How is it impossible for the state to plan economic growth?

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The primary aim of urban growth strategy is to create strategies and priorities that will aid in the creation and maintenance of vibrant economic development. Most state planners consistently lack awareness of specific forms of time and location situations that are critical for economic development (Gregory, par.1). In most cases, it has been proven that state planners consistently lack the necessary details, which conflicts with many businesses and millions of customers, resulting in planning failure (Gregory, par.2). The level of economic growth which is witnessed in the case of China did not take place due to the influence of the state’s economic planning but due to its large and self-motivated private sector (Gregory, par.2).

What is the ultimate cause of China’s economic growth over the last 40 years?

The Chinese economic growth has been facilitated with her large dynamic private sector (Gregory, par.2). The Chinese are known for their entrepreneurship ability more so in the field of agriculture and industrial production. This ability is further boosted by the fact that there is the presence of a specular brand of socialism with a Chinese face (Gregory, par.3). For an economy to grow, there is a need for the existence of those leaders who are extremely intellectual, tremendously educated and have a wide range of skills just like it was in the case of China (Gregory, par.4). Therefore through the leadership and the already motivated entrepreneurs from China, has led to the development of the private sector which is the backbone of the Chinese economy. The spontaneous reforms in the in the agricultural industry led to the production of new supplies of food products which needed the market. This led to the need to develop infrastructure and to lead to the creation of the various trade networks which are responsible for the impressive economic growth in China (Gregory, par.14).

Work Cited

Gregory, Paul. "China's Growth: Planning or Private Enterprise?" Econlib.Org, 2012, http://www.econlib.org/library/Columns/y2012/GregoryChina.html.

November 09, 2022
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Government Business

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