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Both countries had adopted the ideology of Confucianism, which gives emphasis on knowledge and education, and became their guide to garnering economic benefits. Employing Confucianism, people in both countries are being classified based on their knowledge and skills to determine their prospects of employment. The two countries differ so much when it comes to economic system, price system, employment system and public finance. After WWII, Japan’s economic growth had been rapid, having been successful among the market capitalist economies in the world, whereas, China’s economic system consists mainly of the Chinese Communist Party (CCP), whose influence over all levels of economic and political activities are apparent. Japan imports fuel and energy resources, and in their thrust to excel in the steel industry, on the process, their environment had become extremely polluted. China’s industry also includes steel, but they are equally strong when it comes to agriculture which is fully controlled by the government, to undertake the feeding of the large population of China.
Prices of commodities in Japan are being determined by the demands of consumers as prescribed under the consumer sovereignty law in Japan’s market system. However, in the case of China, consumer demands do not establish the pricing system, but the government of China first takes into consideration the costs of productivity, potential profits and taxes. The labor system of Japan exists on a relatively uniform wages, which had proven to be effective for them because it brought about higher rates of labor productivity. In the meantime, China maintains the “eight-wage” classification system, in which the workers’ wages are dependent on their skill level, class one being the lowest (Chan, 2002). The market forces are overridden by government action in determining wages. Income distribution caused wider degree of disparities
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The two changes as recently witnessed in China are its emergence as an industry based urban society from being an agriculture based rural society, and from a having a ‘command economy’ to acquiring one that is more ‘market-based’ (Freedman, 2004).
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selecting these nations is that even though one may conceive both the countries as one, one can come across a lot of differences politically, geographically, economically and historically between the two nations. One can trace back the origins of the history of both the nations
e management needs to improve the services provided in the joint in order to improve the turn up of the customers and to improve the turnover of the business. In accordance to this, a project was started to come up with measures that would be used in the upgrading of the place.
ducted by Riskin, the GLF policies were aimed at making China outdo other countries in the world by becoming communist through the self-reliance policy (117-133). The policies touched on the agricultural plus industrial sector that would pave way for an expansion of the iron,
The economic slowdown in China would affect emerging economies thus warning that global economy would weaken since China has been a major contributor to the recent random economic growth, therefore, the slowdown will affect other emerging economies who rely on China for cheap their imports and grants.
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