Contact Us
Sign In / Sign Up for FREE
Go to advanced search...

Comparative Economic Systems - Essay Example

Comments (0) Cite this document
Comparative Economic Systems Abstract This paper intends to present a comparative study of the US economy, taking into account the economic components of China, UK and Russia. The paper thereafter illustrates the role of foreign trade relations, unemployment rates, inflationary rates and the population variations as major determinants to the GDP growth rate of the economies…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER94.5% of users find it useful
Comparative Economic Systems
Read TextPreview

Extract of sample "Comparative Economic Systems"

Download file to see previous pages The size of the population along with the role of the government in programming economic growth processes, all help to determine the stability of the country. The labor market, capital market, the agriculture, trade, healthcare together reflects the economic strength of the country. Emphasizing these aspects of economic growth dynamics, this paper will aim at assessing the economic components of the US in comparison to the performance of China, Russia and the UK. Prime focus will remain in studying the economic variability of these countries in the recent era. From a generalized point of view, as can be observed, the growth of the US economy as compared to the other nations has been more because of its industrialization benefits, which illustrates that the economy considerably depends on its micro and macro environment. Discussion Comparison between China and the US The US has remained one of the leading economies of the world since 1979. However, recent statistics comparing the US growth rate with that of China reveals that both the countries reside alongside with insignificant differences in their growth rates. As per the statistical reports of aThe World Bank (2013), China’s GDP growth rates have been consistently higher than the US since 2003 to 2012. Comparisons on the performances of the two economies further indicate that even though the GDP growth rate was higher for China, its GDP in the USD tends to be much lower in comparison to that of the US. For instance, the GDP USD recorded for China as on the fiscal year 2012 was estimated at $8.358 trillion, while the recorded GDP USD for the US in the same year amounted to $15.68 trillion. One of the possible reasons to such fluctuation may be caused due to their differences in terms of population and other socio-economic components. To be noted, China currently is recorded to host 1.351 billion nationals, where the total population of the US is recorded to be 313.9 million in comparison [refer to Table 1 in the Appendix] (aThe World Bank, 2013; bThe World Bank, 2013). This indicates that even though the Chinese economic growth may seem to be better than that of the US, an in-depth understanding to the issue exhibits a different scenario altogether, owing to their differences in terms of various other inherent economic factors. . As per the data, China is the second largest trade partner of America, since 1980 to 2012, the countries saw a growth of $5 billion to $536 billion (Morrison, 2013). This again makes the macro-economic components of trade largely interdependent among these two countries, where the economic prosperity of China may also influence the economic performance of the US to a substantial extent. It is worth mentioning in this context that as a developing nation, China possesses certain benefits, which the US lacks when performing in the global market. For instance, the GDP growth rate of China has shown a regular growth since 1979 to 2013, even when the world was facing an economic slowdown and the GDP growth rate in the US declined to zero [refer to Table 1 in the Appendix]. It was fundamentally owing to the flexibility enjoyed by a developing natio ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“Comparative Economic Systems Essay Example | Topics and Well Written Essays - 1750 words”, n.d.)
Comparative Economic Systems Essay Example | Topics and Well Written Essays - 1750 words. Retrieved from
(Comparative Economic Systems Essay Example | Topics and Well Written Essays - 1750 Words)
Comparative Economic Systems Essay Example | Topics and Well Written Essays - 1750 Words.
“Comparative Economic Systems Essay Example | Topics and Well Written Essays - 1750 Words”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Comparative Economic Systems


By adopting the French and Italian model, Guatemala has successfully designed its judicial system. The judicial reform has brought about segmentation as because often the civil laws in Guatemala have different interpretations. The fact that, the laws are based on different legal philosophies, account for this problem. On the whole, adoption of new reform has proved to be effective for controlling administration of the State. Adoption of French civil law: Guatemala. The French were the first to adopt new regulations about sodomy. Under the new regulations, criminal charges that were till then associated with sodomy were removed. This initiative was first of its kind in Western Europe, during the eighteenth century. This legal meas...
10 Pages(2500 words)Essay

Comparative Economic Systems

...? Comparative Economic Systems In 2007 to 2009, the US economy had to face the worst economic recession in the history. The financial marketcrashed, housing debt increased, GDP fell and the unemployment rate also increased during that period, igniting a crisis situation within the economy. Although the economic growth and recovery in the US was marked since 2009, in present times, it seems that the growth has become slower but steady. Similar to the US, other nations of Europe has also faced severe effects of the economic recession such as the UK and Germany. In order to deal with the loss experienced by recession, each nation implemented certain monetary and fiscal policies applying distinct frameworks to stabilize their economy. However...
10 Pages(2500 words)Essay

Comparative Business Systems

...? Comparative Business Systems: Brazil and Germany Comparative Business Systems: Brazil and Germany Overview of Brazil and Germany National System In 2011, Brazil was identified to be the seventh wealthiest economy with a GDP of 2.2 trillion dollars, since it is the largest country with a population of Latin Americans and Caribbean. The country weathered the global financial recession, which had insignificant effects on Brazil economy; hence, it was one of the last to fall in to recession during 2008 and among the first to resume the growth in 2009. Germany has been considered the largest national economy in EU; in fact, it is ranked fourth largest nominal GDP worldwide and fifth GPD (PPP), during the year 2008. German’s economic condition...
3 Pages(750 words)Essay


... to a DNA test The Amsterdam Court of Appeal has held that it is enough if the suspect gave his/her consent to the performance of tests in general (in a case in which the body tissue was legally obtained). Criminal Justice System in Krakow The Krakow respondents believe that the society has a differentiated ability to protect from everyday crime and that they are much less protected from the dissemination of drugs, from the rise in prostitution, and from the increase in alcoholism and crime. 5 Krakow's report to the IYF national coordinators (National Paper of Poland, 1995) noted that "The Government is obliged to act with deliberation, to ensure that the negative social effects of economic reforms of Krakow are mitigated as far...
5 Pages(1250 words)Essay

Comparative Economic Development

Industrialization of the society had positive as well as negative impact on societies. In Britain as well as in US, industrial revolution has led to inexpensive goods, transportation, and communication developments. From the others side, such issues as pollution, child labor and over-crowding of cities were also raised. Even though there were some differences between US and Britain in terms of industrial revolution, there is a respectable degree of similarities between the two revolutions (More, 2000: p.17-18).
The causes of industrial revolution in Britain are still debated while most of the historians think that the revolution was the result of the social and institutional changes after the English Civil War. The foll...
5 Pages(1250 words)Essay

Comparative police systems

The September 11th, 2001 terrorist attacks on the United s and the London underground bombings of 7 July, 2005, have affected fundamental changes in the laws governing surveillance. Prior to either of these attacks and, more specifically 9/11, stringent regulatory and legislative frameworks restricted law enforcement’s prerogative to place citizens under surveillance. Following 9/11, however, the United States passed the Patriot Act and the United Kingdom the Civil Contingencies Act. Both of the mentioned critically undermine civil rights in either country and while arguing the extent to which they do so is beyond the scope of the present research, the research shall, nevertheless establish this to be the case with reference to...
2 Pages(500 words)Essay

Comparative economic systems

...Comparative Economic Systems Explain the problems involved in the transition process from one economic system to another, and assess the record in the USSR and in China since the 1980s. Modern nation states function under a variety of economic systems. Historically, most societies were governed under a hierarchical feudal system where a supreme ruler, the sovereign, governed a pastoral society assisted by lords or barons owning all the property and land, with vassals, serfs and/or peasants remaining the vast bulk of the population. All economic activity including agriculture and trade was conducted as inherited roles within a family structure. Tradition determined what people did for a living and how the work was to be performed. In some...
10 Pages(2500 words)Essay

Comparative Economic Systems

...Publishers. Carbaugh, R., 2012. International Economics, London: Cengage Learning. Conklin, D. (2010). Comparative Economic Systems: Objectives, Decision Modes, and the Process of Choice. Cambridge: Cambridge University Press. Daniels, J., Radebaugh, L., & Sullivan, D., 2012. International Business: Environments & Operations, London: Pearson Higher Ed. Fox, M., 2005. Competition Law and the Agenda for the WTO: Forging the Links of Competition and Trade, Pacific Rim Law and Policy Journal, 4: 1. Fox, M., 2009. Toward World Antitrust and Market Access, British Journal of International Law, 91: 1. Howell, C., 2007. Is there a Third Way for Industrial Relations? British...
6 Pages(1500 words)Essay

Comparative Economic Systems

...Comparative Economic Systems Country Population and Population density Income category GDP Growth rate GDP per capita (international $) (2013) Income Distribution GNI Coefficient (US$) (2013) Econ System Political System HDI 2012 Literacy rate (2011)  South Korea 50,219,669 and 515 per High income 3.0 33,140 25,920  High-tech industralized  Presidential system 0.909  97.9  China  1,357,380,000 and 145 per Upper middle income 7.7 11,904 6,560  Market-oriented  Communist 0.699  92.2  India  1,252,139,596 and 416 per Lower middle income 5.0 5,410 1,570  Open-market  Multi-party system 0.554 61  Canada  35,158,304 and 4 per High income 2.0 43,207 52,200  Market-oriented  Constitutional monarchy 0.911  99  USA...
4 Pages(1000 words)Essay

Comparative Accounting Systems

... Comparative Accounting Systems The Brazilian accounting system was specifically designed to generate and provide information to the tax authorities however the country is in the process of adopting the IFRS (Holt, 42). The decision was due to the recent growth of the country’s economy. Challenges to the adoption of IFRS are as a result of the difficulty in changing the mindset and approach which is mandatory in this principle based standards. Meanwhile South Africa shifted from the local generally accepted accounting principles (GAAP) and adopted the IFRS however the transition faced challenges due to the difficulty in harmonizing the local standards with the IFRS (Holt, 35). Taxes The corporation tax rate charged for foreign companies...
1 Pages(250 words)Assignment

Effects of Human Resource Systems on Manufacturing Performance and Turnover

Most of these developments, not surprisingly, have come from communities of scholars focusing on their own particular countries or regions, be it the US (for example, Arthur, 1994; Delery and Doty, 1996; Huselid et al., 1997), the UK (for example, Brewster, 1999; Guest et al., 2003), elsewhere in Europe (for example, D’Arcimoles, 1997; Lahteenmaki et al., 1998; Roderiguez and Ventura, 2003). The difference in perspective on the value of people in organizations and the validity of HRM, particularly in non-Western Countries may be best understood in terms of the concept of locus of human value (Jackson et al., 2003). Jackson et al. (2003) came up with a conceptual map of international organization and human resource management...
12 Pages(3000 words)Essay

The Economic Impact of the Emergence of China and India

The main macroeconomic variable that toys in the global economy’s shift are the emergence of India and China as new superpowers. This emergence certainly has a number of implications, but among the most relevant are: disruption of the equilibrium of the global economy which results in rising demand of goods, giving way to worldwide inflation; the attractiveness of outsourcing to these countries due to low cost but high talent workforce of these countries for cheaper operations.
The growing middle class of China and India results in booming demand for the automobile industry. This increase in demand, with the increasing purchasing power of these countries’ people, is not limited to automobiles but more apparent in...
10 Pages(2500 words)Assignment

A Comparative Study of the Origins of Ethical Thoughts

Do you know what they dug out? -- Wires! It proves that two thousand five hundred years ago, in the age of Pericles, the Greeks had telephones”. The Jew laughingly retorted: “Recently they were digging in Jerusalem. They dug out nothing. This proves that three thousand years ago when Solomon was the king of Judea, the Jews had the principle of wireless!”

ETHICS AND DIVERSE DEFENITIONS: One of the Dilemmas of the civilized human society was the fight between the soul and the flesh or rather the body and desires. The question is how to divert human energy in an intelligent, controlled way? Searching answers to this question one lands in the premise of ethics, personal as well as social. Ethics (English)...
11 Pages(2750 words)Case Study

Comparative Family Analysis

The second component of this essay will be a comparative analysis with the American family to the Arab family, generally speaking, but also clearly described by Homa Hoodfar, in her book Between Marriage and the Market. This essay will discuss the impact of globalization on different types of families in different societies and cultures. The terms ‘traditional’, ‘modern’ and ‘postmodern’ will be defined, elaborated upon and discussed on a continuum of change. Social change, in the face of globalization, will be discussed in relation to how cultures and families have grown or resisted the forces of globalization. We now turn to an exploration of the types of families in the world and follow...
6 Pages(1500 words)Coursework

Accounting systems and Assurance

The allocation of resources is dependent on the information regarding the financial condition of the firm. Here comes the role of accounting, which provides all the required financial information to the investors through several financial reports. There There are two classifications of accounting 1) financial accounting and 2) management accounting. Financial accounting is the one which furnishes all the financial information to the investors and management accounting is used at the micro-level where the internal allocation of the funds takes place. Accounting is one of the most crucial components of any organization as it provides all those financial information that is used to make the economic and financing decision making.&nbs...
9 Pages(2250 words)Coursework

Economic Analysis of India

The country’s economy is fast growing with a stable political system that encourages foreign investment although with certain restrictions. The country generally has good energy, transport and communication systems which make the cost of doing business affordably.

The Republic of India found South of Asia is by far the world’s most populous democracy and ranks seventh largest in terms of geographical area (Brown, 1994). India is also the second most highly populated country in the world. The country has a rich culture with four major religions having originally emerged from it; Sikhism, Buddhism, Hinduism, and Jainism. The Indian Republic consists of seven union territories and 28 states and ranks twelfth la...
8 Pages(2000 words)Case Study

Business Information Systems

.... Thearling, K. (2009). An Introduction to Data Mining. Retrieved October 24, 2009, from Ward, S. (2009). CRM (Customer Relationship Management ). Retrieved October 24, 2009, from Yusufa, Y., Gunasekaranb, A., & Abthorpe, M. S. (2004). implementation, Enterprise information systems project; A case study of ERP in Rolls-Royce, Int. J. Production Economics 87. 251–266....
8 Pages(2000 words)Case Study

Bernard Madoff : A Scapegoat of the Economic Crisis

Darwin was condemned and treated with contempt by the Church for proposing the theory of evolution that linked all living matter in the earth, including humans. In the case of Bertrand Russell, he was imprisoned as a conscientious objector, for expressing his opposition to British participation in the First World War. These are typical examples of people being wrongfully punished when they were guilty of no crime or fraud or misdoing. It would be highly improper to associate Bernard Madoff with the aforementioned luminaries, for he was truly guilty of carrying out the biggest financial fraud in modern history. At the same time, it would be simplistic to classify him as a victim of the contemporary judicial system. The truth, in fa...
6 Pages(1500 words)Assignment

International Business: World Economic Forum and Davos 2010

...Introduction Globalization, one of the most hotly debated issues means global capitalism to some while others consider it to be the continuation of modernism with the forces of wealth, progress, democracy and happiness at play (Kellner, 2002). Globalization is considered to be beneficial which promotes economic prosperity, cultural diversity and technological advancement. According to the critical social theory, technology and capital work together to create a new globalized and interconnected world. While each force of globalization is important, technological revolution has impacted the business models, value creation and differentiation (Spelman, 2010). The cloud computing technologies that have made the popular social networking...
7 Pages(1750 words)Coursework

Globalization and World Economic Forum at Davos 2010

... economy and national culture (Mittelman, 2000). World Economic Forum and Davos 2010 The theme of this annual meeting is to improve the state of the world and rethink, redesign and rebuild. This annual meeting was to rethink the business models, financial innovation and risk management. This rethinking is sought to trigger redesign attempts at the institutions at the national and international levels. The aim of redesign is to close the gaps in governance, prevent systemic failures and restore growth. This effort requires common vision, collaborative innovation and public-private partnership to succeed in the long term. The prerequisite would be to rebuild trust. The meeting focused on the following six areas of enquiry: 1. strengthening...
7 Pages(1750 words)Coursework
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Comparative Economic Systems for FREE!

Contact Us