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By julissa22 Feb 23, 2014 509 Words
In 2012 the officials say that the economy of China grew by 7.8 percent. The economy in the U.S.A has been change for many years during the early 20th century the U.S had a global economic power. Japan. From the years 1950-1975 there was an economic miracle. There was no need for money to apply to defense and this meant that there was more investment in the economy. In the late 1990’s there was an economic downturn because of the global competition that bloated work force. Another country that experienced economic downturn was Australia. In Australia there was an economic growth from the mid to late twentieth century. This all changed in the late twentieth century. There was an economic decline. In the Pacific Rim countries there have been economic changes and economic growth and decline. This has impacted the way of the life of people and of the country. Four of the Pacific Rim territories have been called "Economic Tigers" due to their aggressive economies. They have included South Korea, Taiwan, Singapore, and Hong Kong. In China the trading has continued to be the same a lot since they changed to communism. Before 1945 they had busy trading centers. When they had communism they also had extensive global trading partners. There is a negative balance of trade in the U.S.A.. South Korea changed their trading in 1980 and they became one of the top ten trading powers in the world. Hong Kong became the center of banking and trade. They continue to be important financial and trade center. Another example is in Singapore before the 1945, they had a busy trading port. Some continuity is that when there is trade it will help the economy a lot and also improve their trading partners and markets. Australia has been exporting livestock, raw materials, and wheat. The Pacific Rim continues to gain strength in the global economy. From the colonization of the Americas to just a few years ago, the Atlantic Ocean had been the leading ocean for the shipment of goods and material. Since the early 1990s, the value of goods crossing the Pacific Ocean has been greater than the value of goods crossing the Atlantic. After 1945, the United States has been highly urbanized, industrial centers on West coast. Some of the places in the west coast were Seattle, San Francisco, Los Angeles, and San Diego. In China before 1945 they had a busy urban trading ports and rural areas undeveloped. Know China is more industrialized and westernized. In the United States before the 1945 most urban centers in Northeast and Midwest. Japan was a good industrial giant. The economic growth in the Pacific Rim was mainly because of the high degree or urbanization, industrialization. Some problems were because of urban problems of overcrowding, crime, health, and sanitation. These things have also affected the health of the people, for example there is pollution, over taxation, and then this results in economic downturns. South Korea's prosperity and industrial development are related to their production of items from electronics and clothing to automobiles.

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