By Francesca Beausang
Because the Eurozone faces an doubtful destiny and Obama struggles to illustrate that the United States nonetheless has a superpower prestige, this ebook demanding situations the frequent belief that Brazil, Russia, India and China have gotten international monetary and political powers, as an alternative forecasting a decline rooted in over the top inequality and inadequate innovation.
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Extra info for Globalization and the BRICs: Why the BRICs Will Not Rule the World For Long
Between 1960 and 2000, per capita income in South Korea grew 14 times in purchasing power terms. It is now a member of the Organisation for Economic Cooperation and Development (OECD), and its per capita income is equivalent to Portugal’s. 10 As Chang notes, from a country whose main exports were such commodities as tungsten and fish, it has become a leading exporter of mobile phones and flat-screen televisions. South Korean policymakers must have done something right. Various interpretations of the South Korea miracle have been offered, some of which ascribe South Korea’s development to its engagement with globalization.
Similarly, Motorola developed an extensive training programme for the management of the thousand-largest Chinese state-owned enterprises. com - licensed to University of Newcastle, Australia - PalgraveConnect - 2014-03-15 BRICs: Beyond Developing? indd 29 7/2/2012 5:08:29 PM 30 Globalization and the BRICs (1) Only a country with the size and market power of China has sufficient bargaining power to impose a joint-venture investment and receive it, because the option of no market access at all is worse for a foreign investor than a joint-venture investment.
In the answer lies the key to the relationship between globalization and China’s growth. Chinese leaders used commitments undertaken in the WTO accession agreement as an excuse to accelerate domestic reforms. The demands of globalization were presented as an unavoidable, external constraint, one that had to shape the domestic economic agenda. It is in this indirect sense – that is, as a political tool for the legitimization of domestic economic reform – that globalization has had the greatest impact on Chinese growth.