Difference between Chinas economic management style and the Western Essay

Difference between Chinas economic management vogue and the atomic number 74ern style - Essay Example1). The transition from a planned economy to a mart economy has been oddly smooth with significant opportunities for entrepreneurship and expansion both at home and abroad (Long & Han, 2008, p. 52). The market-oriented economy is vastly alike to Western economies, yet Chinas economic management style differs because of the remnants of the post-Maoist market socialism (Krau, 1996, p. 96). In the meantime, the Chinese government maintains strong control (Krua, 1996, p. 96). The purpose of this research study is to determine the extent to which this intermixture of capitalism and socialism in Chinas economy differs from the economic management style of the West. It leave roll in the hay be demonstrated that what makes Chinas economic management style unique and different from the West is the remnants of past socialist influences, persistent government control and the adoption of a market-oriented economy. From the outset, it is worth noting that the most straightforward difference between Chinas economic management style and that of Western countries is Chinas persistent adherence to five stratum economic plans regardless of leadership changes. The frontmost five year plan from 1953-1957 was influenced by the Soviet Marist style Communism and emphasized industrial growth. At the time, the ideal economic plan for Communism was to develop industry and the economy via heavy industry, fuels, electric power, iron, and steel, machinery manufacturing, and chemicals.... In China, during the first basketball team Year Economic Plan, the government owned 75% of all of Chinas production and hugger-mugger enterprises owned the remaining 25%. During the first Five Year Plan, China was determined to further fret the percentage of private ownership. Rather than immediately turn these private ventures into state properties, the government decided to first form partne rships between private firms and state-owned firms (Galloway, 2011). As China moved forward in the 20th century, it looked for a cultural formula that would help it embrace modernity (Lu, 2004, p. 201). China was struggling with what is often referred to as a cultural revolution in which much of the blame for Chinas backwardness was placed on Confucianism, the foundation of traditional Chinese culture (Lu, 2004, p. 201). There were scholars advocating for more Western democratic ideology (Lu, 2004, p. 201). These scholars arguments would perplex currency in Maos belief that in order to embrace a low-class culture that focused on the mob and not the elite, the old culture had to be left behind (Lu, 2004, p. 201). In the meantime, adherents to Chinas traditional culture were entirely resistant to abandoning old values and norms. As Lu (2004) notes China has been wrestling with the dilemma of modernity versus traditionality and Westernization versus national identity. Given that Chi na straightway embodies a seemingly contradictory combination of authoritarian government and market economy, the path to culture reconstruction seems even more uncertain and unsettling (p. 201). Maos concept of a looking after the masses included state-owned enterprises and a centrally planned market. According to Kshetri (2009), under Maos centralized market plan,