A2 Aqa Geography - Globalisation Nic Essay

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Describe and explain the rapid economic development of 2nd and 3rd generation NICs – pay particular attention to the factors responsible for the transformation of China and India into power houses of economic growth

Globalisation – something which had caused a huge impact on the economies and development of countries around the world, causing them to rapidly industrialise into powerhouses of manufacturing industries and form densely populated areas to accommodate and sustain these hasty changes. This is what brings about the formation and spread of Newly industrialized Countries (NICs), countries that readily accept capitalism to allow their countries to ‘prosper’ and grow. Second and third generation NICs are simply those that come during different eras - whilst the first NICs such as Taiwan and the ‘Tiger’ countries came about in the 60’s, the latter decades lead way to the second generation which included Thailand and then third generation, including the booming countries that we know today such as China and India. Some of these third world countries have been recognised as ‘BRIMC’ – including Brazil, India and China which are predicted by a review from Goldman Sachs to be the largest economies in the world by 2050 – showing that although newly developing, they have a great potential.

As noted, China is one of the leading third generation NICs that have transformed at a tremendous rate. China, known as ‘the new workshop of the world’ has the world’s fastest growing economy and industrialisation rate with a 9% economic growth every year for the past 25 years. Furthermore, by 2050 it has been speculated and predicted to be the world’s largest economy, coming with both positives such as a lower rate of inflation within other countries as well as negatives for instance the potential growth of military and therefore power that China would hold over surrounding countries. Since 1978, China has reformed and opened its economy. The Chinese leadership has adopted a...

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