Reform, Liberalization, And Economic Growth Assignment
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new.docRunning Head: REFORM, LIBERALIZATION, AND ECONOMIC GROWTH 1
REFORM, LIBERALIZATION, AND ECONOMIC GROWTH 2
REFORM, LIBERALIZATION, AND ECONOMIC GROWTH
Assignment 1 Grading Rubric
Student Name: ________________________________ B00:_________________
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Rubric Criteria |
Excellent |
Good |
Competent |
Problematic |
Score |
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Title and Background Knowledge (maximum 10 points) |
9 The student has provided a descriptive title, incorporated relevant background information, and provided clear definitions of terms |
8 The student has provided a title, incorporated some background information, and defined some terms |
6 The student lacks either a title, background information, or definitions |
4 The student lacks a title, provides little background information, does not define terms |
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Data and Research (maximum 10 points) |
9 The student has found appropriate and useful data, attributes sources appropriately, and explains the methodology clearly |
8 The student finds the required data, attributes some sources, and attempts to explain the methodology |
6 The student may lack some of the required data, attributions of sources, or explanations of the methodology |
4 The student lacks the required data, does not attribute sources, and does not explain the methodology |
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Analysis and Interpretation (maximum 15 points) |
14 The student provides a sophisticated analysis, provides convincing support for ideas, integrates information fully |
12 The student provides a clear analysis, provides some support for ideas, integrates information to some extent |
9 The student may lack a correct analysis, support for ideas, or integration of information |
7 The student does not provide a correct analysis, support for ideas, or integration of information |
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Writing (maximum 15 points) |
14 The student provides an attention-grabbing introduction, clearly summarizes and integrates the findings in a conclusion, and writes without spelling, punctuation, and grammatical errors |
12 The student provides an adequate introduction, summarizes the findings in a conclusion, and writes with few spelling, punctuation, and grammatical errors |
9 The student does not provide an adequate introduction or conclusion, and writes with some spelling, punctuation, and grammatical errors |
7 The student lacks an introduction or conclusion, and writes with many spelling, punctuation, and grammatical errors |
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Total (maximum 50 points)
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REFORM, LIBERALIZATION, AND ECONOMIC GROWTH
China is the leading country in the world in terms of the Gross domestic product according to the World Bank history. The absolute growth of China has been measured by the contribution of diverse industries which make up the total gross domestic product. According to the World Bank records of 2016, the GDP of China shows an increase. This paper aims at comparing the two countries with Canada. These two countries are China and India.
Nevertheless, China has an overall GDP of USD 11.4 trillion according to the World Bank history of 2016. On the contrary, the GDP of India according to the world record is USD 2.25 trillion using the same analysis of world record of 2016. Dataset records of GDP rates from 1980 to the present show that China has maintained a top position in GDP rating as compared to India. Similarly, India’s GDP per capita income has remained at a constant rate of USD 1718 while the GDP per capita income of China stands at a constant level of 8260. This implies that the GDP per capita income for China is seven times to that of India and hence India’s economy cannot compare that China (Kubiszewski et al., 2014).
One the same note, the comparison between China and India against Canada is interesting. This is because Canada which is ranked number 17 in the list of countries according to their GDP. Similarly, Canada has a GDP of $ 1731 billion dollars, while China has 21,140 and India have 18560. In this ranking India is the third after the United States. This is because of the rapid growth in economic development India. The future prediction according to the analysis of the data set of GDP from 1980 to 2016 shows that India may overtake China in terms of economic growth in the future (Bosworth & Collins, 2016).
TOTAL FACTOR PRODUCTIVITY
Precisely the TFP measures the total of the factors that were used to make a production process and to produce an output. Thus the TFP is hard to measure because it consists many factors apart from labor and capital only which is to make a product output. The other factors are variable and may not be measured within the process of production because they are needed randomly. The increase in production from TFP results mostly from the technological innovations. Hence, total factor productivity results to an outstanding increase in the rate of output of production (Bosworth & Collins, 2016).
References
Bosworth, B., & Collins, S. M. (2016). Accounting for growth: comparing China and India. The Journal of economic perspectives, 22(1), 45-66.
Kubiszewski, I., Costanza, R., Franco, C., Lawn, P., Talberth, J., Jackson, T., & Aylmer, C. (2014). Beyond GDP: Measuring and achieving global genuine progress. Ecological Economics, 93, 57-68.
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Country Name |
Series Name |
1988 [YR1988] |
2016 [YR2016] |
CAGR |
CORR |
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India |
GDP (constant 2010 US$) |
4.17256E+11 |
2.46493E+12 |
6.549177255 |
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India |
GDP per capita (constant 2010 US$) |
500.0132773 |
1861.491029 |
4.806580211 |
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India |
Trade (% of GDP) |
13.63690053 |
39.81096614 |
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0.906973417 |
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Data from database: World Development Indicators |
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Country Name |
Series Name |
1988 [YR1988] |
2016 [YR2016] |
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China |
GDP (constant 2010 US$) |
7.66293E+11 |
9.50516E+12 |
9.409712529 |
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China |
GDP per capita (constant 2010 US$) |
695.5990393 |
6894.464373 |
8.536667828 |
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China |
Trade (% of GDP) |
30.41764869 |
37.05938339 |
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0.54928361 |
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Data from database: World Development Indicators |
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Country Name |
Series Name |
1988 [YR1988] |
2016 [YR2016] |
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Canada |
GDP (constant 2010 US$) |
9.89514E+11 |
1.82274E+12 |
2.205685507 |
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Canada |
GDP per capita (constant 2010 US$) |
36791.75964 |
50231.8852 |
1.118263812 |
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Canada |
Trade (% of GDP) |
51.36314644 |
64.36491637 |
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0.314610148 |
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Data from database: World Development Indicators |
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