The Role of Globalization in the Growth of China’s Economy

There are many types of LEDCs; I will be using China as my main focus point, being that it is the country I live in. China’s economic growth per year is among the highest in the world, this is mostly if not entirely because of Globalization. Before 1979 when Deng Xiaoping created the Open Door policy, China’s Economy was almost a straight line going down. It was because of lack of globalization that the Chinese lost the Opium War, the Chinese thought that everything they need is within their boarders, and well obviously they were wrong, because from the Opium War on, as long as they kept their doors closed, they suffered.

This just shows that China cannot survive without Globalization. China’s economy grows fast, but this growth is mostly experienced in larger cities such as Beijing or Shanghai. This is because, though there are many factories outside, the wealth is centrally distributed, and most of this wealth ends up in Beijing or Shanghai, turning China into 2 counties, a LEDC (inner regions) and a MEDC (costal cities). From a report from BASF, it is shown that the costal areas, only a small percentage of China’s total area, with 375million people, has a GDP of $550 billion, where as the inner regions of China, almost 80% of China’s land with only 200million people, has a GDP of $110 billion. China has an urbanization rate of 10 million people per annum. This is because most of the foreign factories move near the big cities. It is a common argument that factories such a Nike and Gap force slave labor.

It might seem this way since an average worker in one of these factories is likely to work around 60 hours a week and get paid around $80 US a month. But if this was considered slave labor in China then no one would come to work here, the urbanization rate would not be that high, and the turn over rate of Nike (10%) would be much greater. The fact is, the local prefers much more to work in a multi-national company than a local Chinese factory. Mr. Fang, a worker in an Adidas factory right out side of Dalian city was interviewed once, he said, “In Adidas, I have my rights written on the walls, when I complain people listen, true I have to travel 7 hours by bus to get here from my home, but there is a dorm provided for me here and I get to go home every 4 months. This is paradise compared to the place I used to work in. Feng Huang socks, it was only 20mintues by bike from my home, but I was not allowed home, and my family was not allowed in to see me.

Sometimes I felt very nauseous, that usually happened to me in the afternoons when they were preparing the paint. When I would go to talk to the supervisor, he would just look at me and tell me to go back to work.” Not only do the workers in these companies get jobs, but they also get certain amount of training, which puts a man above another in an instant. The government funds schooling until the 9th grade, in the villages, a 6th grade education and you are considered smart. “The money that is made from the foreign investments often goes to building up the infostructure.” Well, that is what Mr. Zhang had to say, the chief of the department of construction in Fu Lai district in Zhe Jiang province. After saying So, he gets back into his Mercedes Benz SLK 600 and takes us to the newly built airport. “See, if it wasn’t for the factory here this would never be possible.”

True, but he says this in a district where there are 2 schools, one elementary and one junior high for about 5000 children. 5% of them proceed to High school, 1 or 2 then are accepted into universities. The value of family has seem to be fading as well, the younger generations rather live only with their spouses and leave the parents in an old folks home, something that would not have been allowed only a few decades ago. The way the children are looking now, there is no way they will be growing up to look after their parents. Walking down a street, you see many chubby kids begging their parents to go to McDonalds or KFC, wanting to buy expensive Nike shoes; this would have not been tolerated a few decades ago. It was always the eldest that had the power, always a top down structure, but now, it is the bottom commanding the top. Globalization has brought in money into the country, but it has also broken down family values and traditions, besides this money doesn’t always go to the people that actually need it, that is one common trait of globalization all around the globe.

Calculate the price
Make an order in advance and get the best price
Pages (550 words)
$0.00
*Price with a welcome 15% discount applied.
Pro tip: If you want to save more money and pay the lowest price, you need to set a more extended deadline.
We know how difficult it is to be a student these days. That's why our prices are one of the most affordable on the market, and there are no hidden fees.

Instead, we offer bonuses, discounts, and free services to make your experience outstanding.
How it works
Receive a 100% original paper that will pass Turnitin from a top essay writing service
step 1
Upload your instructions
Fill out the order form and provide paper details. You can even attach screenshots or add additional instructions later. If something is not clear or missing, the writer will contact you for clarification.
Pro service tips
How to get the most out of your experience with MyhomeworkGeeks
One writer throughout the entire course
If you like the writer, you can hire them again. Just copy & paste their ID on the order form ("Preferred Writer's ID" field). This way, your vocabulary will be uniform, and the writer will be aware of your needs.
The same paper from different writers
You can order essay or any other work from two different writers to choose the best one or give another version to a friend. This can be done through the add-on "Same paper from another writer."
Copy of sources used by the writer
Our college essay writers work with ScienceDirect and other databases. They can send you articles or materials used in PDF or through screenshots. Just tick the "Copy of sources" field on the order form.
Testimonials
See why 20k+ students have chosen us as their sole writing assistance provider
Check out the latest reviews and opinions submitted by real customers worldwide and make an informed decision.
Business and administrative studies
looks good thank you
Customer 452773, March 3rd, 2023
Human Resources Management (HRM)
excellent
Customer 452773, July 11th, 2023
Nursing
Impressive writing
Customer 452547, February 6th, 2021
Business and administrative studies
excellent job! got an A, thank you
Customer 452773, May 24th, 2023
Managerial Accounting & Legal Aspects of Business ACC/543
excellent work
Customer 452773, February 7th, 2024
ACC/543: Managerial Accounting & Legal Aspects Of Business
EXCELLENT JOB
Customer 452773, January 10th, 2024
Business and administrative studies
excellent, got a 100
Customer 452773, May 17th, 2023
History
Looks great and appreciate the help.
Customer 452675, April 26th, 2021
Business and administrative studies
Excellent work ,always done early
Customer 452773, February 21st, 2023
fin571
EXCELLEN T
Customer 452773, March 21st, 2024
FIN571
excellent work
Customer 452773, March 1st, 2024
Business and administrative studies
great job as always
Customer 452773, February 26th, 2023
11,595
Customer reviews in total
96%
Current satisfaction rate
3 pages
Average paper length
37%
Customers referred by a friend
OUR GIFT TO YOU
15% OFF your first order
Use a coupon FIRST15 and enjoy expert help with any task at the most affordable price.
Claim my 15% OFF Order in Chat
Close

Sometimes it is hard to do all the work on your own

Let us help you get a good grade on your paper. Get professional help and free up your time for more important courses. Let us handle your;

  • Dissertations and Thesis
  • Essays
  • All Assignments

  • Research papers
  • Terms Papers
  • Online Classes
Live ChatWhatsApp