Economic Growth Essay Example | Topics and Well Written Essays - 1500 words

Economic Growth - Essay ExampleOther countries like the US have been fortunate to have a series of good leadershiphip to take the country to the apogee of technological advancement and economic growth where they are today. History provides many examples of such countries and their leaders that have played a fundamental role in their economic growth and have brought a radical change in the nations fortunes. The decade following the new millenniums turn is marked by the BRICS countries emergence and economic empowerment. These countries include Brazil, the Russian Federation, India, mainland China and South Africawhich have come to account for a significant theatrical role of economic growth, demand expansion, industrial production and wealth creation in todays world (Structural Change, Poverty III). These regional economic powers advantage in the achievement of sustained growth of economy serves as a point of reference for other developing countries to emulate as well as for the a dvanced counrties to regain the dynamism of economy. The pace of a countrys economic growth can be better explained by the policy choices of its leaders than underlying structural conditions, and China provides a potential example of that. ... The three phases are discussed as follows Rule taking phase Chinas leaders have been very cautious in litigation of WTO since the countrys accession in 2006. Owing to its lack of familiarity with WTOs legal rules in the talent of a newcomer, China placed emphasis upon grabbing the rules rather than winning any disputes. Aimed at avoiding litigation, the Chinese leaders would settle the disputes with the complainants immediately after the cases were filed even if they were undetermined of using good arguments to defend their position. An example of this is the settlement of the dispute within four months when in March 2004, the US wanted to consult about a matter involving value-added taxs rebate over integrated circuits (Gao). Likewise, the government of China announced to scrap the Duties of Anti-dumping within three days of the complaint raised by the US about Chinas lack of consistence with the Anti-dumping Agreement in the case of Kraft Linerboard in the year 2005 (Nakagawa 48). Chinas eagerness to settle the disputes and flexibility of attitude reflect the countrys presence in the rule taking phase in the start of the twenty-first century. Rule shaking phase Chinese leaders resolved to develop a better understanding of the dispute settlement process by actively participating as a third party in real WTO cases. For instance, China was present as a third party in some every panel between 2003 and 2006 (Birkbeck 168). The improved confidence reflects from the answer of Bo Xilai, the Minister of MOFCOM when he was asked if there was any intention of complaining against the countries that were limiting the textile exports of China in the WTO, First, China has the right to