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.
Nobody downloaded yet

Economic Reforms in Asian Countries - Essay Example

Comments (0) Cite this document
Summary to essay on topic "Economic Reforms in Asian Countries"
Despite enormous progress made by state socialist economies in Asia in market reform, there are however doubts as to the nature and extent of the reform. On the one hand, it is believed to be capitalism and on the other hand market socialism is advocated to be the nature of economic reform…
Download full paper
Polish This Essay
Economic Reforms in Asian Countries
Read TextPreview

Extract of essay "Economic Reforms in Asian Countries"

Download file "Economic Reforms in Asian Countries" to see previous pages... Supply and demand determines prices and the state intervenes only at the margin. (Craig, 2002).
Market socialism refers to an economic system that combines both capitalism and socialism in its practice. (Guo, 2005). It is an economic system where economic law is in direct conflict with political monopoly because it each prevents the recognition of the other.
Let us write or edit the essay on your topic "Economic Reforms in Asian Countries" with a personal 20% discount.. Try it now
(Guo, 2005). Loss making and less liquid firms can be bailed out from financial distress by the government through the transfer of funds from profit making firms to the insolvent firms under market socialism. (Guo, 2005). Also, the leadership style adopted by chief executive officers or managers is the bureaucratic leadership style and subordinates or employees have no option than to respect the rules and regulations laid down by the manager if they want to keep their jobs and advance their careers. (Guo, 2005). Business success and the concern for customers is not the primary objective of operative business. (Guo, 2005). Therefore market socialism does not allow for competition among firms and as such there is doubt as to how far such an economy can go.
To better understand whether the reform has taken a capitalistic of a market socialistic approach, we will carry out a review of some of the reforms in a selected number of Asian Countries including; China, Vietnam, Korea and Laos.

China
Following the fall of Mao's followers between 1976-1978, market reforms began in China with the reformers taking over the entire party-state apparatus. (Guo, 2004). Two groups of reformers existed the radical and the moderate groups. The two groups had similar objectives of improving the economic performance Chinese socialist economic system, promote economic modernisation, and improve the standards of living of the entire population, with the major difference being the scope and pace or extent of reforms. (Guo, 2004).
Moderate reformers were of the view that China should be launched in the direction of a planned or state controlled economy and restricted the operations of the market to agricultural goods and inessential public sectors, industries or areas. They emphasized that the market should be regarded as a support mechanism for the allocation of resources and determination of prices. (Guo, 2004).
In addition, the moderate reformers advocated a slow approach to the reforms process with allowances for adjustments during which imbalances could be resulting from the reforms process could be rebalanced. (Guo, 2004). The moderate reformers also desired to exert strict administrative control over certain important aspects of the economy especially investment and foreign exchange. (Guo, 2004).
Finally, the moderate reformers stressed the importance of the basic principles of socialism put forward by Lenin, Marx and Stalin (planned economy, public ownership the factors of production, and distribution according to labour). (Guo, 2004).
On the other hand the radical reformers defined socialism in a less restrictive way and excluded the planned economy as one of the basic principles of socialism. However, while maintaining the dominant position of public ownership, they recognized the need for flexibility so as to allow for the existence of a diversified ownership structure (Guo, 2004).
There were a lot of ...Download file "Economic Reforms in Asian Countries" to see next pagesRead More
Cite this document "Economic Reforms in Asian Countries"
  • APA
  • MLA
  • CHICAGO
(“Economic Reforms in Asian Countries Essay Example | Topics and Well Written Essays - 2750 words”, n.d.)
Economic Reforms in Asian Countries Essay Example | Topics and Well Written Essays - 2750 words. Retrieved from https://studentshare.org/miscellaneous/1501590-economic-reforms-in-asian-countries
(Economic Reforms in Asian Countries Essay Example | Topics and Well Written Essays - 2750 Words)
Economic Reforms in Asian Countries Essay Example | Topics and Well Written Essays - 2750 Words. https://studentshare.org/miscellaneous/1501590-economic-reforms-in-asian-countries.
“Economic Reforms in Asian Countries Essay Example | Topics and Well Written Essays - 2750 Words”, n.d. https://studentshare.org/miscellaneous/1501590-economic-reforms-in-asian-countries.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC "Economic Reforms in Asian Countries"
Asian economic crisis: the initial stages of the crisis and the major causes of it
Before the beginning of the Asian Economic Crisis, remarkable economic performance of the countries of East Asia were characterized by high savings rate and prudent fiscal policies. After the enormous capital flow to this region, attracted by high economic growth in the countries, weaknesses and infancy of the affected economies were exposed.
13 Pages(3250 words)Essay
Politics of Northeast Asian Countries : Modern China era since 1800
The economic reforms are the most important and key aspect of the Chinese overall performance. Being the fifth largest population of the world, the Chinese changed their economic uphold and on the same time they performed optimally to inculcate this shift.
5 Pages(1250 words)Essay
Asian Economic
It has been affirmed by analysts that this growth rate of the Asian countries is not an outcome of any anomaly in national income accounting of these countries but reflected the rising consumption rates prevailing in these economies. The enormous improvements in life expectancy, overall health status and level of education accessible to the average Asian population are the different aspects that reflected this economic growth.
7 Pages(1750 words)Essay
Economic growth of Asian countries
GDP refers to the value of goods and services produced within the domestic boundary of a country within a given time period. Whenever the GDP rises over time we can say that the concerned country has experienced economic growth. (Branson 1989) In this context, one thing should be remembered that the GDP is a money value of the goods and services.
14 Pages(3500 words)Essay
Asian Economic Development
Singapore's prosperity can be explained in part by its history and traditions. The determination and foresight of its leaders also explain how it was able to consolidate and strengthen its economic and political foundations through succeeding decades. The vision of its leaders provide an insight on how this city of 4,425,720 people (July 2005 estimate) would continue to shine and dominate the Asian region and the global economy in the 21st millennium.
11 Pages(2750 words)Essay
Assess competing theories of the causes of financial crisis against evidence from one of the countries impacted by the Asian financial crisis
There are no studies that can precisely determine the starting and ending time frame of the Asian financial crisis and the particular reasons for such sudden
10 Pages(2500 words)Essay
A Policy Evaluation Study of the Indian Economic Reforms and their affects on the Indian Economy over the last two decades and the outlook for the future and wh
Adopting a policy evaluation study methodology, using qualitative and quantitative data analysis, this study explores policies adopted by the Indian Government over the last two decades and The reform policy, although forced
20 Pages(5000 words)Essay
Critically discuss the proposition that:- Firms succeed because of the resources under their control rather than because of their strategic response to the competitive environment
eed to be difficult to substitute or imitate so that other organizations may not be in a position to use similar resources to acquire a competitive advantage. These resources include assets such as premises, employees, the processes for production, finances, and overall
4 Pages(1000 words)Essay
Integration processes in the countries of the Asian-Pacific region under the conditions of the globalization intensification
The contribution of countries of the Asian Pacific Economic Cooperation (APEC) to the global economy is under the review. The trade policies in the respective countries are analyzed. The growing role of the countries of the ASEAN is discussed. South Korea is regarded as an example of a globalized nation, that successfully made necessary reforms.
8 Pages(2000 words)Essay
Analysis of the costs and benefits of China`s economic reforms in last decades
It is argued, that market reforms from the 1980s onward allowed Chinese leaders to experiment with various approaches to raise economic productivity, efficiency, and competitiveness. However, piecemeal reforms also created substantial wealth gaps, inequities, and opportunities for the “rent-seeking” behavior of some government officials.
4 Pages(1000 words)Essay
Let us find you another Essay on topic Economic Reforms in Asian Countries for FREE!
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us