Economic development strategies in Japan, China, and Egypt

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Economic Development Strategies in Japan, China, and EgyptDifferent states embrace different developmental strategies to ensure the economy develops. The primary key to economic development is an investment. There are three principles of economic growth which includes exports, productivity, and sustainability. Exports are composed of external investments as well as business incentives. Productivity as one of the principles of economic development is comprised of capital, labor, management, and land. It is also composed of infrastructure, technology, and information. Sustainability which is the third principle of economic development is written of the environment, quality of life and human development. For an economy to develop, all the three laws of development must be put into consideration. Japan, for example, embraced trade with other countries. As a result, its economy developed drastically to the recent economy. This paper will consider more similar strategies as well as different strategies which Meiji Japan, Mao’s China and Nasser’s Egypt embraced to ensure that the economy develops (Johnson, 1987).

Meiji Japan, Mao’s China and Nasser’s Egypt embraced trade as one of the strategies of ensuring there is the development of the economy. Japan, for example, guaranteed there is full control of foreign trade with other nations which involved exchanging what Japan had with what it lucked as a result leading to complete development of the economy. On the other hand, Mao from China ensured trade occurs between China and other states of America. This trade provided that the country gets what it lucked from other states hence the economy develops to a great extent (Lewis, 1954). Additionally, Nasser of Egypt ensured that trade occurred in the country where goods and services were exchanged online. In Egypt, online marketing has led to the development of the economy to a great extent. Meiji Japan, Mao’s China and Nasser’s Egypt trade reforms were successful in that more goods and services continue to be exchanged among different states up to date as a result of their contribution of embracing trade as one of the strategies of developing the economy. Many people in those states rely on a business where some works as trade merchants are hence earning income.

Moreover, Meiji Japan, Mao’s China and Nasser’s Egypt embraced a complete control of the legal systems of government as one of the strategies of ensuring the development of the economy. Meiji of Japan for example fought and won two wars which were against the dominant European power and Russia which had affected the economy of Japan negatively. After winning this wars, the government became politically stable hence was able to put more considerations on the economy. As a result, developing to a great extent. On the other hand, Mao from China ensured that there were friendly relations between his government and the states of America. This ensured that the economy was not disrupted hence maintaining the economy in a stable condition which is open to development. Due to the formation of stable legal systems of government by Meiji in Japan, Mao in China and Nasser in Egypt, there was the formation of a stable economy which is enjoyed up to date by residents of the countries (Rostow, 1990).

On the other hand, Meiji in Japan, Mao in China and Nasser in Egypt had some strategies also embraced different approach whose main aim was to ensure the development of the economy. Meiji in Japan adopted western economic institutions with the goal of modernization of the economy. Western financial institutions which Meiji adopted ensured that the economy developed positively. Additionally, Mao signed a treaty of friendship and assistance with the Soviet Union where provide there are friendly relations with other nation. As a result of signing the agreement, USSR promised aid to Japan which led to economic development. Nasser of Egypt, on the other hand, improved on agriculture as one of the strategies of developing the economy of Egypt. Embracing the modern farming grew the economy to a great extent (Paine, 2015).

As discussed above, Meiji of Japan, Mao of China and Nasser of Egypt had many common strategies which they embraced to ensure the economy of their states developed. Trade is the key strategy is providing the economy expands hence was welcomed by all although the same states adopted another approach to economic development.

Reference

Johnson, C. (1987). Political institutions and economic performance: The government-business relationship in Japan, South Korea, and Taiwan. The political economy of the new Asian industrialism, 136.

Lewis, W. A. (1954). Economic development with unlimited supplies of labour. The manchester school, 22(2), 139-191.

Rostow, W. W. (1990). The stages of economic growth: A non-communist manifesto. Cambridge university press.

Paine, S. C. (2015). Nation building, state building, and economic development: Case studies and comparisons. Routledge.