Economic Growth Essay Example | Topics and Well Written Essays - 1500 words

Economic Growth - Essay Example Other countries like the US have been fortunate to have a series of good leaders to take the country to the apogee of technological advancement and economic growth where they are today. History provides many examples of such countries and their leaders that have played a fundamental role in their economic growth and have brought a radical change in the nations’ fortunes. The decade following the new millennium’s turn is marked by the BRICS countries’ emergence and economic empowerment. These countries include â€Å"Brazil, the Russian Federation, India, China and South Africa—which have come to account for a significant share of economic growth, demand expansion, industrial production and wealth creation in today’s world† (â€Å"Structural Change, Poverty† III). These regional economic powers’ success in the achievement of sustained growth of economy serves as a point of reference for other developing countries to emulate as wel l as for the advanced counrties to regain the dynamism of economy. The pace of a country’s economic growth can be better explained by the policy choices of its leaders than underlying structural conditions, and China provides a potential example of that. ... The three phases are discussed as follows: Rule taking phase China’s leaders have been very cautious in litigation of WTO since the country’s accession in 2006. Owing to its lack of familiarity with WTO’s legal rules in the capacity of a newcomer, China placed emphasis upon grabbing the rules rather than winning any disputes. Aimed at avoiding litigation, the Chinese leaders would settle the disputes with the complainants immediately after the cases were filed even if they were capable of using good arguments to defend their position. An example of this is the settlement of the dispute within four months when in March 2004, the US wanted to consult about a matter involving value-added tax’s rebate over integrated circuits (Gao). Likewise, the government of China announced to scrap the Duties of Anti-dumping within three days of the complaint raised by the US about China’s lack of consistence with the Anti-dumping Agreement in the case of Kraft Liner board in the year 2005 (Nakagawa 48). China’s eagerness to settle the disputes and flexibility of attitude reflect the country’s presence in the rule taking phase in the start of the 21st century. Rule shaking phase Chinese leaders resolved to develop a better understanding of the dispute settlement process by actively participating as a third party in real WTO cases. For instance, China was present as a third party in nearly every panel between 2003 and 2006 (Birkbeck 168). The improved confidence reflects from the answer of Bo Xilai, the Minister of MOFCOM when he was asked if there was any intention of complaining against the countries that were limiting the textile exports of China in the WTO, â€Å"First, China has the right to