Economic Comparison Brazil and China
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Economic development refers to the structural changes that are needed in an economy in order for Economic Growth (which is an increase in a country's productive capacity over time) to occur. Economic development is a qualitative process which involves the development of an economy's economic and social infrastructure. A common change undertaken during economic development is the move from an agricultural based economy to usually an industrial based economy.
Common examples of economic development are improvements in infrastructure such as the construction of roads, schools, hospitals, ports, airport facilities, etc. The following diagram (figure A) shows the process in which economic development occurs. The diagram shows the 'flow down effect' from the benefits from the benefits of economic growth being spread throughout the entire economy.
The Process of Economic Development:
Figure A
China is the world's seventh largest economy with an estimated GDP of $5.7 trillion for the year 2002. In recent years, China has made rapid development by reforming its economy. These reforms have led to reduction in poverty and increases in income...