The pace of a country’s economic growth can be better explained by the policy choices of its leaders than underlying structural conditions Introduction Economic growth of a country fundamentally depends upon the strategies and policy choices of its leaders…
Download full paperFile format: .doc, available for editing
Download file to see previous pages
Other countries like the US have been fortunate to have a series of good leaders to take the country to the apogee of technological advancement and economic growth where they are today. History provides many examples of such countries and their leaders that have played a fundamental role in their economic growth and have brought a radical change in the nations’ fortunes. The decade following the new millennium’s turn is marked by the BRICS countries’ emergence and economic empowerment. These countries include “Brazil, the Russian Federation, India, China and South Africa—which have come to account for a significant share of economic growth, demand expansion, industrial production and wealth creation in today’s world” (“Structural Change, Poverty” III). These regional economic powers’ success in the achievement of sustained growth of economy serves as a point of reference for other developing countries to emulate as well as for the advanced counrties to regain the dynamism of economy. The pace of a country’s economic growth can be better explained by the policy choices of its leaders than underlying structural conditions, and China provides a potential example of that. ...
The three phases are discussed as follows: Rule taking phase China’s leaders have been very cautious in litigation of WTO since the country’s accession in 2006. Owing to its lack of familiarity with WTO’s legal rules in the capacity of a newcomer, China placed emphasis upon grabbing the rules rather than winning any disputes. Aimed at avoiding litigation, the Chinese leaders would settle the disputes with the complainants immediately after the cases were filed even if they were capable of using good arguments to defend their position. An example of this is the settlement of the dispute within four months when in March 2004, the US wanted to consult about a matter involving value-added tax’s rebate over integrated circuits (Gao). Likewise, the government of China announced to scrap the Duties of Anti-dumping within three days of the complaint raised by the US about China’s lack of consistence with the Anti-dumping Agreement in the case of Kraft Linerboard in the year 2005 (Nakagawa 48). China’s eagerness to settle the disputes and flexibility of attitude reflect the country’s presence in the rule taking phase in the start of the 21st century. Rule shaking phase Chinese leaders resolved to develop a better understanding of the dispute settlement process by actively participating as a third party in real WTO cases. For instance, China was present as a third party in nearly every panel between 2003 and 2006 (Birkbeck 168). The improved confidence reflects from the answer of Bo Xilai, the Minister of MOFCOM when he was asked if there was any intention of complaining against the countries that were limiting the textile exports of China in the WTO, “First, China has the right to
...Download file to see next pagesRead More
Economic growth is one of the major macroeconomic objectives. Economic growth is regarded as a necessary and desirable feature of modern economies . Economic growth is widely defined as ‘the sustained increase in real per capita incomes’ .
According to the paper, the fixation with GDP as the adequate measure of a country’s economic growth is pointless, if the facts about pressing issues on human development pervade the country. A country may boast of rapid economic development but if their citizens are poor, the effect of hungry citizen, will eventually pull down the economy.
Various economic theories differ in their emphasis on key determinants of economic growth. But some of the determinants appear more frequently than others, helping them gain recognition as factors contributing to economic growth. Foremost among these determinants is the governmental institutions that overlook economic activity in a country.
The author of the paper explains that the Solow-Swan growth model predicts that growth should be uncorrelated with the ratio of national investment to total output (gross domestic product or GDP). If capital markets are open, the model predicts instantaneous convergence of output per capita across countries.
The East and South-East Asian countries from the Asia-Pacific region have recently had a excellent record of surging economic and financial performance. These countries include Thailand, Malaysia, Indonesia and Philippines. The significant economic growth in this region outclassed the performance of any other region in the last decade.
For example if we take two sample countries i.e. Brazil and Cuba. The real GDP per capita for Brazil and Cuba in 2005 are 7524.542969 and 9142.791016 respectively. The resultant openness is 26.66373062 and
Percentages encompassed in 1980 sum to less than 100 owing to the explanation that contributors depicted meager values. For instance, population in 1980 encompassed undersized statistics. This expounds
The dominant view about growth is explained along with the factors, which cause the relentless phenomenon of growth that we have so far experienced. It explains why humanity should look towards prosperity, which is not going to be measured by the traditional indices of growth.
6 Pages(1500 words)Essay
GOT A TRICKY QUESTION? RECEIVE AN ANSWER FROM STUDENTS LIKE YOU!
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Economic Growth Essay"
with a personal 20% discount.