Specific Economic Requisites of Newly Industrialized Countries for Prosperity: Path to Industrial Growth within China and India
The Path To Industrial Growth Within China & India
By Sebastien Anderson
Newly Industrialized Countries (NIC’s) have become increasingly industrially robust. As a result, it can be argued that NIC’s have used a set of economic requisites to achieve success in the 20th century. Selected countries in this grouping have realized newfound industrialization as the result of their political governing approach and have applied the same political development policies towards international involvement but it is not a necessity for industrialization. Using NIC’s China and India as leading examples, this essay will deliberate that there are specific economic requisites required by NIC’s for prosperity, but that liberal democracy, or any other governing form, is not a political requisite for NIC’s.
China and India are the top NIC’s in term of GDP and GDP growth (OECD, 2012). They also possess the two largest populations in the world. They are considered newly industrialized countries because they both have experienced extensive growth in GDP every year since 1980’s (China almost reached a 10% annual growth in the last decade) (OECD, 2012). Both countries govern using different political systems. During its post-colonial era, India’s rule has been based on liberal democracy for the most part. China on the other hand is a single party-state currently governed by the Communist Party of China. While their political ideology is different, these two countries have been able to find prosperity using similar economic requisites that has allowed them to adapt to the rise of an interactive global economy. The adaption to the global economy for India and China, who were once known for their agricultural production, is their recognition that they hold interest for corporations in developed countries due to their cheap labor and growing consumer markets. By liberalizing their trade agreements and encouraging foreign investment, they have become a favored center of
By Sebastien Anderson
Newly Industrialized Countries (NIC’s) have become increasingly industrially robust. As a result, it can be argued that NIC’s have used a set of economic requisites to achieve success in the 20th century. Selected countries in this grouping have realized newfound industrialization as the result of their political governing approach and have applied the same political development policies towards international involvement but it is not a necessity for industrialization. Using NIC’s China and India as leading examples, this essay will deliberate that there are specific economic requisites required by NIC’s for prosperity, but that liberal democracy, or any other governing form, is not a political requisite for NIC’s.
China and India are the top NIC’s in term of GDP and GDP growth (OECD, 2012). They also possess the two largest populations in the world. They are considered newly industrialized countries because they both have experienced extensive growth in GDP every year since 1980’s (China almost reached a 10% annual growth in the last decade) (OECD, 2012). Both countries govern using different political systems. During its post-colonial era, India’s rule has been based on liberal democracy for the most part. China on the other hand is a single party-state currently governed by the Communist Party of China. While their political ideology is different, these two countries have been able to find prosperity using similar economic requisites that has allowed them to adapt to the rise of an interactive global economy. The adaption to the global economy for India and China, who were once known for their agricultural production, is their recognition that they hold interest for corporations in developed countries due to their cheap labor and growing consumer markets. By liberalizing their trade agreements and encouraging foreign investment, they have become a favored center of
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