Discussion

Ashley Brewster 

Discussion

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Question 1

The United States has the world’s largest economies it is also one of the most powerful. Several countries' currencies are pegged to the US dollar, and they have abundant natural resources such as minerals and hydrocarbons, as well as vast infrastructure and capital productivity. The current economic system in the United States is a mixed economy (Wang & Han,2021). Both state and privately owned businesses play critical roles in the United States. In the corporate activities and consumer items sectors, it operates as a free market economy. The government, on the other hand, has the authority to set restrictions. It functions as a command economy in the defense industry.

The United Kingdom's economic structure is also a mixed one. However, it is mostly built on a capitalist system featuring free trade, with government-imposed restrictions. Japan's economy, on the other hand, is founded on a free market system (Kuznetsov,2021).

Distinctive features

Education, hospitals, mail deliveries, clinics, highways, and other areas are all under the control of the US government. This was done in order to give fundamental services to the American people at a reasonable cost. The government's major goal is to achieve this. Conversely, in the United Kingdom, the government makes decisions about schools, clinics, and medication supplies, among other things. In the context of Japan, the state has very little or no involvement in economic activities, but it does have oversight over company performance.

Subsidies are provided in the agricultural sector in the United States in order to promote farmers and ensure a sufficient supply of food. It also imposes tariffs on products such as cigarettes and cocaine, as well as requiring companies to obtain legal permits to manufacture these items. This was done in order to deter people from buying these products. In the instance of Japan, the government had set agricultural self-sufficiency goals. It was not a direct participant in the industry. The government in the United Kingdom only gets involved when the economy fails (Moore & Ramsay, 2021).

In the financial industry, the US state also plays a major role. The fiscal policy and monetary policy of the central bank can be used to regulate inflation and output. In Japan, state agencies such as the planning agency, the commerce agency, and others are focused on prices, imports, and exports. They start making plans for the private industry to pursue in order to attain the aims. In the context of the United Kingdom, fiscal policies provide the government authority over the economy.

Question 2

Manufacturing costs are reduced as a result of globalization. This allows businesses to sell goods to customers at a lesser cost. The average cost of items is an important factor that leads to rising living standards. Consumers can also choose from a greater range of products. Globalization is beneficial because it allows the United States to enhance trade in services, industrial, agriculture, and foodstuff, and it allows Americans to purchase cheaper and more plentiful consumer items (Lechner & Boli,2021) It also allows the United States to create new opportunities. Trump has clearly condemned a well-known virtue of involvement and collaboration among countries and international organizations while opposing globalism. He's linked globalism to the negative implications of the word "ideology." This might be the start of Trump's new Cold War (Fernandes,2021).

Over the last two years, the rivalry between the United States and China has become a paradigm of international affairs. Both strategic arguments and actual political, military, and economic dynamics are influenced by it. The trade war between the United States and China is strategically important and intertwined with global economic growth.

 

 

Reference

Fernandes, S. (2020). The Cold War Politics of Donald Trump. In The Cuban Hustle (pp. 137-142). Duke University Press.

Kuznetsov, А. V. (2021). The United Kingdom Anti-Crisis Alternative. Obshchestvennye nauki i sovremennost, (1), 105-116.

Lechner, F. J., & Boli, J. (Eds.). (2020). The globalization reader. John Wiley & Sons.

Moore, M., & Ramsay, G. (2021). United Kingdom: Economic challenges, market consolidation and increasing professional insecurity.

Wang, Q., & Han, X. (2021). Spillover effects of the United States economic slowdown induced by COVID-19 pandemic on energy, economy, and environment in other countries. Environmental Research, 196, 110936.

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Xiang Jiang 

Discussion

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Q1. The economic system currently practiced in the United States of America is the “MIXED ECONOMIC SYSTEM” where the government is also involved in private businesses by making policy regulations for the private business and at some point, support these businesses also and in return, they take subsidy or in other words tax (Ghisellini, 2016). Because the economy of United States is based on money-consumer spend and exchange for products and services we call it a MONETARY SYSTEM which is regulated by the FEDERAL RESERVE SYSTEM, a government agency.

Before World War 2, the US and UK had comparable economies, but at present times UK is far behind the US economy. Acknowledging the facts, we figure out that USA has a GDP of about 20.8 trillion dollars and the UK has a GDP of about 2.638 trillion dollars.  The total area and population difference of both these countries also play a major role in the difference of their economies. On the other hand, US Japan economic systems are considered as the most important economic powers, which have a significant impact on the economy of the rest of the world. Both these countries are linked via capital flow. As the living standards in Japan are lower than the United States, therefore the cost for food and other necessities are a bit higher. Imports in Japan are more significant than the Exports in the US economy (Ghisellini¸2016).

 

 

Q2. Globalization no doubt has proved very beneficial over the past few years. Many a people have earned a good living. Apart from all the benefits, globalization has set forth some challenges for the US economy (Walter, 2021). It has differentiated the rich from the poor. The poor are not seen anywhere, whereas the rich have become wealthier. All the privileges are for them. Whereas the lower- and middle-class people faced a lot of problems. They were not paid off with equity and unemployment increased a way lot.

Considering the US-China trade war, Trump’s rhetoric against China clearly reflects his stance of anti-globalization. Every country is in search of ways to become the most powerful country and we know that China is on its way to take over the world economy, which put Donald Trump to think of this act. We know that globalization has let people to sell their goods at some other place of the world where they get good revenue (Walter, 2021). Many a people have become dependent on Chinese products which made Trump to promote the US products rather than the Chinese products so that it become independent in terms of goods and revenue.

 

References

Ghisellini, P., Cialani, C., & Ulgiati, S. (2016). A review on circular economy: the expected transition to a balanced interplay of environmental and economic systems. Journal of Cleaner production, 114, 11-32.

Walter, S. (2021). The Backlash against Globalization. Annual Review of Political Science, 33.

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