International Political Economy: Case of China


Added on  2020-04-13

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EconomicsPolitical Science
POLITICAL ECONOMY1International Political Economy: Case of ChinaStudent NameInstitution
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POLITICAL ECONOMY2IntroductionDevelopment is directly associated with prosperity. The origination of development datesback to the past six decades and gained significance immediately after the 2nd World War. The process of empowering people to equip them with the potential to pursue goals to improve their well-being, destiny, and environment is referred to as development. There had been challenges by the Western countries in their attempts to rebuild the nations that had been shuttered by the war (Carswell & De Neve, 2013). The most frontier challenge for development strategy is moving beyond optimal economic policies prescription, having a more comprehensive view of the social-economic and political dynamics and constraints, and initiating a virtuous spiral of cumulative change. The country was formerly referred to a third world nation whose industrial development consumed excess resources that what the country was able to produce (Coe & Hess,2013). In the past decade, China as a government has been at the forefront of getting solutions to their then worsened economy. From its statist, modernist, and in particular its liberal beginnings; China’s development is going through a neoclassical phase that is imperfect due to its strong industrial revolution. Today, China is amongst the fastest growing countries around the globe. This study seeks to find out whether state-led development strategies are finding their way back into fashion in close reference to China.Are State-Led Development Strategies Coming back into FashionTransformational governance, state capacity building, focused governance, and bottom-up development have come back to fashion in China. China has worked out on implementing state-led development strategies in its market-based economy. Research shows that more than 600 million citizens have been brought out of extreme poverty and this is the step behind the
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POLITICAL ECONOMY3country’s growth in the world economy (Huang & Wu, 2012). These state-led development strategies adopted by China have doubled the median wages for an average worker; as a result, China is the World's leading innovator to green energies. The topic under discussion is justifiable since China's domestic life sciences have been seen to grow bolstering significant incentives and investments form the country’s authoritative government. China's size and scale offer the nation a perfect opportunity to continue diversifyingits economic activities over its global value chain. This adoption of state-led development strategies coupled with the market-led approach is continually making China a substantial domestic consumer market and large returns generation (Lane & Myant, 2016. Below are five models used by China in its state-led development strategies which will help in arguing the question at hand on whether state-led development strategies are coming back to fashion in China;Critical Theories- MarxismThe Marxist theory focuses on political practices as the end goal of all governments’ thoughts. The Chinese government introduced western Marxism to the country in the early 1970sto alleviate the constraints of the “Great Cultural Revolution," and its theoretical basis. The Marxism theory brought continued revolution under which people's minds were emancipated anddictatorship was eliminated (McNally, 2012). In China, Marxism is the most famous model of state-led development strategy applied by the government in driving its political, social, and economic goals. China keeps upgrading its industrial revolution, and this is an advanced state-leddevelopment strategy which influences people’s life and opportunities for growth. China
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POLITICAL ECONOMY4understands the conditions of working-class people and has been taking advanced actions to incorporate them in industrial policy formulations that can help China prosper. The events of 1978 in China are continually being manifest in its current state of growth. All citizens were involved in debating the most suitable market and state economic policies that could help the country prosper. The debate resulted from the political struggles and ideological differences that the Chinese Communist Party faced. The application of Karl Max model has been bringing amenable results, putting development in practice, and enhancing supplementationin accordance to the millennium development goals (MDGs) of China (Gereffi & Wyman, 2014). Through the application of Karl Marx theory, China has been able to alleviate poverty andpolitical instabilities that formerly affected its economic growth. The Chinese academia has attracted a widespread attention to the study of the Marxist theory. China seeks to deliver essential amenities (goods and services) to all its population, and the application of Marxism has been critical to saving the country's socialism. China continues todevelop its socialist modernization with the demonstration of western modernization, and this has made China one of the leading economies in the world. Over the last decade, China's economic success has made the country become the world's second-largest economy. China as a government and its people played a paramount role in this rapid expansion and its development in the global political and economic environments (Koh, 2015). The state-led development strategies adopted by the Chinese Communist Party in the 1970s continues to takes its route into China’s current development fashion state. Political leadership in China has brought extensive development the country’s healthcare, education, and infrastructure. However, China is known tohave lacked policy and state-led institutions that can coordinate public versus private partnerships in the country (Musacchio, Lazzarini, & Aguilera, 2015). Recently, China has
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