China and Globalization
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Eduardo Aninat, Deputy Managing Director, International Monetary Fund (IMF) The Foundation for Globalization Cooperation's Second Globalization Forum, defines globalization as ôthe increasing interaction among and integration of diverse human societies in all important dimensions of their activities--economic, social, political, cultural, and religiousö (Aninat, 2001). Aninat goes on to explain the global environment that we are living in, where the immediacy of information allows companies to be much more responsive to the needs of their customers and to operate at a much more rapid pace. He describes ChinaÆs position as it readies itself to enter the global market and points out that globalization will improve ChinaÆs economic picture but will also have some short-term adverse effects. The entry of a country into the new world of globalization is rather like the marriage of a commoner to a prince. Although it will undoubtedly require sacrifice, and there is no turning back to an easier time, the rewards will be great and the advancement lasting. China may have a bit of a rough ride as it enters the global market, but not to do so would be to needlessly forfeit much prosperity and growth. As an ancient country, China has had a long history of events that have shaped its current situation. Among these has been its longstanding tradition of monitoring and regulating religious activities in the nation. When the Manchus took over and started the Qing dynasty in 1644,
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align its laws and regulations with international standards, the opposite has taken place. ôSince China joined the WTO in 2001, the U.S. deficit has grown by $20 billion in each of the last two years, about twice as fast as in the years preceding accessionô(AFL-CIO, 2004). In addition, China has violated international trade rules with impunity, deliberately undervaluing its currency. In spite of all of these infractions, however, China and the United States continue to execute huge trade agreements, and ChinaÆs improper practicesùalthough paid lip service by various groupsùhave not been hindered in any substantial way.
Interestingly, ChinaÆs abuses have contributed to similar abuses here in the United States. ôAmerican companies like Wal-Mart rack up billions of dollars in profits by taking advantage of the artificially low wages made possible by the Chinese governmentÆs repression of democracy, political dissent, and fundamental human and workersÆ rights. Last year, according to Forbes magazine, five of the ten richest people in the world were members of the Walton familyö (AFL-CIO, 2004).á
As China stands at the door to the global economy, all of these factors weigh in on its position and chance for success. Therefore, it
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Some common words found in the essay are:
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Approximate Word count = 2887
Approximate Pages = 12 (250 words per page)
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