Economic Systems Essay, Research Paper

ECONOMIC SYSTEMS ASSIGNMENT

Canada:

The Government of Canada is a Federal Parliamentary Democracy and a member of the Common Wealth. The Prime Minister of Canada is the Honorable Jean Chretien. The Deputy Prime Minister is Sheila Copps and the Governor General is Romeo LeBlanc. There are five major political parties in Canada they are; the Progressive Conservatives, the Liberal Party, New Democratic Party, the Reform Party, and the Bloc Quebecois.

The GNP per capita (1991) was $19,934 (in millions). The annual GNP growth was 3.4%. The amount of GNP for defence was 2.2%. The majority of workers in Canada are in the Service field (73%), Industry has 23% of the workers, and Agriculture has the remaining 4% of the labour workforce. Canada has an unemployment rate of 9.5% and an inflation rate of 2.3%.

Canada?s top three natural resources are Nickel, Zinc and Copper. Canada?s top three agricultural products include Wheat, Barley, and Corn. The three major Canadian industries are automobile manufacturing, lumber industry, and petroleum products. Canada has a healthy trading market with major partners such as the United States, Mexico, and Japan. The top three imported products are vehicles, foodstuffs, and animal feed, while the three major exports include vehicles, petroleum products and natural gas. Canada?s exports vastly outweigh their imports. The balance of trade is $9,823,000,000 (more exports than imports).

Canada?s economy is a market economy based on free enterprise and the ideology of capitalism. As a Canadian citizen you are free to buy and sell as you please on the open market, so long as you are within the law. Since Canada is a democratic state we are guaranteed these rights and freedoms. Canada has a very efficient economy. We have an unemployment rate of only 9.5% and a reasonably small inflation rate. Canada has been rated as one of the best countries in the world ? Coincidence?

Niger:

The Government in Niger is a republic in which there is a President and a Prime Minister. The President of the Republic of Niger is Mahamane Ousmane. The Prime Minister is Hama Amadou. There are five major political parties. They are; The National Movement for the Developing Society, The Democratic and Social Convention, Nigerian Party for Democracy and Socialism, The Nigerian Alliance for Democracy and Progress, and The Union of Progressive Patriots and Democrats.

Niger has a Gross National Product per capita of $550 (in millions). There is an annual GNP growth of 1.4%, 0.1% more then the allotted funds for defence. The majority of the labour force works in agriculture (45%), the service field represents 39% of the workers, and the remaining 16% are employed in the industrial field, which is declining at a rate of 2.7% per year.

Niger relies on its three top natural resources, which are; Uranium, Coal, and Iron/Ore. The three main agricultural products are; Millet, Sorgum, and Pulses. Niger?s ?major? industries are based in the fields of Cement, Beverages, and Beer. Niger is a country in which there are many more imports than exports. The three main imports are; foodstuffs, cereal, and sugar, while the three major exports are; Uranium, Foodstuffs, and Livestock. Niger is one of the world?s poorest countries. Their economy is centered on subsistence farming. Uranium, their major export through the 1970?s and 1980?s, revenue has dropped by 50% between 1983 and 1990 (end of cold war). Niger?s balance of trade is

$-58,000,000 and they carry a debt of $1.2 billion. One U.S. dollar is equal to $529 of their currency the Communaute Financiere Africane Francs.

Niger has a traditional economy similar to many other 3rd World Nations. Recent studies would suggest that 4/5 of their major exports relate to livestock and agriculture (hides and skins, vegetables). Their economy is very inefficient because of the fact that they import more than they export, although that is not always negative, a third world nation which remains in debt will never prosper.

Japan:

Japan is a Constitutional Monarchy with a figure head of Emperor Akihito (son of Hirohito). Japan?s Prime Minister goes by the name of Tomiichi Murayame. There are three major political parties within Japan. These parties include the Liberal Democratic Party, the Japan Socialist Party, and the Democratic Socialist Party.

The GNP per capita for Japan is $25,469 (in millions), while having an annual GNP growth of 4%. Japan?s spends a limited amount on defence equaling only 1% of their GNP. Japan is a country which provides many services to its people. Sixty percent of the labour force is dedicated to serving the people. An additional 35% of Japan?s workers are involved in the Industrial market, the remaining 5% are employed in Agriculture. Japan is an island in which level ground is a scarcity and as a result, so is agriculture.

Japan is a country with limited Natural Resources. Japan imports raw materials and then transforms them into finished products which it then exports around the world. Japan?s only natural resources are Fish and Limestone. The three main Agricultural products grown are rice, potatoes, and sugar beets. Japan?s major industries include Iron/Steel, Cement, and Paper. Since fish is a major part of the Japanese diet it is also one of their largest imports along with foodstuffs, and machinery. The three top Japanese exports include vehicles, office equipment (computers, photocopiers, etc.), and Scientific Equipment. Japan has a remarkable balance of trade even though their imports outweigh their exports. Their balance of trade is $63,580,000,000.

Japan is a market economy, much like Canada and the United States. Fifty years ago Japan was virtually invisible on the economic scene due to Japan?s demise in WWII. Japan has overcome its adversities and risen from the ashes to become an economic superpower in the 90?s. Japanese citizens have the opportunity to make large profits through hard work in their desired fields. Japan has one of the most effective and efficient economies in the world. Unemployment is at a minimum and labourers are well taken care of by the corporations which promise lifetime employment (a happy worker is a productive worker).

China:

The People?s Republic of China is based on the Communist system of Government initiated by Mao Tse-tung in the previous decades. The current President of China is Yang Shangkun. The Premier of China is Li Peng and the Central Military Commander Chairman is Jiong Zemin. There are only two key political parties which reside in China. They are the Chinese Communist Party, and the China Democratic League.

The GNP per capita in China is $460 (in millions). Their GNP is growing at a rate of 10.5% per annum. China spends a fair amount of its GNP on defence (3.9%). The bulk of the Chinese labour force is involved in Industry (53%). Thirty-four percent work in Agriculture and the remaining 13% are involved in services for the people. China?s three major natural resources consist of Coal, Iron/Ore, and Petroleum. Chinese agriculture is based largely on their own diet of rice, wheat and corn. The major Chinese industries are Iron/Steel, Cement and Fertilizers.

China exports considerably more than they important, their balance of trade is $9,165,000,000. Their top exports include textiles, metal products, and rubber products, while importing machinery, vehicles, and textiles.

The economy in China is a Command economy in which a central authority owns Natural and Capital resources. The government decides what to produce, how to produce it and whom to produce it for. As a result initiative and morale is low among the people as there is no incentive for hard work. Lack of freedom for the people results in goods being produced inefficiently. The idea of a few men planning an economy is very complex and could not possibly fulfill the Production Possibility Curve (PPC).

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