Term Paper: Economic Development Is a Key

Pages: 8 (2247 words)  ·  Bibliography Sources: 1+  ·  Level: College Senior  ·  Topic: Economics  ·  Buy This Paper

SAMPLE EXCERPT:

[. . .] System of incentivizing workers to increase productivity was also introduced.

(Chenery) in a comparative framework for assessing performance of China in comparison to other developing countries says that China has achieved the adequate industrial structure and investment structure of a middle-income country. The author says, "In the case of China, industrialization has proceeded much further than is typical for countries of its income level." The author also attributes slow population growth in the country as a factor to achieve economic growth. Moreover he gives credit to the autarkic policies followed over three decades in China for its industrial growth.

China now has a per capita gross national income of about U.S.$4,260 (World Bank). It stands in the queue of upper middle-income countries. Now the country is facing challenges to maintain its growth and to transition from a middle-income country to a high-income country. This challenge is even more difficult than moving from low income to middle income country group (World Bank).

As a result of massive economic and industrial progress the country is experiencing environmental challenges and with the joint efforts of World Bank, programs to meet these environmental challenges are being implemented. (World Bank) About 75% of on-going projects and 85% of planned projects carry strong environmental focus. Clean and healthy environment is a global requirement as polluted environment has vast negative externalities. Hence, it is a core responsibility of every individual to be responsible for the environment. In industrial areas due to emission of different types of wastes, toxins etc. environment is adversely affected which causes global warming and hence countries and international organizations are becoming very sensitive of this problem.

Moreover programs to achieve equity between urban and rural areas of the country are also being implemented. Balanced urban-rural growth is a main policy objective and actions are being taken by both the government of the country as well as by the World Bank. As the country focused on its industrial growth urban areas as compared to rural areas are more developed. In a research (Zhang) says that more and more land is being utilized for the growth of industries and the share of land used for agriculture has shrunk. Recent inflation in food prices has increased the importance of production and self-sufficiency in crops and grains. This raised a concern, which this research has evaluated to be true that industrial growth and grain self-sufficiency are two contradicting policy goals for China and careful balance needs to be struck.

Conclusion

China and Vietnam with their respective strengths and weaknesses are two role models for developing countries especially for those who want to increase their industrial strength to improve their economy. Clearly China is ahead of Vietnam in economic progress and industrialization. Both these countries have certain similarities with each other as well as with other developing countries and they can learn from each other and see what policies were implemented and what innovations can be brought to achieve similar/better outcomes. World Bank has invested in some researches to understand the development story of China to share this example with others who are striving to improve their economies.

It can be concluded that there are different economic objectives of the two compared countries today but Vietnam can learn a lot from its neighbor and set its future goals and design its policies accordingly.

Bibliography

Chenery, Hollis B. "Industrialization and Growth The Experience of Large Countries." World Bank staff working papers 539 (1982).Web. 10 Apr. 2012.

CIA. "The World Factbook." 2012. Web. 6 Apr. 2012.

Communist Party of Vietnam Online Newspaper. "Vietnam's development goals, 2011 -- 2020." 2010. 2012. Web. 6 Apr. 2012

Murphy, Kevin M., Shleifer, Andrei., and Vishny. Robert. "Industrialization and the Big Push." The Journal of Political Economy 97 (1989): 1003-1026. The University of Chicago Press. Web. 6 Apr. 2012.

Rosenstein-Rodan, P. "Problems of Industrialization of Eastern and South-eastern Europe" The Economic Journal 53 (1943): 202-211. Web. 6 Apr. 2012.

The World Bank Group. "Vietnam-World Bank: long-term companions in development." Working Paper Report 66928 (2012). Web. 6 Apr. 2012.

"Technological and industrial history of the People's Republic of China." Wikipedia: The Free Encyclopedia. Wikimedia Foundation, Aug. 2011. Web. 6 Apr. 2012.

World Bank. "China Overview." 2012. Web. 6 Apr. 2012.

World Bank. "Vietnam Overview." 2012. Web. 6 Apr. 2012.

Zhang, Xiaobo., Mount, Tim D., and Boisvert. Richard N. "Industrialization, Urbanization, and Land Use in China." International Food Policy Research Institute (2000). Web. 6 Apr.… [END OF PREVIEW]

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