econ160 Essay example
Undergraduate
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Finance & Accounting
Pages 5 (1255 words)
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Name Professor Class Date I. Short autobiography My family belongs to typical upper middle class American. Both of my parents work and I can say that we live a relatively comfortable life. We own our house, our cars and goes to vacation once or twice a year…

Introduction

II. Born in Communist China: compare and contrast The equivalent of my life here in United States in China will be those of privilege elite who have connections to the power centers in China. My parents belongs to several generation of Guanxi where I am expected to inherit his position. a. Finding a place to live If I will be living in China, I better be sure with the place that I will live. It is because the Chinese government prohibits the reselling of houses as their policy response to avoid speculation in the housing industry. I will be stuck in the house that I will choose for a very long period of time so I better take my time before buying a house. Unlike in the US where the housing market is determined by market forces as enunciated by Friedman in the book Capitalism and Freedom where price and availability is determined by the law of supply and demand where I can resell my house anytime I want it subject to the same law (supply and demand), Chinese government will just not allow the resell and even pegged the price. China may now allows private ownership of houses only with restrictions. With my present economic stature, I believe I would be able to afford a house and not in a crampy apartment or shoebox as what Hedrick Smith had described in his book The Russians. Only that my house will not form part of my estate where I can resell for profit or I will go to jail. b. ...
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