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) Although China's economic success of late is primarily a result of numerous reforms designed to transform its economy to accommodate capitalist institutions such as markets and profit, China still maintains its political structure as a communist state. How has China managed to reconcile communism with capitalism? Cite specific examples. Explain any problems or challenges China has encountered. Be specific.


The internal economic conditions prompted china to embrace capitalistic activities. As a matter of fact, when Mao died, China was compelled to embrace pragmatism. Seeking truth from facts has become the motto of China. This made china rich and glorious. The necessary knowledge, both the technical and institutions has gained by China, by making its own internal region promoted for competition. The entire set of 32 provinces, 282 municipalities, 2862 countries and 19,522 towns and 14,677 villages of the country were made gigantic laboratory and internally subjected to diverse economic experiments, however they were done under the central state authorized leadership. The knowledge gained in is used by china to move towards capitalistic reformation on large scale. However still the core spirit and the guiding philosophy has not changed and still sticks to its traditional spirits. The key challenges the country faced are from internal political philosophical differences and resistance from them for economic reforms, also the fragility and possible instability of the reforms is the key challenge. However the results and sustenance of the reforms will strengthen the reforms and will mitigate these problems and challenges. However the political sense and direction will decide the future growth direction and progression of the country(Coase & Wang,2016).



2) Discuss the process of economic integration (also known as globalization) as it takes place in Asia today. Explain the important aspects of successful globalization in Asia and discuss the U.S. role in Asian economic development.


Economic integration or globalization in Asian perspective happening in few different directions. The first is opening up the markets for the local products in far away countries like US. Europe, Africa etc. Further, Asia is acting as market for the products developed in foreign countries. Also Asian workers are at present finding employment in other countries across the world and also they are accepting outsourced works and working as cheap labour destinations for works across the world. In any case, there are several countries like United States  keeping Foreign direct Investments in the countries of Asia. Also there are instances where there mergers occurred for US companies with their local partners in Asia. All these are working for GDP and economy in general for several Asian Countries(Beeson,2014).



3) The Asian Newly Industrialized Countries (NICs) of South Korea, Taiwan, Hong Kong and Singapore adopted important elements of the Japanese Institutional Model. What were these policies or strategies? How did the implementation and outcomes of these borrowed strategies differ in the various NICs?

Japan institutional model is based on the concept of state led capitalism. The underlying strategy for the same is neo liberalism. The policies and strategies for the same in essence consists of the following elements, full-fledged adoption of institutions of liberal capitalism, corporate governance by outsiders, allowing free trade, purge of large and unprofitable banks and manufacturers to sell off the assets for those who can manage for higher returns, transparent markets for labour and corporate control, busting up of cartels, price setting for interest rates are some of the key features of this model. They are taken in by NICs of Asia. Thought the economic progression rate within Asia is different for different countries, the four economic tigers of West Asia, viz.,z southkorea, Taiwan, Hongkong and Singapore experienced phenomenal growth rate and more or less it is same for these four countries. The key element is the usage of technology, and this enabled phenomenal success for all these four countries(Dent et al,2003).


4) Underdevelopment and poverty are still some of the most serious and challenging human problems today. Studying development models such as those of the APR impart valuable lessons and examples for developing countries to consider when putting together their own development models. What factors do policymakers in developing countries need to considers when borrowing economic policies and strategies from successful development models such as those of Japan and other APR countries? Explain.


Under development and poverty are still concerns for several developing countries. Economic development is the concern for all the human problems today. Japan and APR countries were successful however when implementing these policies it is to be considered for the particular conditions prevailing in the country and ease in adapting to the technological changes that enabled the progression. However there is need to enable similar conditions to get the same outcomes of reforms as obtained by Japan and other APR countries(Kuznetsva et al.,2015).



5) "Traditional economic theory suggests that a high degree of governmental interference in making choices for the private sector is doomed to failure." In light of the preceding statement, explain the success of government intervention in East Asia. Discuss the factors and conditions that contributed to the success of interventionist strategies in these economies.


Government has promoted both the local and international direct investment and business continuation in several East African countries. Though there is strict control and high degree of interference there in allowing choices for the private sector, still the inherent facilitation for freedom and promotion of trade is always there. There are numerous  incentives provided and system is made more flexible to promote private business in theory by law and in practice and all these activities resulted in success of interventionist strategies unlike in traditional economic theories(Gonzalez-Vicente,2015).

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