Policy advice - Research Paper Example

East Asia countries and other western countries had established a course towards progressive development, amongst them Japan, Italy, West Germany and France (Zakaria 49). It should be noted that after the fall of the Bretton Woods system in 1970s, occasioned by the growing international trade, the stock market crash of 1973-1974 and monetary economics, countries that emerged later focused on strong economic policies. The rise of BRICs especially China was therefore a progressive and steady economic growth having learnt from the various depressions.

It appears that such economies thrived on protective policies. The US may consider analyzing such foreign policies to unravel their contributions to economic growth and see whether they may be applicable for the US case (Masters 1). Emerging economies such as China, Russia, and India have established competitive economic policies. India has a steadily rising economy, which is poised to be very competitive in the next decade. China’s economic rise in the global market has boomed in what appears to be a plan that was awaiting implementation.

China is has practically overtaken the US and other western countries on the African continent and other areas. It has steadily rising middle class. The US should not sit back and watch or accept that global economics have changed, but conduct an assessment aimed at reclaiming her position on global economic front. It may take time to recover but it will certainly reverse the US economic trend (Zakaria 98). In the meantime, the US should formulate policies aimed at short-term recovery of micro-economy of the small states as leader negotiates a fair global competition for goods and patent rights of all countries.

Should countries realize real global integration, it would still be wise to formulate acceptable rules of economic engagement for equitable benefit to enable all countries realize benefits of economic integration. The US may consider treating developing countries as