Hi, I am looking for someone to write an article on the political economy of chinas development model Paper must be at least 1750 words. Please, no plagiarized work! However, much as this explosive economic boom is a great of pride from a Chinese perspective, the rapidly growing economic crisis that has besieged world economics calls for a fresh reconsideration of this phenomenal growth. 1While some commentators argue that greedy Wall Street financial firms are to blame, others point fingers much higher at the former chairman of the US Federal Reserve Board Alan Greenspan. Other scholars with socialist orientations see in the entire crisis as the inherent weaknesses of the capitalist system imploding as it inevitably would. It is some of these views that are sampled in this paper.

Certain economic analysts in China are angry. They point out that the cause of this crisis is the irresponsibility of the rich Chinese who have thrown good money after bad with crazy speculative investments of foreign reserves on failed foreign financial organizations. Despite these criticisms, China has joined hands with the US, Europe, and other countries to spur recovery. The measures it has taken include a rescue package of 4 trillion Yuan and increased investment in American treasury bonds.

The International reserve currency, usually measured against American dollars, helps to regulate international trade. All countries involved in international trade reserve some foreign currency for the sake of trade with one another. When supply exceeds demand, however, a crisis of international proportions arises as is happening today. The strength of international trade relies on stability in the bigger economies such as the US, the EU, and lately China. Most money in these economies is kept in the stock market and banking systems. However, when these very systems of currency storage are hit by the depression, the entire world economy is affected, Jacques Rueff, 1971.

The factors playing out in China may, therefore, be too complex for some of its domestic critics to conjecture. But in very simple terms, their country is now a major player in the world economy and crises of this nature come with the territory. One cannot be a huge investor in world business yet they are not ready to face such consequences.&nbsp.The core economic argument of socialism is that it aims to widen, to enrich, to promote the existence of the laborer, Marx C and Engels F 2006. Any economic system that does not improve a lot of the lowest in society is therefore unsustainable. The argument goes further to show that socialism emphasizes on the production of goods for their utility value while capitalism is aimed at overproduction for profit.