Comparative Economic Systems - Essay Example

The traditional perspective as oppressed class which was ever so pervasive during the 1960s is no longer emphatic. The roadmap of economic development of the two South Asian countries, India and China, has paved the way for radical social transformations that have been unprecedented in the history of these countries. This has been reflected in recent years when several incidents in various Indian states have expressed the agitation against industry’s attempt to acquire agricultural land (Chatterjee, 2008, p.54). The economic development in South Korea since the 1960s has been unparalleled in the country’s history.

During the previous decade the country was suffering from extreme poverty as destructive result of the Korean War in the early part of the decade. The GDP in 1954 was just about $1.5 billion and per capita only $70 (Heo et al., 2008, p.2). The phenomenal growth is proved by the fact that in 2012 per capita GDP was $31,822 with the country now falling within the bracket of high income countries. In 1998, GDP dropped to 6.9 percent after which South Korea took various economic initiatives like encouraging more FDIs and imports.

Although the country was affected by the 2008 global economic crisis, it recovered to a large extent in subsequent years (The World Factbook). Canada is an industrially developed country, and like the US it has market-oriented economy with high level of production. Since the WWII, rapid growth of “manufacturing, mining and service sectors” (The World Factbook) have resulted in the country becoming an urban economy from earlier rural economy. Trade agreements with the US have a great positive impact on Canada’s trade and economy.

Almost 75 percent of its exports go to US resulting in considerable trade surplus. The 2008 global economic crisis badly affect the country’s economy in the