Economics of Asia Essay Example | Topics and Well Written Essays - 1000 words - 1

Economics of Asia - Essay ExampleAs the authors point out, the reformation process was spurred by popular demands for change leading to a more capitalistic form of economy with Chinese attributes.This form of capitalism was advocated by the higher Chinese elites who did not take to lose but perhaps wanted to expand their shares in the wealth of the country. It is explained that the move towards capitalism was goaded more by greed although it monetarily benefitted the elites far more than before. The socialist stinting policies of Maos earned run average were characterized by centralized decision make, no private ownership of the means of production, large industries, and political cut back over the people through parties. Dissatisfaction with the ongoing political, social, and economic trends, the people demonstrated their anger and frustration as their social and economic life declined. Maos era of government played a decisive role in paving the way for socialist reformation. The period saw increased production despite several large unrests in the country. Production output plunged dramatically although the agricultural relatively lagged behind in terms of its pace of development. Despite result in production outputs and the overall economy, China still confront a lot of economic problems by the end of Maos era. Since the economic decision making was extremely centralized, the market could not efficiently and productively respond to the needs and wants of the people. duration some goods were produced in large quantities, others were under-produced.As Hart-Landberg argues, while China has experienced rapid and a remarkably high growth rate while maintaining its growth, its success cannot be considered in isolation with the wider aspects of its economic transformation process (35). While many countries may view the Chinese economic policies as a model for successful economic growth, the economic strategy of China should not be accounted