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Essay / Research Paper Abstract
A 10 page paper comparing the labor markets of China and the US. Traces China's journey from a communal system to its present-day attempts at an open market system including a brief description of the US open market system and what it means to a country's economy. Bibliography lists 7 sources.
Page Count:
10 pages (~225 words per page)
File: D0_Usclabor.doc
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Unformatted sample text from the term paper:
Private property and free markets tend to make people responsible by teaching them that they, and not the government, are in charge of their lives and their destinies,.
By allowing individuals the freedom to discover their comparative strengths and advantages and allowing them to trade or sell their goods, this market liberalism produces great wealth wherever it is
implemented (Borjas, 3). Consistently sustained increased profits in any given sector of the market leads to increased wages over the long run, which leads to economic strengthening (Blanchflower, 227).
This is a lesson that China has only recently, in the past 10-15 years, has come to realize. Of course, a free-market system has its downside, too; one
potential problem being in the case of immigrant workers who initially have trouble finding jobs, although this situation is often short-lived (Chiswick, 289).
One of the best examples in the world of a free-market system, of course, is the United States. As the US has proven, the free market
is eminently resilient, capable of seeking its natural course and bouncing back from nearly anything. The challenge then, for China, is to come to a full understanding of
this, to relax its control, and to broaden its markets. A liberalized market, such as the United States has, allows for fluctuations that
cannot be found in heavily regulated markets such as those of communist countries like China. For instance, a "glut" in the amount of college graduates in a given field
will drive wages down because of the old law of supply and demand. Conversely, a shortage of professionals in a given area will drive wages up because the
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