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Globalization and development - Essay Example

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Its move from a developing country to a developed country was influenced by reforms that were generally experimental in nature but proved successful. China is now the fourth largest economy in the world and…
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Globalization and development

Download file to see previous pages... For example, the government liberalized agriculture at the margin, such that farmers were only allowed to sell their surplus freely at prices determined by the forces of demand and supply if they met their state obligation.
Guthrie attributes the increase in economic growth in China to the process of market reformation in the country. The transition from planned to market economy, lies in the political reforms that have been taking place in the country, from communism to capitalism. However, according to Rodrik, the Republic of China is still mostly communist since the government controls most of the people’s resources. This is however advantageous, as according to both authors, privatization is not necessary in market reformation, though it is advised. Control by the government has ensured a form of direction and regulation in the economy, making it steady.
However, the development of China is somewhat of a paradox since economists predict that there will be future consequences to the entire international market. For instance, since it is the most populous country in the world, the fact that its food reserves are inadequate to cope with the rising population will lead to crippling of the grain market by the year 2030. Also, China is the second largest consumer of oil in the world, due to its high demand; the prices of oil have been constantly on the increase creating artificial shortage in the international market (Guthrie, 2006).
Developing countries can learn a lot from China, which took 25 years to do what others would have taken 30 years or more. The source of its success according to the two authors is the fact that there has to be government involvement in the process of growth. Countries should not adopt reforms from the Washington Consensus without taking to regard the uniqueness of their own economies (Rodrik, 2007). Those having planned economies should also consider the adaptation of ...Download file to see next pagesRead More
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