China's Economic Development and History
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What is the primary focus of China's changing model of development?

  • Production power
  • Consumer power (correct)
  • Foreign investment
  • Export-led growth

The Belt and Road Initiative aims to bring half the world together.

True (A)

What investment range does the Belt and Road Initiative estimate for the world economy?

$3-8 trillion

China's growth model emphasizes __________ driven growth as a means of achieving equitable and sustainable development.

<p>consumption</p> Signup and view all the answers

Match the following initiatives or historical references with their significance:

<p>Belt and Road Initiative = Global investment strategy Boao Asian Forum = Regional cooperation Silk Road = Ancient trade routes Zheng He's voyages = Maritime exploration</p> Signup and view all the answers

Which of the following leaders initiated the Four Modernizations in China?

<p>Deng Xiaoping (A)</p> Signup and view all the answers

The Great Leap Forward was a policy implemented by Deng Xiaoping.

<p>False (B)</p> Signup and view all the answers

What is meant by 'crossing the river by feeling the stones' in the context of China's economic development?

<p>It refers to the approach of experimenting with reforms and scaling them up only if successful.</p> Signup and view all the answers

The _________ Initiative refers to China's initiative aimed at enhancing global trade and economic cooperation.

<p>Belt and Road</p> Signup and view all the answers

Match the following Chinese leaders with their corresponding policies:

<p>Mao = Great Leap Forward Deng Xiaoping = Four Modernizations Hu Jintao = Harmonious society Xi Jinping = China dream</p> Signup and view all the answers

Which country is expected to pass the GDP of the US by 2025?

<p>China (C)</p> Signup and view all the answers

China is currently the biggest trading partner for Japan.

<p>False (B)</p> Signup and view all the answers

What economic group is referred to as BRIC?

<p>Brazil, Russia, India, China</p> Signup and view all the answers

By 2025, the combined GDP of BRIC would be one-half the combined GDP of the _____ economies.

<p>G6</p> Signup and view all the answers

Match the following years with their significant events:

<p>2008 = Crash and recession in the US and Europe 2011 = Recovery of the US economy 2016 = Brexit and election of Trump 2020 = Covid chaos in US, UK, and Brazil</p> Signup and view all the answers

What market condition is described as having demand that continues due to industrialization in Asia?

<p>Demand for commodities (C)</p> Signup and view all the answers

Developing countries are currently growing at a faster rate than developed countries.

<p>True (A)</p> Signup and view all the answers

What major global event in 2018 highlighted hegemonic and tech clashes between the US and China?

<p>Huawei 5G controversy</p> Signup and view all the answers

What major economic crisis began in 2007?

<p>Financial crisis due to subprime mortgages (D)</p> Signup and view all the answers

Asia has seen a shift from export-led growth to investment-led growth since 2003.

<p>True (A)</p> Signup and view all the answers

What is the primary economic initiative that China launched to bring global connectivity?

<p>Belt and Road Initiative (BRI)</p> Signup and view all the answers

The rise of __________ and trade barriers in the EU and US marks the beginning of deglobalization.

<p>protectionism</p> Signup and view all the answers

Match the following years with their corresponding significant events:

<p>2001 = China joins WTO 2008 = Spreads to the UK and EU 2016 = Political crisis: Brexit, Trump election 2015 = New institutions like AIIB formed</p> Signup and view all the answers

Which of the following statements best describes the 'Goldilocks globalization' period?

<p>US, Europe, and Japan dominated globalization from 1950-2000 (B)</p> Signup and view all the answers

China is considered a de facto leader in global trade as of 2024.

<p>True (A)</p> Signup and view all the answers

What organization was established in 2015 with 57 member countries to support infrastructure investments?

<p>Asian Infrastructure Investment Bank (AIIB)</p> Signup and view all the answers

Which type of economy is associated with settler colonial societies?

<p>LME (C)</p> Signup and view all the answers

Emerging economies are responsible for increasing trade between Asia, Latin America, the Middle East, and Africa.

<p>True (A)</p> Signup and view all the answers

What was the percentage share of global GDP held by emerging market and developing countries in 2013?

<p>50%</p> Signup and view all the answers

The _______ economy has seen a turnaround of 200-year North-South domination.

<p>East-South</p> Signup and view all the answers

Match the following concepts with their descriptions:

<p>Belt and Road = Investment of $3 trillion in regional and world economy Asian drivers = Growth contributors in developing countries G20 = Group reflecting the new global economic powers after 2008 'East Asian miracle' = Economic growth phenomenon of the 1990s in Asia</p> Signup and view all the answers

In the 21st century, which economies outgrew developed economies?

<p>EE (C)</p> Signup and view all the answers

Crossover countries are exclusively classified as either LME or CME.

<p>False (B)</p> Signup and view all the answers

What term describes the relocation of industries to low wage zones in the 1970s?

<p>International division of labor</p> Signup and view all the answers

The rise of _______ is characterized by sustained growth of more than 5%.

<p>emerging markets</p> Signup and view all the answers

Which organization was established in 2001 and focuses on cooperation among Asian countries?

<p>Shanghai Cooperation Organization (C)</p> Signup and view all the answers

Which of the following is NOT a characteristic of Coordinated Market Economies (CME)?

<p>Corporate-led economies (C)</p> Signup and view all the answers

Neoliberalism is considered the only form of capitalism.

<p>False (B)</p> Signup and view all the answers

What are the three types of state-led market economies?

<p>Developmental, National security state, Conservative</p> Signup and view all the answers

The dollar as a reserve currency represented approximately ________% of global reserves in 2023.

<p>58</p> Signup and view all the answers

Match the following stages of capitalism with their features:

<p>Merchant = Commerce (towns, trade routes) Competitive = Industrial (national firms) Monopoly = Cartels, trusts Finance = Banks lead, no longer industrial capital</p> Signup and view all the answers

What is a key feature of Liberal Market Economies (LME)?

<p>Predominantly corporate-led frameworks (A)</p> Signup and view all the answers

The classic stages theory of capitalism suggests that finance became the leading sector in the economy after the industrial age.

<p>True (A)</p> Signup and view all the answers

What financial system is seen as crucial to American hegemony since the 1970s?

<p>Oil-dollar system</p> Signup and view all the answers

Many of China's past projects involved issues such as ________ and international overinvestment.

<p>domestic</p> Signup and view all the answers

Which country does NOT fall under the category of Conservative state-led market economies?

<p>Brazil (C)</p> Signup and view all the answers

Flashcards

Consumption-driven growth

Economic growth primarily driven by consumer spending, emphasizing domestic demand and equitable distribution of wealth.

Circular trade flows

Trade networks that are independent of developed countries, focusing on regional cooperation and intra-emerging market exchange.

Belt and Road Initiative (BRI)

A global development strategy connecting Asia, Europe, and Africa through infrastructure investments, trade, and cultural exchange.

BRI's historical depth

The BRI draws inspiration from historical trade routes like the Silk Road and Zheng He's voyages, showcasing China's historical role in global trade.

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BRI's silence

Unlike past empires with explicit goals, the BRI focuses on collaboration and mutual benefit, promoting a more peaceful approach to globalization.

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Crossing the river by feeling the stones

A Chinese proverb describing China's incremental approach to change. It emphasizes experimentation and scaling up successful projects only after they are proven.

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Four Modernizations

A set of economic reforms initiated by Deng Xiaoping in China in 1978. They focused on modernizing agriculture, industry, science and technology, and the military.

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Shanghai Model

An economic model adopted in China from 1989 to 2002 that prioritized rapid growth through foreign investment and free market principles. It led to uneven development across different regions of China.

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Harmonious Society

A policy implemented by Hu Jintao in China starting in 2003. It aimed to reduce the economic gap between urban and rural areas, promoting social equity and stability.

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China Dream

A national vision articulated by Xi Jinping in 2012. It emphasizes national rejuvenation, prosperity, and a strong China on the world stage.

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CME

A coordinated market economy with stakeholder governance involving government, corporations, workers, consumers, experts, institutions, and communities.

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LME

A liberal market economy with corporate-led decision making, prioritizing shareholder interests.

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SME

A state-led market economy with varying degrees of state involvement, ranging from development and security to monarchical or religious influence.

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Coordinated Market Economy Features

Characterized by stakeholder governance, post-feudal social formations, and typically found in Europe, Japan, South Korea, East and South Asia, the Middle East, Brazil, Argentina, and Mexico.

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Liberal Market Economy Features

Characterized by shareholder governance, settler colonial social formations, and typically found in the US, UK, Australia, New Zealand, and Canada.

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State-led Market Economy Features

Characterized by significant state influence, post-revolution, post-war, or post-crisis social formations, and found in countries like China, Russia, Cuba, and Singapore.

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Developmental State

A type of state-led economy focused on economic development, driven by socialist or communist ideologies.

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National Security State

A state-led economy prioritizing national security, often associated with deep states, cold war legacies, and military influence.

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Conservative State

A state-led economy shaped by religious or ethnic elites, wealthy families, or post-Soviet and post-communist legacies.

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Authoritarian State

A state-led economy with a new type of authoritarianism, often characterized by populist leaders and state-controlled media.

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Rise of East Asia

The rapid economic growth of countries like China and India, challenging the dominance of traditional economic powers.

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Global Trade Volatility

The unpredictable fluctuations in international trade patterns, influenced by factors like political instability, economic crises, and protectionism.

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Industrialization and Globalization

The process of developing industries and becoming more integrated into the global economy.

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Commodities Boom

A period of rapid growth in demand and prices for raw materials like oil, metals, and agricultural products.

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Premature Deindustrialization

The decline of manufacturing industries in a country before its economy has fully diversified, potentially leading to economic instability.

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Trade Protectionism

Policies implemented by governments to restrict international trade, such as tariffs and quotas.

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Institutional Accountability

The ability of institutions in emerging economies to be transparent, responsible, and responsive to the needs of their citizens.

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Ecological Sustainability

Balancing economic growth with environmental protection, ensuring the long-term well-being of the planet.

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Emerging Economies (EE)

Countries characterized by rapid economic growth, rising living standards, and significant technological advancements. They are increasingly driving the global economy, surpassing developed economies in growth.

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Why are Emerging Economies important?

Emerging Economies (EE) are crucial for the global economy because they are driving a shift in power dynamics, reconfiguring global markets, and contributing to the emergence of new institutions, including the G20.

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The East Asian Miracle

Refers to the remarkable economic growth experienced by East Asian countries like South Korea, Singapore, and Taiwan in the 1990s.

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Decentering/Recentering of Globalization

The shift in global power dynamics as emerging economies gain more influence, creating a more multi-centric global system.

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New Institutions

Emerging economies are creating new global institutions like the Shanghai Cooperation Organization, BRICS New Development Bank, and the Asian Infrastructure Investment Bank.

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North-South Relations

Historical power dynamics where developed countries (North) dominated developing countries (South) through colonialism, imperialism, and American hegemony.

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East-South Turn

The rising influence of emerging economies in the East, particularly China, and their interactions with developing countries in the South.

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East Asian Developmental State (EADS)

A model of economic development involving strong state intervention and guidance to promote industrialization and rapid growth, commonly seen in countries like Japan, South Korea, and Singapore.

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Goldilocks Globalization

The period from 1950 to 2000, where the US, Europe, and Japan dominated global trade and economic integration.

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21st Century Globalization

A new era of globalization characterized by the rise of China, Asia, and emerging economies as key players in global trade and development.

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Deglobalization

A trend towards increasing protectionism, trade barriers, and a decline in global economic integration, particularly observed in the US and EU.

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China's Development Model Shift

A change in China's economic strategy since 2003, moving away from export-oriented growth towards investment-led and consumption-driven growth.

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Regional Turn in Asia

Increasing focus on regional trade, infrastructure, and cooperation within Asia, exemplified by initiatives like OBOR, MSR, and AIIB.

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AIIB (Asian Infrastructure Investment Bank)

A multilateral development bank established in 2015 by China to fund infrastructure projects in Asia and beyond, symbolizing China's growing influence on the global stage.

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Can Old Elites Adapt?

A crucial question about whether established powerful countries or institutions can successfully adapt to the changing global landscape and cooperate with a rising China.

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Study Notes

China's Transitions

  • China is undergoing transitions, with ongoing challenges and opportunities
  • Global competition is a key aspect of China's Belt and Road Initiative
  • Varied market economies exist globally, including state capitalism and clan capitalism
  • Emerging economies, like those within BRICS, are crucial to observe
  • Governance and development are integral to emerging economies
  • Globalization and possible reorganization are key trends to analyze

Pragmatism in China's Development

  • Pragmatism ("don't rush, incremental change") is a core tenet of China's development strategy
  • Success hinges on experimentation and scaling up strategies
  • Bottom-up and country-driven development models are central to China's approach

China's Historical Periods

  • 1949-1978: Mao Zedong's leadership with the Great Leap Forward and Cultural Revolution. Chinese Communist party
  • 1978-1989: Deng Xiaoping's era of reform with Four Modernizations and rapid growth.
  • 1989-2002: Shanghai model emerges with rapid foreign investment and uneven development. Jiang Zemin's leadership
  • 2003-2012: Focus on harmonious society, Hu Jintao's leadership.
  • 2012-Present: Xi Jinping's leadership focuses on the "China dream", AIIB, BRI

China's Market Economies

  • State-owned enterprises are prominent
  • Partnerships between public and private sectors exist
  • The private sector plays a significant role in the economy
  • Also a 'clan capitalism' and 'state capitalism' form

China's Development Model

  • China's development is changing from production power to consumer power
  • Investment-led growth is shifting towards consumption-driven growth
  • This transition focuses on equitable and sustainable growth
  • The export-oriented model is no longer the only focus

Belt and Road Initiative (BRI)

  • BRI aims to connect half the world
  • BRI investors are committed to international standards
  • Increased investment in infrastructure, particularly in Asia
  • A comparison exists with the Marshall Plan but OBOR is not a direct comparison

Globalization and Emerging Economies

  • The growth of emerging economies (EE) surpasses developed economies
  • EE are crucial drivers of global economic growth
  • EE have a widening international division of labor
  • EE include growing trade between Asia, Latin America, and Africa

Varieties of Market Economies

  • Comparing market economies, (CMEs) such as the US, UK, and Europe, with other types of economies, particularly in Asia (LMEs) and SME

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S 185DG Part Two: China Transitions & Globalization PDF

Description

Explore the dynamic transitions in China's economy and governance from 1949 to present. This quiz covers significant periods, key strategies like pragmatism in development, and the implications of China's interactions with global markets and emerging economies. Test your knowledge of the critical factors driving China's growth and challenges.

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