United States vs. China in Economic Development

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The United States vs. China: Economic Development Both the United States and China are very powerful states with tremendous impact on world’s economy. The United States is one of the wealthiest states in the planet with a very powerful economy. Using one of the economic measures, GDP (Gross Domestic Product), The United States has almost a quarter of the nominal global GDP (International Monetary Fund) which gives us an idea of how powerful they are. Most of the United States’ market is services, but it does not exclude manufacturing. From CNN Money, we learn that out of 500 best companies in the world, 166 of them have their headquarters in the United States. On the other hand, China is a powerful state, too. Even though communism is the dominant style, China has managed to export huge amounts of products throughout the world. China has achieved to become the United States’ primary competitor in economic development. It has had a very rapid economic growth in the past few decades. If we look around ourselves, most probably we will find many ‘Made in China’ labels. In this paper, I will try to get in more depth of how these states function and how does their economy impact the state, or how does the state impact the economy. I will look at how these two states function separately and how they work together or how much they depend on each other. The United States The Unites States economy dates back all the way to when colonies existed in the area. From colonial success emerged little, but independent farmers from which the United States became one of the most powerful economies in the world. This would not have been possible if it wasn’t for the land to be arable and productive, a moderate climate, natural resources in large amounts, productive labor force, great geographic position with water all around and lakes inside to ease shipping, supportive
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