Identify Modernization Theory As Well As Dependency Theory

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According to Jeremy Haft, the rise of China from a poor state to an economic power in a short time is a major economic success story in history. From 1979 to 2010, the country’s GDP (gross domestic product) has grown tremendously; it is believed that this rate keeps increasing by 10 percent every year. China’s world ranking for total trade has jumped from 28th to 3rd in recent years. For the United States of America, China is like an unbeatable competitor. The country has mainly targeted Asian markets, and various U.S. policymakers are of the view that China’s rise means America’s relative decline. Maybe, the consumers buying American products will soon turn to Chinese products since they are said to be f...