Tuesday, February 4, 2020

Macroeconomics Essay Example | Topics and Well Written Essays - 2000 words - 3

Macroeconomics - Essay Example They are growing fast which leads to the proposition that they will soon catch up with the western nations. The economic growth of India and China is bound to take the world in storm, making it easier to utilize their structural reforms and economic growth to structure a new model for the world to adopt. For the better part of the twentieth century, the west knew that the only way of gaining any advantage over them is by creating a platform that the rest of the world could only copy. Any country that copied the western prescriptions would prosper and stabilize, yet this obscured way of thinking did not hold any ground when the world needed to rise above the recessions that came thereafter (Levi 115). The western model seen as the most important part of civilization in the past was nothing more than a mere wish for the rest of the world. It was slowly fading away and new giant economies arose to fill in the gap and present new ideologies that work for the betterment of the society as a whole. The west was no longer an important force in the world economy based on their achievements. New economies were making them seem as if the past years were all inconsequential in meeting their immediate goals (Levi 116). India and China have set a mark that many countries see as the next determinant of what to expect in the economic world. These two countries are some of the largest economies in the world today, and China already surpassed the US as the largest economy in the world. India, on the other hand, is a great competitor for the ever-growing Chinese economy, and economists argue that it is going to beat China in the race to the top of the largest growing economy in the world (Levi 117). The one thing that will make it easier to rise to the top for the countries across the world to make it to the top of the growing economies is the amount of time they place in

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