Chantal Guedon
Globalization and Global Governance
Does Integration Brighten China's Economic Future?
Currently, China has one of the largest economies in the world and every year it is impressive to see the growth that the country endures politically, socially, and economically. The progress of China is due mostly to globalization and the integration and support from the west. With the size and potential of China there was always a question of whether or not it would be appropriate to expedite China's integration into the modernized world and if there would be a backlash against what was inevitable. Since the fall of Communism following the Second World War, China has resorted to a socialistic economic standpoint which has increased its productivity and the cash flow within China itself. It is hard to argue that globalization and the opening up of China has been nothing but beneficial. However, the intense growth that China has endured over the past few decades has been so fast that there are many loops in its economy leading to detrimental ramifications to China's people, labor market, and fiscal sustainability.
A nation who is subject to globalization is seen as a nation willing to adopt a homogeneous viewpoint on all economic and political issues while giving freedom to foreign investors, jeopardizing domestic industries. China has done many things to benefit the world economy and has definitely been a great support system as it has slowed down in recent years. Although the progress that China has made is amazing, there are still many aspects in its policies that are beneficial for the global free market economy; however, these economic structures are detrimental to local busine ...