Economy and International Policies of India and China: Assignment

Added on - 18 Sep 2019

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Running Header: CHINA-INDIA a comparison of Economy and International PoliciesName:1
Running Header: CHINA-INDIA a comparison of Economy and International Policies2
Running Header: CHINA-INDIA a comparison of Economy and International PoliciesContentsIntroduction.................................................................................................................................................3Big scale industrialization changed the face of the market.....................................................................4CHINDIA, two neighboring economies with sea differences....................................................................5History of independence finds them on a neck to neck level still, there is a huge difference................6CHINDIA the current flavor of 21st-century world economy....................................................................6The contrast in the terms of independence............................................................................................6Both the economies presents a different kind of entry-level difficulties.................................................7The prediction for both the economies as international trade looks at them.........................................8Industry ready population, future ready population is an asset..............................................................9Balance of payment has a bigger definition...........................................................................................10Establishing a trade policy is an important task.....................................................................................12Political stability of China also played a crucial role..............................................................................13On a conclusive Note.................................................................................................................................14Bibliography..............................................................................................................................................163
Running Header: CHINA-INDIA a comparison of Economy and International PoliciesIntroductionDuring the 21stcentury, international trade organizations started saying that the world isconverting into the small global village.It is old news by all standards, for the various tradecommunities the world always was a global village. International trade was rampant duringancient and medieval societies. Indians were selling spices and cloths to Romans and Chinesetraders. In return, these traders were bringing in silver coins and other ornaments. British peoplewere searching for a cheaper substitute of cotton in the world and their quest for cotton madethem the conqueror of the world. Passages, like Silk Route, were always there where traderswere paying various types of taxes in order to sell their goods in different markets.It meanstaxes were always there, trade was always there, it was a global village, we can also say a slowmoving and less connected global village.[ CITATION Ron06 \l 1033 ]Big scale industrialization changed the face of the marketThe equations of International trade environments and economy were simple during that time.They were dependent on the raw materials mainly.Things changed at the turn of the 16thand 17thcentury when technology made an entry in the game. Means the raw material was available in adifferent country and the processing unit or the technology was with another country.The 17thcentury saw the emergence of industrialization, those who were owing technologydecided to practice the economy of the scale and this time they decided that they will sell theirgoods in various countries of the world.This exercise changed the perception of the gamecompletely. In order to address the complexities of the international economy, we saw a gradualintroduction of various patent laws and other treaties. After theSecond World War, it happened4