Modern China & Western Capitalism

Still, as China continues to extend its "open door" policy, the lure of the market will overpower such drawbacks. To American manufactures, China's more than one billion people represent a potential market and work force as large as Europe, North America and South America combined (Fairbank, 1987, p. 10). In fact, there may be no more lucrative place on earth to do business than this formerly staunch Marxist state. During the next century, China will represent unprecedented opportunities for the Unites States in expanding export markets. The numerous possibilities include aircraft and aerospace, power plants, and telecommunications (Overholt, 1993, p. 365).

Even the most skeptical of outside observers have been forced to consider seriously the many compelling economic arguments for investment in China. Nevertheless, nagging doubts remain. Because the culture is so deeply rooted in ancient tradition, at times t

. . .
rms for the installation of new machinery, factories, production processes, tourist hotels, and the extraction of oil and coal are paramount (Overholt, 1993, p. 196). The final spasms of the Maoist era left behind a legacy of the following: economic instability; a leadership best characterized as antique; and over-abundance of undertrained and often illiterate manpower. Guaranteed jobs without a profit impetus resulted in an unmotivated, unproductive work force. To counter these problems, astonishing reversals of economic policy in the areas of foreign trade, technology and investment were realized. Newly implemented planning strategies, commenced in 1979, shifted to emphasize agricultural and consumer goods for export. Growth of heavy industry were limited by a comparative lack of the necessary energy, while light industry was buoyed by foreign investment (Overholt, 1993, pp. 350-51). Autonomy of enterprises and a more open market have been crucial to that foreign investment. In the first dozen years of reform beginning in 1980, China attracted more than $20 billion in foreign investment (Overholt, 1993, p. 31.). Rewarded with Most Favored Nation trade status by the United States, exports to China already account for ten
. . .

Some common words found in the essay are:
Cultural Revolution, Party Naturally, Bad Overholt, Hong Kong, Indonesia Philippines, Party CCP, South America, Ming Ch'ing, Soviet Union, Instead Singapore-style, overholt 1993, cultural revolution, fairbank 1987, foreign investment, 1993 pp, overholt 1993 pp, foreign investment overholt, investment overholt, 1987 10, fairbank 1987 10, investment overholt 1993, political climate, dozen reform, beginning 1980 china, chaos cultural,
Approximate Word count = 2150
Approximate Pages = 9 (250 words per page)

More Essays on Modern China & Western Capitalism