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Econ160 - Essay Example

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Econ160

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. ...
If my father belongs to a Guanxi or the network of power elites, he may recommend me to some of his associates in the network as expounded by McGregor in his book The Party and will accept whatever occupation that will be given to me. From there, my future will be secured because I will be under the patronage and care of my father’s Guanxi and I will later develop my own network. I will first learn the rope of the business until I am given responsibilities that will secure my future. Or if I am in Russia, my family may be part of that elite with hidden privileges or dachas of the elite (Smith) where I can have jobs in the companies of my father. Unlike in the US where the market and jobs are determined by Friedman’s reiteration of Adam Smith’s invisible hand where members of society are left on their own to create prosperity through their own efforts, the Communist Party is the one who determine largely the opportunities for young professionals in China. They are the single government unit that basically appoints everybody from government cabinet members to CEO’s and executives of big business and their judgement cannot be questioned nor are they required to explain the basis of their appointments. If my family belongs to their network, it is very favourable to me. But if it is not, it is very likely that I will remain a middle class for the rest of my life no matter how hard I work. If you compare that situation in the US, it is like there is this single government party, either Republican or Democrat (only one must exist) that appoints everybody in business, government and media and the people there are friends of my dad who are part of his Guanxi which explains why my future is pretty secure as long as I do not ...Show more
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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…
Econ160
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