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

Comparative Economic Systems - Essay ExampleThe size of the population along with the role of the government in computer programming economic harvest-home processes, 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. Emphasizing these aspects of economic growth dynamics, this paper will aim at assessing the economic components of the US in comparison to the performance of China, Russia and the UK. Prime focus will remain in canvas 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 economy as compared to the other nations has been more because of its industrialization benefits, which illust casts that the economy considerably depends on its micro and macro environment. Discussion Comparison between China and the US The US has remained one of the confidential information economies of the world since 1979. However, recent statistics comparing 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 GDP growth rates have been consistently higher than the US since 2003 to 2012. Comparisons on the performances of the two economies further repoint that even though the GDP growth rate was higher for China, its GDP in the USD tends to be much lower in comparison to that of the US. For instance, the GDP USD preserve for China as on the fiscal year 2012 was estimated at $8.358 trillion, while the recorded GDP USD for the US in the same year amounted to $15.68 trillion. One of the contingent 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 meg nationals, where the total populati on of the US is recorded to be 313.9 million in comparison 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 conglomerate other inherent economic factors. . As per the data, China is the second largest trade partner of America, since 1980 to 2012, the countries saw a growth of $5 billion to $536 billion (Morrison, 2013). This over again makes the macro-economic components of trade largely interdependent among these two countries, where the economic prosperity of China may also influence the economic performance of the US to a real extent. It is worth mentioning in this context that as a developing nation, China possesses certain benefits, which the US lacks when performing in the global market. For instance, the GDP growth rate of China has shown a regular growth since 1979 to 2013, even when the world was facing an economic slowdown and the GDP growth rate in the US declined to vigor refer to Table 1 in the Appendix. It was fundamentally owing to the flexibility enjoyed by a developing natio