Introduction
China faces optimal challenges during the accession to World Trade Organization (WTO) due to the significant impact. Different countries uphold diverse economic policies that attribute the nature of trading activities and engagements. China’s economic ideology engulfs the prominent consideration of communism and socialism against capitalism. However, affiliating with the World Trade Organization signifies engaging in capitalistic deals with numerous member nations (Holbig & Ash, 2002). In this case, the concept fosters an imminent impact on the nation’s domestic trade policies and practices due to the intervention by foreign countries in the processes. As an employee in WTO, I recommend that the executive team incorporates policies that enhance flexibility for all WTO member states to render a profound clarity concerning the interdependence on socio-cultural and economic domains.
Contrast between Capitalist and Communist Countries
Communism ideology is a factor that renders optimal controversies among leaders from different countries. An excellent demonstration is the contrasts on concepts among member states involved in the World Wars. Communism significantly affected the U.S economic growth and development due to the interplay of dynamic values. As a capitalist, the U.S government faced a profound problem after the two World Wars due to the demand for labor and resources to reconstruct the socio-economic system. However, other nations utilized bolshevism to establish the efficient rebuilding of the structures despite gender and ethnic disparity (Sampson, 2019). It is contrary to U.S philosophy on private ownership of factors of production alleviating the inherent challenges of dependence and poverty (Holbig & Ash, 2002). After the combats, tension intensified between the U.S and Russia due to distinct economic frameworks.
The contrast in economic ideologies significantly affected international relations between the capitalists and communists. It is an initiative that attributed the emergence of the Vietnam conflict and other South American nations with the U.S administration adopting Russia’s perspective. In the short run, socialism was necessary to enhance the residents’ unity and cooperation (Sampson, 2019). Nevertheless, it threatened the enterprise’s profitability in the long run. As a result, the U.S government focused on enhancing a proficient influential value across a broader scope of the global realms, elevating commercialism. There was a prominent effect among the Chinese due to opening up the economy to international organizations. Despite the pro of extending the Chinese market to other countries through WTO, the government encountered hindrance on subsistence.
Over the decades, the central economic policy that contributed to the significant growth index in the U.S is capitalism. The approach enshrines the personal ownership of property and wealth hence imposing the importance of business competition for optimal profitability margin. The concept rendered a proficient effect to the marginalization of poor communities from the elite social group. However, the U.S government encountered the challenge due to the philosophy after the Second World War. The core reason for the problem involved the demand for togetherness and cooperation among all stakeholders in rebuilding the country for better living conditions (“Chapter Two,” n.d). The aftermath of World War II attributed to the justification of communism and the spread across the highly affected nations globally and a trickle-down effect to the U.S, ideally, capitalism is the foundation of the U.S economy akin to China’s communism domain as the pillar of its economy.
Impact of Global Political Economy to China’s International Legal Obligations
The global political economy is a framework that entails the optimal interdependent relationship between private and public power-sharing initiatives. The researcher interprets the international political economy as a foundation for the globalization effect through dynamic theoretical frameworks. In this case, neoliberalism, Marxism, and realism play a crucial role in developing an international political economy (Holbig & Ash, 2002). Primarily, the context focuses on the various mainframes that attribute to the globalization effect based on the influence of individual state decisions to the globally-based socio-cultural and economic standards (Froese et al., 2019). China faces difficulty adapting to the globalization effect through its accession to WTO. The resolution poses a central problem due to contrasting economic ideologies to domestic economic practices. As a result, it is the responsibility of the WTO executive team to establish clarity regarding the individual interests between China and the WTO member states based on the established trade pacts.
Different nations utilize various conceptual frameworks to manage production and transaction activities. One common concept is neoliberalism, which refers to the independent implementation of strategies that intensify attaining a particular objective (Holbig & Ash, 2002). In this case, there is an optimal sharing of ideologies across the private and public powers. According to the researcher, private entities mainly assume the duties and responsibilities of the government to enhance productivity and effectiveness in the implementation process (“Chapter Two,” n.d). Therefore, economic growth and development eventually depend on the intersectionality of public and private power-sharing and the inherent strategic management initiatives (Froese et al., 2019). The exploration of the effect of neoliberalism explains the profound increase in business competence both locally and internationally for enterprises and governments’ influence and governance system.
Another factor that attributes to the international political economy is the hegemony status of the U.S across the scope to intensify its influential power. The paradigm shift through technological advancement empowers other nations to emerge as powerful entities in the decision-making forum. An excellent example is China and Russia’s upcoming major global economic players while the globalization effect persists (Holbig & Ash, 2002). Therefore, it is crucial for the significant parties in the international economy to cooperate towards implementing effective initiatives. The centralization of the global political economy within one state risks a proficient effect during an economic crisis such as the 2008 recession that caused increased bankruptcy and loss of jobs among people worldwide (Froese et al., 2019). Globalization involves redefining international relations as a foundation of adequate growth and developmental index.
Globalization is a multidimensional phenomenon that profoundly affects the structuring of the social frameworks within a region and internationally. The significant issues associated with globalization effect include inequity, migration, and the exploitation of laborers. A considerable percentage of entrepreneurs focus on increasing profit margins, relying on capitalist ideology regarding the personal acquisition of wealth over equality (Holbig & Ash, 2002). In this case, globalization fosters the surplus in wealth accumulation and expands the poverty margin across different social classes. In a different aspect, the international political economy enhances the migration among people from one region to another for better living conditions and employment opportunities. The mainframe triggers the establishment of border deals that accommodate free movement and the market. As a result, individuals and families seek alternatives for an enhanced living quotient based on the available data regarding economic performance.
Policy Process Recommendations
As an employee, I believe that coordination among the managerial team members in WTO fosters significant effect in the implementation of process. I recommend that the members establish measures that enhance sharing of crucial details concerning individual interests among the member states. China encountered optimal challenges while establishing a consensus with the EU and the U.S for economic agreements (Whitten et al., 2020). However, the country further faced an adept hindrance to settling the differences while affirming the interdependence. One of the pros for developing a transparent policy framework entails understanding the goals and objectives among the nations adhering to the World Trade Organization practice. The primary con for China involves the risk of exposure to capitalist economies and drawbacks to domestic trading activities.
Another recommendation is to determine a centralized system of operation within the WTO framework. In this case, the partners appreciate individual foundations and economic practices. The contrast on trade ideologies poses an imminent con based on controversies observing international legal obligations while violating the local policies. However, China has a significant pro due to the opportunity to expand its scope on marketing products, services and sufficiently penetrate other territorial consumer markets. I propose the development of initiatives that enhance nation-to-nation or WTO-to-states engagement within the guideline mainframes.
A different recommendation is incorporating the neoliberal concept based on policy intervention and modification for certain trading partners. An excellent example is the alteration of economic agreements and practices between the World Trade Organization and member countries distinct from pacts amongst the nations (Whitten et al., 2020). The framework’s pro encompasses addressing the key barrier on political and ideological differences despite emerging issues based on superiority and inferiority complex.
Conclusion
In conclusion, the exploration of globalization renders understanding the interplay of different entities to boost productivity and wealth acquisition. Public and private powers mandate to establish strategies stimulating the optimal management of the available resources. The study offers an in-depth assessment of the interdependent relationship between public and private entities towards promoting the international political economy. Effective coordination among all stakeholders fosters prominent economic growth and development. I recommend the third policy implementation due to the profound effect on the international economy.
References
Chapter Two: Actors’ interests, policy preferences, and the demand for international cooperation.
Holbig, H. & Ash, R. (2002). China’s accession to the world trade organization. National and International Perspectives.
Whitten, G., Dai, X., Fan, S., & Pang, Y. (2020). Do political relations affect international trade? Evidence from China’s twelve trading partners. Journal of Shipping and Trade, 5(1). Web.
Froese, F. J., Sutherland, D., Lee, J. Y., Liu, Y., & Pan, Y. (2019). Challenges for foreign companies in China: Implications for research and practice. Asian Business & Management, 18(4), 249–262. Web.
Sampson, M. (2019). The evolution of China’s regional trade agreements: Power dynamics and the future of the Asia-Pacific. The Pacific Review, 34(2), 259–289. Web.