Achievement of Economic Prosperity and Social Well-Being - 2475 Words

The Achievement of Economic Prosperity and Social Well-Being in China (Essay Sample) Content: The Achievement of Economic Prosperity and Social Well-being in ChinaNameInstitutionQuestion 1. Economic Prosperity and Social Well-being2394 wordsThe Achievement of Economic Prosperity and Social Well-being in ChinaOver the years, China and India have stood out to become some of the countries that have experienced various changes in their political and economic systems. The choice of each countrys political and economic structures has had an influence on their performance regarding the achievement of economic prosperity and social well-being. Between these two countries, China has stood out to become a force to reckon with through the achievement of greater results through its systems. The country, therefore, has become one of the leading economic powerhouses in the world. Even though China just as India faced various setbacks in its achievement of economic success, it has put in place effective political and economic structures that have steered it to this success, an aspect that differentiates it from India. Therefore, Chinas economic and political structures have yielded greater results than India.Over the past 60 years, China has undergone a change from an agrarian society to become an industrial powerhouse in the world. The country has experienced increases in its productivity and wages, and these have allowed it to become one of the largest economies in the world. According to Hua (2012), In 1978, the first year of the reforms, it was just over 30 million tons. Two years later, in 1980, it reached 37.12 million tons, the fifth largest steel output in the world. Hua describes the increased production of steel by China. Two decades after the Peoples Republic of Chinas founding in 1949, there was a growth in the countrys GDP. It was facilitated by increased involvement of the Chinese workforce that ensured a growth in the output of every person. According to Hua (2012), Soviet advisers played a major role in the rise of the country as they helped in the establishment and operation of various projects that were associated with high amounts of capital. The involvement of the Soviet advisers, therefore, ensured that there was increased productivity in the country. Additionally, they helped improve the quality and pace of industrialization. Despite the Great Leap Forward that occurred in 1958-1962, the country recovered and unwounded reforms that had been put in place (Wasserstrom, 2013). The country benefited again from the unwinding of the reforms that worsened several incentives and restricted markets. Therefore, the country once again experienced increased productivity and growth in its GDP after various reforms were unwounded after the Great Leap Forward period.Even though the journey towards the rise of the country to become an economic giant was not very smooth, the manner in which it dealt with various challenges played a major role in its success. For instance, after the unwinding of the reforms between 1962 and 1966, the country experienced a period of Cultural Revolution whereby many individuals clashed with government officials leading to a setback in its economy again. According to Hua (2012), the Communist Partys 11th Central Committee in December 1978 played an important role in the countrys history. It acted as the defining moment regarding economic growth as the countrys economic path shifted from an unsteady to a sustainable one. The session laid the groundwork for the countrys future reforms that were aimed at maximizing productivity and the opening up of more markets for its products. Additionally, farmers started selling their produce in the local markets, as there were no restrictions. Chinas flexibility facilitated its economic growth. The introduction of the Law on Chinese-Foreign Equity Joint Ventures played a significant role as it allowed foreign capital into the country (Hua, 2012). It ensured that regional economies were boosted and this made the government ease various price restrictions. It also allowed various companies that were operating in the country to set up their preferred wage structures and retain their profits. Moreover, the law brought about increased urbanization and a boost in the countrys GDP. Many people who had skills in various jobs were fetched from the countryside to the cities whereby they were given good pay. The law, therefore, ensured that there was market liberalization and this helped China to grow economically and become a leading exporter in the world among other countries such as the United States and Russia.Chinas rise to become one of the largest economies in the world can be attributed to the rise of Deng Xiaoping and the various economic reforms he introduced. Unlike India that practiced restrictive policies, China existed as a country that was free to try out different economic principles. It, therefore, embraced free-market principles that facilitated high productivity. Since the inception of this approach, the countrys economy has continued to grow. Additionally, the country embarked on encouraging the formation of private businesses and rural enterprises. The strategy was effective as many people were encouraged to own their own businesses, unlike the earlier years whereby the government was in charge of most productive assets. Unlike India that continued applying old laws in the running of the countrys economic activities, China embraced openness, and this allowed many people to own businesses without experiencing domination by the state (Hua, 2012). The strategy of liberalizing foreign trade, relaxing the governments control over pricing, investment in industrialization, encouragement of the formation of private businesses and rural enterprises, worked in a spectacular way for the government. It realized that the achievement of economic success required a non-restrictive approach.Productivity played a significant role in the growth of Chinas economy. According to Hua (2012), other fact ors such as capital investment also played a vital role in the growth of the countrys economy, however, increased productivity stood out. Over the last 60 years, China has invested in new machinery and better technology to ensure increased output. However, some of these factors have not been highly effective. Even though capital investment accounted for a rise in the countrys economy, high productivity was the main reason the country grew economically. According to Corbridge, Harriss, and Jeffrey (2013), India experienced low productivity levels during the 1970s and 1980s. Unlike a country like India that did not rely on productivity, China recorded an increase in its GDP making it an economic giant in Asia. The country then experienced an increase in productivity between 1979 and 1984 at a yearly rate of 3.9 percent (Hua, 2012). He adds, At that time Deng Xiaopings open-door policy had entered its eleventh year, and although the reforms had triggered price increases, the economy wa s growing steadily and the standard of living was rising. Growth in the productivity was recorded as the earlier years were characterized by a growth rate of 1.1 percent annually. The increased productivity in the country was due to the various reforms that were undertaken by the government. These reforms were aimed at the creation of an open market whereby people were free to sell their farm produce without necessarily facing opposition from the government. China, therefore, stood out as an economic giant in comparison to India because of the economic reforms it had introduced.The lack of dependence on foreigners played a vital role in Chinas growth. Unlike India that suffered foreign rule for a long period, most of the Chinese territories never experienced foreign rule. However, there were foreigners in the country, and this motivated the calls for the formation of the Peoples Republic of China that would be free of foreign influence. The Chinese embarked on a process of removing foreigners, and this helped them a lot regarding the growth of the nation. India, on the other hand, had long periods of foreign influence, therefore, making them over-dependent on the foreigners mainly the British. Since there was a little presence of foreigners in China, it came up with the idea of modernity (Hua, 2012). It meant that the country had to confront the existing Western ideologies such as Communism, Fascism, and Liberalism. The struggle by China to become dependent on its resources shows the determination it had as a nation to succeed not necessarily depending on other nations. The vision to succeed as a country ensured that the countrys populace worked hard to help achieve the success. Moreover, the unification of the nation helped it achieve the vision of modernity without depending on other foreign powers. According to Hua (2012), After Mao, Deng Xiaoping drew on his own personal prestige to implement reforms and pursue an open-door policy. Deng Xiaopings reforms were critical in initiating growth in China. However, this was not the case in India as it was experiencing several problems in its leadership and it depended on foreign powers. Guha (2007) states, Now, like all other settlements in the Punjab, its fate lay in the hands of the British. It shows the way India was under the British control, and this hindered the implementation of its nationalistic ideologies. In summary, China existed as a unitary state. Its leadership and the vision of economic success without depending on other nations facilitated the unity.The economic transformations in China have had impacts on the social well-being of the Chinese populace in various ways. The trajectory of life satisfaction in China is the same as those for most of the Europ...