Comparative Economic Systems Essay Example | Topics and Well Written Essays - 1000 words

Comparative Economic Systems - Essay ExampleThe traditional perspective as oppressed class which was ever so permeative during the 1960s is no longer emphatic. The roadmap of economic development of the two South Asian countries, India and China, has paved the way for radical social transformations that have been unprecedented in the history of these countries. This has been reflected in recent years when several incidents in various Indian states have expressed the agitation against industrys attempt to originate agricultural land (Chatterjee, 2008, p.54).The economic development in South Korea since the 1960s has been unparalleled in the countrys history. During the previous decade the country was trauma from extreme poverty as destructive result of the Korean War in the early part of the decade. The GDP in 1954 was just about $1.5 billion and per capita only $70 (Heo et al., 2008, p.2). The phenomenal growth is proved by the fact that in 2012 per capita GDP was $31,822 with th e country now falling within the bracket of lavishly income countries. In 1998, GDP dropped to 6.9 percent after which South Korea took various economic initiatives like encouraging more FDIs and imports. Although the country was affected by the 2008 global economic crisis, it recovered to a large extent in subsequent years (The World Factbook).Canada is an industrially developed country, and like the US it has market-oriented economy with high level of production. Since the WWII, rapid growth of manufacturing, mining and service sectors (The World Factbook) have resulted in the country becoming an urban economy from earlier rural economy. Trade agreements with the US have a great positive impact on Canadas trade and economy. Almost 75 percent of its exports go to US resulting in goodish trade surplus. The 2008 global economic crisis badly affect the countrys economy in the