to start their catching up processes. Manufacturing sector development was vital for such a goal since it made them integrate into the global economy. The ...Download file to see next pagesRead More
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