CHINA AND INDIA

1) What are the consequences of economic growth?
The economic growth is the economic development of a country that changes the goods and services in this nation. But this economic growth can have positive or negative consequences.
The principal positive consequence can be the technological development and this brings a lot of benefits mainly a better quality of life.
A negative consequence can be the economic recession or economic depression, and this affects the quality of life especially in the environment.
"If the same amount of money doesn't supply enough food for these people, we'll see an increase in the number of people whose needs we cannot meet," said Thirlwell.
2) Do you consider China to be a threat to the rest of the world?
Yes, I think that China can become our leader and it is a threat to the rest of the countries.
I think this because I’ve read plenty of articles about China and what I have already read is that China’s economic growth in the past 30 years has been great, it has grown very fast and now it is the second biggest economy country behind United States. So, I think that if China developed so much in not a lot of time, they can easily become our world leader. China has become a major player in the global economy.
3) What are the potential positive and/or negative impacts on the people of China and India of globalization?
NEGATIVE EFFECTS:
· Developed nations have outsourced manufacturing and white collar jobs. That means less jobs for their people. This has happened because manufacturing work is outsourced to developing nations like China where the cost of manufacturing goods and wages are lower. Programmers, editors, scientists and accountants have lost their jobs due to outsourcing to cheaper locations like India.
· Globalization has led to exploitation of labor. Prisoners and child workers are used to work in inhumane conditions. Safety standards are ignored to produce cheap goods.
· Job insecurity. Earlier people had stable, permanent jobs. Now people live in constant dread of losing their jobs to competition. Increased job competition has led to reduction in wages and consequently lower standards of living.
· Terrorists have access to sophisticated weapons enhancing their ability to inflict damage. Terrorists use the Internet for communicating among themselves.
· Companies have set up industries causing pollution in countries with poor regulation of pollution.
· Fast food chains like McDonalds and KFC are spreading in the developing world. People are consuming more junk food from these joints which has an adverse impact on their health.
· The benefits of globalization is not universal. The rich are getting richer and the poor are becoming poorer.
· Bad apects of foreign cultures are affecting the local cultures through TV and the Internet.
· Enemy nations can spread propaganda through the Internet.
· Deadly diseases like HIV/AIDS are being spread by travellers to the remotest corners of the globe.
· Local industries are being taken over by foreign multinationals.
· The increase in prices has reduced the governments ability to sustain social welfare schemes in developed countries.
· There is increase in human trafficking.
· Multinatonal Companies and corporations which were previously restricted to commercial activities are increasingly influencing political decisions.
POSITIVE EFFECTS
· Considerable reduction in the cost of transportation, especially with the development of containerization with respect to overseas ocean shipments
· Decrease or abolition of control over capital and the capital market
· Formation of free zones for carrying out commercial activities, against payment of little or no tariffs at all
· Decrease, abolition or synchronization of subsidies in domestic trades
· Decrease or abolition of every kind of tariffs However, the concept of free trade emerging from Globalization suffers from limitations as well:
· Restrictions imposed on the supernatural identification of intellectual properties. This means that the patents granted by a particular nation will by recognized in another country.
· Synchronization of intellectual asset laws across most states are subject to additional restrictions.

Please read this article about China’s superpower economy is really interesting: http://www.heritage.org/research/asiaandthepacific/wm1762.cfm
BIBLIOGRAPHY


"China Economy." China's Economic Profile, The Chinese Economy, Economy of China. Economy, Investment & Finance Reports. 11 Sep 2009 .

"Effects of Globalization." Economy, Investment & Finance Reports. 11 Sep 2009 .

Prabhakar, Pillai. "Negative Effects of Globalization." The Negative Effects of Globalization. 6/18/2008. 11 Sep 2009 .