Question

Marks explains the global trade system that emerged in the 16th century. For each of the following locations, summarize its role (contributions) in this global economic exchange. [​Each region’s summary should be 200 - 500 words​.]

● China/East Asia

● India/South Asia

● The Muslim Empires

● Northern, Western, and Eastern Africa

Answer 1

(1)China/East Asia contribution in the global economic exchange as below:

China's relations with neighboring Asia developed into a market-led symbiosis. The Asian and Chinese economies underwent a sweeping systemic change. Chinese economy made a national and global niche for itself within a short period of three decades. Such two statements agree with each other. China's rapid economic growth has had a discernible impact on neighboring Asian economies due to strong inter-linkages and inter-dependencies. The brisk growth of China gave a certain boost to the integration process of certain economies. Such high-performing Asian economies stimulated and guided the economic development of one another. The Chinese economy liberalized both domestically and externally during its reform and restructuring period, which impelled its market-led regional integration with neighboring Asian economies. As the other outlets of market-led economic globalization, the FDI and vertically integrated development networks worked.

As a broad saving and high-investing economy, China swayed both national and global economies. China also emerged as an increasing source of FDI, which had an Asian bias, in the post-Asian crisis era. This has been the most recent dimension of China's incorporation into the Asian economic system. liberalization and transparency was an eminent feature of the Chinese economy. That trait helped to make trade one of China's prominent channels of integration with the regional economy. In addition, this has led to a successful way of rising regional economic interdependence. With rising economic weight, China has continued to play an important role in its neighboring regional economies increase.

(2) India/South Asia

Development in South-Asian countries, mainly in the re-emergence of democratic regimes, new growth momentum following the global down turn and greater clarity, warrant a new look at the prospects of economy integration for the region. Based on a thorough review of the literature on the potential and opportunities for regional integration of South Asia, and after reviewing trends in intra-SAARC trade and investment flows, this paper concludes that progress in regional cooperation has been far short of potential.Consequently, the paper focuses on the "real impediments" to regional integration and on that basis provides a collection of policy-oriented suggestions for furthering deeper regional integration in South Asia.

This also emphasizes that India will have to take on a significantly greater burden for fostering regional cooperation in South Asia, given its dominant scale, human capital, and ambitions for a global position. However, unilateral actions by India alone won't achieve regional integration. For effective regional integration in South Asia, neighboring governments will have to respond positively to Indian initiatives.

(3) The Muslim Empires

Baghdad plays a significant part in the global economy. In the areas of agriculture, livestock, textiles, metallurgy, and paper, the production is strong. Trade is internal: trades occur within a network of major cities such as Baghdad, Dam­ascus, Cairo.

But the Muslim empire imports wood, iron, Asian, European and African weapons and exports (luxury goods) to the West.The gold dinars were struck to encourage inter-continental trade. Yet bankers traders devise deferred payment schemes through time (checks) and space (bills of exchange) to avoid their transportation.

(4) Northern, Western, and Eastern Africa

Africa as a whole has ample natural resources, but much of its economy remained largely agricultural, and subsistence farming still accounts for over 60 percent of the population. Until the beginning of the 20th century, this farming system relied on its labor on simple tools and techniques, as well as on conventional family or group organization. Production was largely for domestic use, due to poor transport and communications.The small size and large heterogeneity of the polities also made exchanges very limited at that time. There were notable exceptions, however, particularly in West Africa, where communities had engaged in long-distance trade for many centuries and had extensive trading and craft facilities, communications, and a political network to sustain their trade routes.

During the 20th century, Africa witnessed tremendous economic growth, and while that brought many benefits, it also created a number of serious problems. The big reform was the aggressive promotion, often with foreign funding, of industrial growth that took place in the two decades (1960–80) following the political independence of most African countries.

There are two factors in the hope of improving economic conditions in most of Africa: population reduction within individual countries to give their economies a chance to grow; and the organization of groups of states into regional economic blocs to establish internal markets that are large enough to support development.