Comparative Economic Systems Essay Example | Topics and Well Written Essays - 1750 words

Comparative Economic Systems - Essay modelingThe size of the population along with the role of the government in programming economic yield processes, all in all help to determine the stability of the country. The labor market, capital market, the agriculture, trade, healthcare together reflects the economic strength of the country. accentuation these aspects of economic suppuration dynamics, this paper will aim at assessing the economic components of the US in compare to the performance of China, Russia and the UK. Prime focus will remain in studying the economic variability of these countries in the recent era. From a generalized point of view, as can be observed, the growth of the US providence as compared to the other nations has been more because of its industrialization benefits, which illustrates that the economy considerably depends on its micro and macro environment. backchat Comparison between China and the US The US has remained one of the leading economies of the world since 1979. However, recent statistics comparability the US growth rate with that of China reveals that both the countries reside alongside with insignificant differences in their growth rates. As per the statistical reports of aThe World Bank (2013), Chinas gross domestic product growth rates catch been consistently higher than the US since 2003 to 2012. Comparisons on the performances of the two economies further indicate that even though the GDP growth rate was higher for China, its GDP in the USD tends to be much lower in affinity to that of the US. For instance, the GDP USD enter for China as on the fiscal year 2012 was estimated at $8.358 trillion, while the preserve GDP USD for the US in the same year amounted to $15.68 trillion. One of the possible reasons to such fluctuation may be caused due to their differences in terms of population and other socio-economic components. To be noted, China currently is recorded to host 1.351 billion nationals, where the total po pulation of the US is recorded to be 313.9 million in semblance refer to Table 1 in the Appendix (aThe World Bank, 2013 bThe World Bank, 2013). This indicates that even though the Chinese economic growth may seem to be better than that of the US, an in-depth understanding to the issue exhibits a different scenario altogether, owing to their differences in terms of various other inherent economic factors. . As per the data, China is the second largest trade spouse of America, since 1980 to 2012, the countries saw a growth of $5 billion to $536 billion (Morrison, 2013). This again makes the macro-economic components of trade largely dependent among these two countries, where the economic prosperity of China may also influence the economic performance of the US to a substantial extent. It is worth mentioning in this context that as a developing nation, China possesses indisputable benefits, which the US lacks when performing in the global market. For instance, the GDP growth rate o f China has shown a unbroken growth since 1979 to 2013, even when the world was facing an economic slowdown and the GDP growth rate in the US declined to zero refer to Table 1 in the Appendix. It was fundamentally owing to the flexibility enjoyed by a developing natio