Relevant Economic Policies: Free Trade & Manufacturing (Essay Sample)
We have studied in chapter 12 why living standards around the world vary greatly across different countries and how economic policies adopted by nations can affect these living standards. Specifically differences in standards of living can be summarized by productivity and growth emanating from national policies. Assume that you are a U.S. fiscal or monetary policymaker and apply economic policy to the United States. Do this by citing and explaining at least one particular policy you would advocate fostering a sound GDP and economic growth. As an alternative to the United States you may use any other country. Your paper should be one to two full pages (250 to 400 words). As a note of caution, please remember, it is a principle of economics "There is NO free lunch". So, do consider that principle when selecting a policy.source..
Relevant Economic Policies
Different economic policies have a different massive impact on the GDP of the country, making it critical for the policymakers to ensure that they adopt the best economic policies. The aim of every country is to ensure that they attain the highest economic growth which results in the good living standard. Therefore, the paper explores some of the Chinese economic policies which I recommend to be adopted by my country. Such policies include the free trade policy and the manufacturing policy.
By just giving an overview of the Chinese economy, it is one of the leading economies in the world. The Chinese Economy is known to have maintained the longest consistence growth in the human history. For instance, it adequately managed the banking crisis which took place in the 1990s and the collapse of their export products which took place after the Great Recession. Besides, the Chinese are known to currently have a higher domestic product as compared to the United States of America. (Riccardi 22)
Such growth is due to some economic policies which have been embraced by the Chinese monetary policymakers. The main policy that has influenced such growth is the Chinese trade policy with other countries. Chinese has enjoyed a good relationship with other countries by reducing some of the trade...
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