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International Relations - Essay Example

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Its economic transition; a metamorphosis from an average to a superior economy has incited mixed fortunes for different world economies. For some economies and most…
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International Relations
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International Relations: China’s Economic Transition Introduction China has been on the verge of achieving economic supremacy, at least according to the recent global statistics. Its economic transition; a metamorphosis from an average to a superior economy has incited mixed fortunes for different world economies. For some economies and most especially the developing world, China’s growing economic supremacy is a blessing. This follows an intensified penetration of these economies by China (Goldstein et al. 464). It provides many economic help in a bid to boost such economies, leading to a large number of such countries leaning towards the east for economic engagements. Whereas some of these developed countries have benefitted from China’s economic transition, certain developed world economies have expressed concern about china’s rapid economic growth. The mar0ket liberalization has been the cause of disagreement among the developed economies that read malice from China’s rapid advancements in terms transitions within the economic paradigms.
China and Other World Economies
One of the most interested parties in the case of China’s advancing economic might is the United States of America. Realistically, the rate at which China is developing its economy is a threat to U.S. its economic transition is not good for the country. For instance, according to Pew Research Center, the last one year has seen China’s economy grow at the rate of 7% compared to the U.S dwindling 2-3% growth. Secondly, most of the developing countries have expressed strong desires to work with China as their major trading partner. They have opened their markets for china’s goods and services. This wave of the “East economy” is affecting the U.S, previously considered the economic powerhouse (Goldstein et al, 465).
The Pew Research center also indicated that many Americans have registered their dissatisfaction with the way China’s economic rise and its stands to affect the U.S economy. The Obama administration for instance, filed a complaint against china for subsidizing the exports of the automotive alongside undercutting the American suppliers (Goldstein et al. 467). During the heated campaigns of the U.S 2012 elections, Mitt Romney took a soli9d stand against Chin, promising to label China “A currency manipulator” and impose high tariffs on China’s goods to the U.S. While this would mean that China’s market in the U.S would be reduced, the prospects would be that it might not stop China from making more transitions even though U.S provides its largest markets. The mercantilist approach may not work effectively with China given the liberalization in other major world market that ascribe to China’s economic partnership.
Ikenberry’s Observation in the ‘Future of Liberal world order’ is sound and admirably buyable. He observes that it should not be the struggle of the declining West and rising East but rather a struggle between the proponents of the expansion and renewal the contemporary rule-based global order. He has also made an emphasis on the fabric of the interdependence that has been established among the economies of the world that he cites as productive and monumental (Goldstein et al. 466). To concur with his observations, U.S needs to undertake a more proactive strategy to counter the escalating China’s influence pervading the world economies as opposed to a myopic; mercantilist overtures. China’s wave cutting across the global longitudes may not be easy to control but the U.S need to work on its economic challenges, develop policies that have the potentials of competing and beating China’s influence (Goldstein et al. 467). This is a liberal view and assumption as opposed to mercantilist that agitate for higher tariffs on imports than exports, which are greatly reduced. The mercantilist approach as challenged during the classical economics is still valid and the facts stand right, hence should not be re-adopted in the world economics.
Work Cited
Goldstein, Joshua S, Sandra Whitworth, and Jon C. Pevehouse. International Relations. Toronto: Pearson Canada, 2012. Print. Read More
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