Reference no: EM13307675

What you think about it: China continues to prosper and grow and in many ways they are eclipsing the US.

Considering the stagnant US economy (job and housing markets, the Federal debt, etc...), would you consider sacrificing some freedoms (such as where you can live, what you can read, where you can work, etc...) if it meant increasing career opportunity and wages? Provide your insights based on the text, your readings and research - post should include citations. 

What you think of  response: She said: I will not consider sacrificing my freedoms as a human being in order to have the opportunity for better capital and job opportunities. I strongly believe in the freedom choice and speech. China and other countries do not hold their own freedom where as we do in the United States. Although China might be in the lead of us in many things economically, they do not have the same rights as us. China as well as other countries like Cuba or North Korea works through the centrally planned economy where a their nations land, factories, and many other economic resources are all owned by the government. The government is entitled to making all of the economic related decisions like who produces what, prices of products, labor, and capital. "Their goal is to achieve a wide range of political, social, and economic objectives by taking control over the production and distribution of a nations resources." (Economics Emerging Markets, pg 112). Here in America we value the different cultures, religions, foods, etc. It's very important for a country to upraise these values because it's something that will help succeed in the long run. Many people migrate to the U.S. because of the freedom of choice that we have here and the opportunities offered to the people without having to sacrifice their culture, freedom of speech, choice, etc. It's an amazing thing to know that you can get up and make your own decision in order to work and provide for your family without have to risk a lifestyle. This is a great example that not having the freedom of choice isn't the best as stated in (Economics Emerging Markets,pg 113) "North Korea, once again, provides us with a good example. Each year for a decade until 1999, the North Korean economy contracted. Out of desperation, the country's leaders quietly allowed limited free market reforms and small bazaars soon dotted the countryside. Street- corner currency exchanges sprang up to help facilitate a tiny but growing trade with bordering Chinese merchants. Impoverished North Koreans could buy mobile phones and found hope for a better life in DVDs of South Korean soap operas."

What you think of Lisa Mason response: I personally would not want to sacrifice freedoms such as where I can live, work or what I want to do with my leisure time (what to read, watch, etc). I understand that countries such as China are continuing to prosper and grow but at what sacrifice to employee lifestyles and overall social wellbeing? Like the majority of people, of course I want the ability to have a better career opportunity and wage, but rather than be "forced" to give up something, I choose to go to school and better my knowledge in order to open the doors to career opportunities and wages. Also, jobs and a prospering economy are not set in stone nor also guaranteed to be fruitful; you can be fired, laid-off or the markets around the world can and will influence a country's economy.

When observing the Level of Economic Freedom we see that the US has an 80-100% economic freedom while China is only 50-59% free (Wild & Wild 102-121).  The US operates a market economy that practices in free choice, free enterprise and price flexibility with the government have little involvement in business activities other than to enact and enforce laws and regulations. China on the other hand practices in "socialist economy with Chinese characteristics. There is possibly no country on earth that has done more for its people economically over the past two decades than China. The country's immense population, rising incomes, and expanding opportunities" (Wild & Wild 116). Even though China is seeming to prosper and grow, according to the article associated with this week's material (although the title and info contradict each other), predicted that China's industrial output growth was to slow from 13% in 2011 to 11% in 2012 due to uncertain global economy (China). Our text also states that China faces issues and challenges such as political and social problems and unemployment. "Intensified competition and the entry of international companies into China are placing greater emphasis on efficiency and the cutting of pay rolls in some industries. But the biggest contributor to the unemployed ...is the hundreds of thousands of workers have left their farms and now go from city to city searching for better-paying factory work or construction jobs (Wild & Wild 115)."  It can also be worth noting that China has one of world's highest suicide rates, mainly among its women being forbidden to bare more than one child. Growth and prosper in many areas but at what cost to its people?