Economic Reforms in Asian Countries Essay Example | Topics and Well Written Essays - 2750 words

Economic Reforms in Asian Countries - Essay Example Supply and demand determines prices and the state intervenes only at the margin. (Craig, 2002). Market socialism refers to an economic system that combines both capitalism and socialism in its practice. (Guo, 2005). It is an economic system where economic law is in direct conflict with political monopoly because it each prevents the recognition of the other. (Guo, 2005). Loss making and less liquid firms can be bailed out from financial distress by the government through the transfer of funds from profit making firms to the insolvent firms under market socialism. (Guo, 2005). Also, the leadership style adopted by chief executive officers or managers is the bureaucratic leadership style and subordinates or employees have no option than to respect the rules and regulations laid down by the manager if they want to keep their jobs and advance their careers. (Guo, 2005). Business success and the concern for customers is not the primary objective of operative business. (Guo, 2005). Therefore market socialism does not allow for competition among firms and as such there is doubt as to how far such an economy can go. To better understand whether the reform has taken a capitalistic of a market socialistic approach, we will carry out a review of some of the reforms in a selected number of Asian Countries including; China, Vietnam, Korea and Laos. China Following the fall of Mao's followers between 1976-1978, market reforms began in China with the reformers taking over the entire party-state apparatus. (Guo, 2004). Two groups of reformers existed the radical and the moderate groups. The two groups had similar objectives of improving the economic performance Chinese socialist economic system, promote economic modernisation, and improve the standards of living of the entire population, with the major difference being the scope and pace or extent of reforms. (Guo, 2004). Moderate reformers were of the view that China should be launched in the direction of a planned or state controlled economy and restricted the operations of the market to agricultural goods and inessential public sectors, industries or areas. They emphasized that the market should be regarded as a support mechanism for the allocation of resources and determination of prices. (Guo, 2004). In addition, the moderate reformers advocated a slow approach to the reforms process with allowances for adjustments during which imbalances could be resulting from the reforms process could be rebalanced. (Guo, 2004). The moderate reformers also desired to exert strict administrative control over certain important aspects of the economy especially investment and foreign exchange. (Guo, 2004). Finally, the moderate reformers stressed the importance of the basic principles of socialism put forward by Lenin, Marx and Stalin (planned economy, public ownership the factors of production, and distribution according to labour). (Guo, 2004). On the other hand the radical reformers defined socialism in a less restrictive way and excluded the planned economy as one of the basic principles of socialism. However, while maintaining the dominant position of public ownership, they recognized the need for flexibility so as to allow for the existence of a diversified ownership structure (Guo, 2004). There were a lot of

Self introduction Essay Example | Topics and Well Written Essays - 750 words

Self introduction - Essay Example It is natural, that I am a kind of typical representative of my nation with its specific interests and activities. To tell you the truth the cultural entertainment is traditionally received much attention in my motherland. As here in America we have the American way of life, so there is the Chinese way of life in China, which is determined by the gymnastics Taiji. My friends and I are those people who were engaged in practicing of sports in the morning parks. And by the way such sportsmen can be also seen then-and-now. Among other activities valuable and adorable by me is Ping-Pong, which is played just in the city streets. No matter which way you look at it, Ping-Pong is our national sport available for everyone. Moreover, it is a really interesting and developing game, for it stimulates such human’s qualities as quick reflexes, concentration, attention and concernment of mastership, as there are many guys able to show various and sundry tricks with rackets at an unimaginable speed. And definitely you have heard about our main amusement of karaoke. You must know, it is our craze, and there are many new karaoke bars, which have been opened recently. So here I am, a practitioner of Taiji, who plays Ping-Pong and likes singing karaoke, as all these choices are still with me in America. Incidentally, my personal example proves the fact that there is less and less time for Taoist slowness and Confucian measured gravity in the life of the modern Chinese. The pace of life increases, and as a result the time allotted for spirituality reduces. Such an acceleration of life is the main mark of the recent years, which may alter the traditional slow Chinese mentality. As for my experience at Greenville High School in Alabama, where I have come for studying after the moving from China, I cannot say that it was easy. The main difficulty for me was total learning in English. Naturally, I was taught the language up to then, but Chinese English pronunciation