When Was Capitalism First Introduced to China? Stats on Labour Cost/Unit

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SUMMARY

Capitalism was first introduced to China in late 1978 under the leadership of Deng Xiaoping. The discussion highlights the importance of China's low labor costs per unit compared to the United States and Japan, emphasizing its potential to become a global economic superpower. Participants suggest utilizing the CIA World Factbook for reliable statistics and caution against the challenges posed by China's dependency on crude manufacturing and its political structure.

PREREQUISITES
  • Understanding of economic systems, specifically capitalism and communism.
  • Familiarity with labor cost metrics and their implications in economics.
  • Knowledge of statistical analysis and data representation in charts and graphs.
  • Awareness of China's economic history and reforms initiated in the late 20th century.
NEXT STEPS
  • Research the economic reforms initiated by Deng Xiaoping in 1978.
  • Analyze labor cost comparisons between China, the U.S., and Japan using available economic data.
  • Explore the CIA World Factbook for comprehensive statistics on China's economy.
  • Investigate the impact of China's manufacturing dependency on its economic stability.
USEFUL FOR

Economics students, researchers analyzing global labor markets, policymakers, and anyone interested in understanding China's economic evolution and its implications for global power dynamics.

student007
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When was capitalism first introduced to communist china? I know that this was done by Deng in the 1970s, but i don't know when.

Furthermore, can anyone find me a link that shows some type of statistic (preferably in chart or graph form) that displays China's low labour cost/unit relative to other countries such as the U.S and Japan? I've looked everywhere! This is for an economics essay I am writing regarding China's potential to become the world's economic superpower, and would just like some strong statistics to proev my point.

Thanx
 
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Be careful if your writing an essay. Note their dependancy on crude and manufactoring and their unstable government structure (i don't know if they have an unstable government, but 'communism' is rather unstable historically).
 
I know - i focusing on the fact that china has capitalist zones, abundant and cheap labour, and a consumer-based economy
 
Check out the CIA world fact book. It has useful information for every country in the world. As for finding statistics for cost/unit you will probably be hard pressed to find this stat for the national economies of the US, China, and Japan etc. since cost/unit is marginal cost-which is usually on discussed on a microeconomic level.
 
student007 said:
When was capitalism first introduced to communist china? I know that this was done by Deng in the 1970s, but i don't know when.

Furthermore, can anyone find me a link that shows some type of statistic (preferably in chart or graph form) that displays China's low labour cost/unit relative to other countries such as the U.S and Japan? I've looked everywhere! This is for an economics essay I am writing regarding China's potential to become the world's economic superpower, and would just like some strong statistics to proev my point.

Thanx

Late 1978.
http://www.odci.gov/cia/publications/factbook/geos/ch.html
 
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