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

Economic reports - Essay Example According to Kroenig (2015), while exploring the subject, argues that in 2021, China will have overtaken the United States as the world’s largest economy. What is more intriguing is the proposition that the military power which is another important factor when it comes to the issue world supremacy, will follow the economic heft. China will therefore be the strongest country both in terms of military and economy. China boasts having the most spoken language on earth. This has been used to create cohesion and encourage economic growth. However, the author uses a different approach to address the subject by focusing on the domestic political institutions. According to Machiavelli, cities expand when everyone stops focusing on the particular good of the activities that are being undertaken. Therefore, the notion that the governments that have representative forms of rule are the ones that can steer fast growth is misguided. The idea of Machiavelli can only be achieved in republic s such as China. The idea of China’s rapid economic growth has also been boosted by the view of social scientists who claim that autocracies do not experience smooth economic runs compared to democracies. On top of that, democracies are in a position to access international capital markets and also form strong and reliable alliances that are key in boosting the economy. Therefore basing the argument on that, it is true to say that China has had a smooth economic growth and considering that other super powers seem to have exploited all their efforts and stagnated, it could be the next super power. Democracies are also known to enjoy a built in advantage when it comes to the struggle for global mastery. On a head to head analysis between China and the already stable economies such as the UK and US, one can note that at the time when the latter enjoyed a smooth economic growth, they were experiencing or were having great democracies. A