Paper Summary:

This paper addresses China's constant economic growth in the last few decades. The paper discusses the reasons why China has been able to become one of the big players on the global market in the 21st century - the adoption of the market socialist system and a third-way approach that combined the usual stern Communist approach with an open market economy. The paper analyzes the advantages and disadvantages of this approach towards globalization and states that even if GDP growth rates continue to rise as well as standards of living, the disparity between the rich and the poor will have to be looked at in order for China to truly prosper.

From the Paper:

"However successful and however high the GDP growth rates continued to be, as well as the rising standards of living, the country still experiences some of the classical traits of pure capitalist economies: a certain disparity between the rich and the poor, a decrease in state subventions etc. As long as the government will be able to tackle these concerns and retain a sustainable development of the economy, it is likely that China will become one of the most prosperous countries in the world. However, the authorities will need to watch for popular discontent following income inequality."

Sample of Sources Used:

• Qian Yingyi; The Process of China's Market Transition (1978-98): The Evolutionary, Historical, and Comparative Perspectives. Stanford University. April 1999. On the Internet at http://www-econ.stanford.edu/faculty/workp/swp99012.pdf. Last retrieved on May 13, 2008
• Qian Yingyi; The Institutional Foundations of China's Market Transition. Stanford University. April 1999. On the Internet at http://www-econ.stanford.edu/faculty/workp/swp99011.pdf. Last retrieved on May 13, 2008
• Tucker, Noah. How China rises. November 2007. On the Internet at http://21stcenturysocialism.com/article/how_china_rises_01546.html. Last retrieved on May 13, 2008
• Weil, Robert. China at the brink: class contradictions of "market socialism. Monthly Review. January 1995. On the Internet at http://findarticles.com/p/articles/mi_m1132/is_n8_v46/ai_16380655/pg_16. Last retrieved on May 13, 2008

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