Assignment:
Financial Meltdown
According to the Central Intelligence Agency's (CIA's) World Factbook (2010), after the United States surpassed Japan in 2001, China became the world's largest exporter and stood as the second-largest economy in the world in 2010. For centuries, China stood as a leading civilization, outpacing the rest of the world in the arts and sciences, but in the nineteenth and the early twentieth centuries, the country was beset by civil unrest, major famines, military defeats, and foreign occupation.
Communists under Mao Zedong established an autocratic socialist system after World War II that while ensuring China's sovereignty, imposed strict controls over everyday life and cost the lives of tens of millions of people. Mao's successor in 1978, Deng Xiaoping, and other leaders that followed shifted focus to market-oriented economic development. Since the early 1990s, China has increased its global outreach and participation in international organizations. By the turn of the 21st century, China's economic output had quadrupled. Living standards have improved dramatically for much of the population making room for personal choice expansion.
Write in a minimum of 250 words and answer the following:
- In your view, has the financial crisis weakened the United States globally? Which country has the financial crisis strengthened the most? Use APA citations to show resources that support your viewpoint.