These Free Trade Zones are becoming increasingly prevalent in the Asian context as officially communist countries such as China are cautiously embracing capitalist market reforms. We then turn to an analysis of Mexico and argue that capitalist economic development is the most potent form of development today. In conclusion we will explore what makes economic development possible and persuasively argue that some economic systems are more successful than others in stimulating economic growth and development.
According to the United Nations Human Development Index, development includes a variety of attributes and is not solely an economic consideration. The Human Development Index, or HDI, explores development using a wide net and combines a variety of social indicators in its index to account for development including life expectancy, rates of literacy, GDP per capita, educational opportunity, standards of living, and opportunities for advances for women, etc. HDI is used to measure the development of a particular country and focuses on a variety of indicators to do so. Sustainable development, the belief that development can sustain itself, promotes development not only now but also in the future. Development which is long-term and not focuses only on the immediacy is said to be sustainable. The UN Human Development Index explores the sustainability of development and views development through a wide lens. Since the purpose of this analysis is economic development however, the following will focus more on economic modes of development, while keeping in mind the important indexes put forth by the United Nations. The following will discuss capitalist development as the primary engine of economic growth in a global era (United Nations 2008).
Capitalism is arguably the most well-known model of economic development and growth and is responsible for the globalization of international trade, foreign capital and the growth and development of much of the Western world (excluding Cuba and including Australia, which is commonly included in economic analyses of the "West"). Capitalism advocates free market economic principles of development and believes in deregulation, a belief in the invisible distributive hand of the markets and the promotion of a market-oriented society. From this perspective, the role of the state is to promote economic development through policies which are beneficial to market-oriented economic growth. Capitalism has propelled the advent of economic globalization and the strong economic growth and development exhibited in the countries of the West. It is currently being embraced as a development model by the formerly socialist countries of Eastern Europe (former states of the U.S.S.R.) and is responsible for tremendous economic growth on a global scale. In juxtaposition to capitalist economic development, we turn an exploration of socialism and socialist economic development.
An ideological paradigm in which social equality and egalitarianism reign supreme, socialism remains an important political theory. Socialism has traditionally advocated a