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Compare economics systems(Aus, China and Brazil

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Introduction

Among the three nations, Australia, China and Brazil, the main difference of their economic system is that the Chinese economy is transiting itself away from its planned roots towards the socialist market economy, Brazil is increasing its level of growth and development while dealing with foreign debt and Australia is a typical market economy strive to balance the control between the market and the government. In the 21st century, these nations are facing a challenge of various problems that have turned out cause of economic growth and disorganized. The economic system is there to solve the 4 main economic problems, what to produce, how to produce, how much to produce and to whom to distribute. ...read more.

Middle

The similarities in all three countries economic systems are that now they rely on foreign investment to help their problem to be solved. Brazil is now among the top five hosts of FDI in the world. Also China is now getting into a mixed economy, they share common ideas of schemes about process of economic development and growth. The past few decades, China has experienced a huge economic expansion. Their average GDP growth is at 11 per cent per year. Under the shifting period towards market economy, this caused a great unequal distribution of wealth around the country. The Chinese government used to have great control of nation's total revenue and balancing the economic development across the different regions successfully. ...read more.

Conclusion

In contrast to China and Brazil, Australia has a high economic development compare to its wealth. This is linked to its stable economic system when they are balancing the economy out evenly. They also do not experience much unequal distribution of wealth in the nation as individuals benefit from the market system depended on their contribution to the economy. Hence Australia does not face that significant distribution problems compare to china and Brazil. But it challenges to sustain and increase its growth and development of economy. On the other hand, China and Brazil have a problem if equalisation of wealth in the nation across the individuals. Thus they face a major challenge of improving quality of life and their economic development. ...read more.

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