East Meets West
This article in Newsweek has a very good relation to current topics in our macroeconomics class. China is currently experiencing a capitalism boom driven in part by foreign investment. There are however pitfalls for some investors who are having trouble investing in an economy that has a completely different culture than ours. China is also experiencing some of the same type of social complaints that we see here in the United States. The income gap between the wealthier Chinese, who tend to live in urban areas, and the poor, who tend to live in rural areas, is growing ever wider. This fact does not however negate the fact that Chinese people have on the whole become richer. Personally I believe that even though there will always be a debate over who is really gaining the most from this growth the Chinese are realizing the benefits of allowing a capitalistic society.
Posted by Rolf Tiblin at 7/12/2004 04:35:00 PM