China and India's Political Economies

Paper Summary:

The paper examines the economies of China and India as examples of current political economic systems. The paper discusses the extensive roles of the Indian and Chinese governments in their economies and highlights the many similarities between these economies. The paper asserts that due to the continued influence of the Communist Party, the Chinese economy requires a much closer relationship with economic principles based on democratic ideals.

From the Paper:

"In 1948, the Chinese Nationalist government which had been made possible by nationalizing much of China's modern economic sectors, controlled the production of metal, electricity, the railroads and all petroleum industries and in 1952, the Chinese government nationalized all foreign-owned firms which resulted in "Chinese-owned enterprises being slowly taken over" while also encouraging their owners to stay in business and run their companies (Susumu, 125). By 1957, all enterprises were under state control and for the next thirty years, state-owned enterprises "thoroughly dominated the Chinese economy" and literally absorbed "the bulk of foreign investment funds" (Susumu, 126). Obviously, portions of this political economic system are still in action in today's modern China and have produced some of the most explosive economic growth of all time."

Sample of Sources Used:

• Frankel, Francine R. India's Political Economy, 1947 to 2004: The Gradual Revolution.New York: Oxford University Press, 2005.
• Johnson, Paul M. "Political Economy." A Glossary of Political Economic Terms. Internet. 2005. Retrieved July 12, 2008 from http://www.auburn.edu/~johnspm/gloss/political_economy.
• Ricardo, David. The Principles of Political Economics. New York: Dover Publications,2004.
• Susumu, Yabuki. China's New Political Economy. New York: Westview Press, 2000.

More papers on China and India's Political Economies:

• Comparison Essay # 14204 : "India, China and Japan From 1850 To 1945"
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• Research Paper # 64578 : "India and Nuclear Energy"

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