Macroeconomics

2006 pageboy : 1 chinaware has changed dramatically in the last decade . The changes restrain been very rapid particularly in its economical corpse towards a market place sparing It has also deriveed greatly in the world(prenominal)ization of the world economy in transforming it to a new-made Industrial society in a very swindle period of time . This has challenged the Ameri throw out entrepreneurs to be aware of mainland china s work ethic and their rising competitiveness andAmerica s domination in the economic power and technological superiority in the worldChains is bonny a study player in the world economy as they now enter the world trading governing body and challenge in economic terms all the major industrialized nations including AmericaIn the book of account The World is Flat by colourize , Kenneth R explains the globalisation has made the world particularly China to become part of the globalization process and gave opportunity to be new players in the economic study process . That in has view in a macroeconomic sense has tending(p) China a tremendous opportunity to economic development and their frontwards to achieve a considerable economic return and it is a vital factor for its economic development and modernisation process . In other words it has massively rectify its technological development by opening its markets and in that respect fore enabling it to transfer technology from western nations to improve its technological advancement which increased their force and competitiveness due to globalizationThe efficiency of its factors of production such as labor and capital has alter tremendously due to its transformation in to a market based economy in the 19th century Page : 2and globalization process has accelerated and given opportunities to China to alter to continue its policy of modernizing China s economy and society .

In the above book have also stresses the importance of American public and government to be aware of these new trends global interaction to maintain America s economic and global positionAs globalization intellectual basis is based on Adam metalworker s and David Ricardo s theory of absolute advantage and competitiveness where it is emphasized that by specialization in productions nations can increase production by destitute backing instead than to be self-sufficient and there fore the production pie will increase all nations can expediency . As in the real world free trade doesn t exist because of political and other reasons some countries benefit more(prenominal) than the other . However countries like China with its long population and market and cheap labor will benefit western businesses as well China to become more Industrialized and attract capital by embarking on trade for its economic development and opening up its markets and reap benefits rather than self-sufficiency and there fore based on the above theory it can be said that globalization benefits China as well s other western nations and improve its competitiveness in the world market due better efficiency in its use of resources and allocate resources where it has the maximum economic benefit compared to cost . Page : 3The World is Flat book as mentioned...If you want to get a full essay, fix up it on our website: Orderessay

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