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There are many magazines in circulation today, each with its own viewpoints dwelling on readers, based on the reader’s social, ethnic, educational and income characteristics. This paper will view two different magazines: the first one is Forbes magazine (Mourdoukoutas, 2013) and the second one is The Economist (Williams, 2012). It is good to consider viewpoints of the two magazines as they have particularly different opinions and focus on two substantially different types of the audience, but still address the same issue.
The first magazine that is going to be put into consideration is Forbes magazine. The cover page has pictures of three circles, where one circle contain the human hand. The name “Forbes” is in bold yellow color and is on the top of the magazine. Below it, there is the word Asia, which is in white bold letters. The lower side has the words “THE GLOBAL ECONOMY” written in bold white letters. The magazine has several contents; it has lists concerning the world”s billionaires, most profitable Asian companies, money and investments, the Asian economy, best performing managers in Asia, sports, technology and education. The magazine covers various issues affecting people in the global economy setting.
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This paper dwells on that section which addresses the Chinese economic issues and the relationship with the global economy. As clearly put in the magazine, the aim is to show why China cannot lead the global economy. The table of contents in this magazine shows the readers and researchers what the magazine is all about. The magazine is in a continuous prose form. This is to illustrate its views concerning China and the global economy. The magazine notes reasons why it appears that the economic growth of China cannot be sustainable.
The magazine acknowledges the fact that China does not have an infinitive global market frontier for its manufacturing products, as its expansion to global markets comes at a point, when capitalism is approaching its last frontier and conquering almost every market around the world. The author reveals that the above is going against the capitalism”s last frontier, and, as a result, it has a minimal chance to prosper before clashing with other world market players that are already prosperous in the world market.
Another reason why the magazine feels that China cannot lead the global economy is its domestic frontier. China has had a large population since the beginning of 14th century, but still missed the opportunities of rising to the world economic leadership. The problems are: persistent income inequalities, low per capita income, low population density and fragmented administrative structure. These problems make the China”s local market a collection of separate local markets, instead of a single integrated market.
China is yet to nurture an indigenous resource in the name of entrepreneurship. Entrepreneurship flourishes in rural areas, where farmers are continuously turning into entrepreneurs, which is the result of market forces. Companies dealing in high end electronics and technologies are coming up. Surprisingly, these companies are the exception, rather than the rule. The entrepreneurship culture is all about marketing, producing and merchandising standard products invented and improved elsewhere, and that is why China is yet to come up with products, which create and sustain competitive advantages in the global market.
The other condition is that the government is not present in the common areas of the economy, where markets are inadequate or fail. Issues, like the environmental protection, occupational safety, patrolling of streets and protection of financial fraud, are inadequate. China lacks a new business mindset that places consumers at the center of the economic universe. China is yet to come up with an open market frontier, genuine entrepreneurship and the new business mindset; thus, it cannot lead the global economy.
The second magazine is The Economist. The cover page has a picture of a man, who is looking at himself in the mirror; the person puts on a white shirt. The words “The Economist” are on the upper left margin of the magazine; they are in white bold numbers. Above the mirror, which the man is using, there are bold words written in red ink, which are: “how will history see me?” Inside The Economist magazine, there are many drawings, sketches and photographs of various items. It has diverse sections; key among them are leaders, letters, briefing, the United States, the Americas, Asia, China, business, finance, economics and others.
The Economist focuses on sub-topics of overseas investments and the global business. The magazine brings out several issues of the human perspective. This division helps in directing readers to various sections of the magazine. The typing is in simple black font, while other sections are in various colors. The purpose of this magazine is to show the flow of economic events worldwide.
The magazine observes the reasons as to why China is unable to lead the global economy; they include the weak market segmentation structure. This implies that China divides its market into various segments that cannot allow it to penetrate further. Most of the Chinese products are targeting the developing countries, whose citizens have comparatively low purchasing power. This forces China to produce poor quality products, which suffer from a stiff competition in the global market.
The excessive government presence in the production and disposal of products is another problem in China. The government is curtailing the liberalization of the economy by putting in place many regulations and laws in business activities. This affects negatively its firms, which cannot lead from the front, when it comes to the price, quantity, technology and quality leadership. Most of the Chinese firms always play the following game, which disadvantages them in new markets.
The labor supply is high in China due to an immense population; the problem of the Chinese population, especially in the rural areas, is the lack of skills and techniques that can enable them to produce high end products like those of Korea and the United States of America. The population is high, but most people are unable to provide a sufficient domestic demand for their products; this limits the marketability of the Chinese products.
Great Britain and the United States have strong ties with most of the countries around the world; this works in favor, since it enables them to convince foreign countries to provide their products into foreign markets. The UK enjoys historical ties with most of the countries that date back to the colonial period; commonwealth relationships strengthen the economic ties. China has to redefine its international strategy and image if it has a dream of controlling the global economy. It has high resource endowments, cheap labor supply and large domestic market, which can play a vital part in its global dominion.
The paper is analyzing the reasons as to why China is unable to control the global economy. It is basing its inferences on the two articles found in the two leading magazines, namely Forbes and The Economist. The paper is basing on two viewpoints, which originate from different perspectives, but the final goal is similar. Both articles have come up with varying viewpoints, which have explained the reasons behind the China”s failure to conquer the global economy.