GROWTH AND DEVELOPMENT THEORIES EXPLAINING GROWTH EXPERIENCE OF CHINA AND SUB-SAHARAN AFRICA POST-1980

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Introduction

Economic growth can be viewed as the general increase amounting to services or the goods produced per head in a population over an identifiable period. Development, on the other hand, can be perceived as an extension in the practical aspect that brings about discovery, design, innovation and subsequent change in lifestyle for a country or region that has experienced development. Development is, therefore, inseparable with growing, and they are inextricably linked to each other for the latter cannot occur without economic growth.

By using the theories of growth and economic development, we can be able to analyze how the Sub-Saharan Africa and the Chinese economies had evolved since post-1980. Through the use growth and development theories, we can look at how this two economies patterns from the past and the current and its implications for future. In pursuing this objective, the essay shall address the disparity and contrast between the theories of growth and the state of growth and development of Sub-Sahara and China economies.

Country’s development is a synonym for industrialization. Economic growth can be achieved as a result of producing more by providing higher inputs to labor and capital to enhance an increase for every individual in an economy. As more factors of production are exhaustively utilized, the law of diminishing return may take play when environment and social factors are not put in concern as resource and opportunities are being explored. In the interest of corporate social responsibility of China and Sab-Saharan countries, the development will entail using the emerging technology in the market which is vital in enhancing the production process and other activity that will progressively yield economic growth and development (Diran, 2010).

Brief history of economic growth and development in China

The China economic situation has grown from an agrarian community to a powerhouse of industrialization over the past half century. Through this period, the country has witnessed an increase in production output which has enabled it to be the second largest economy in the world. This massive growth has been achieved through incorporation of appropriate technological input and innovation contribution that has sufficiently reduced the labor intensive method of production to machine intensive saving production cost in long-run (Hirst, 2015).

The China’s fast revolution in industrialization can be attributed to a strategically planned meeting held by 6000 Soviet advisories in 1958 which lead to an increase in per capita production. With improved quality and pace of production, the industrialization was welcomed where Cultural Revolution of strikers causing conflict with the authorities and the employers could no longer drag the economy back again.

Brief Economic History of Sub-Saharan Africa

The sub-Saharan region is larger than five times the size of 28 countries of European Union with about 930 million peoples in it 48 countries that are varied in their economic history and geographical size. By the 20th century, most of the Sub-Saharan region were seen to have a shortage of labor due to the export of labor services through the slave trade and insufficient capital to run production operations.

The impending underdeveloped situation in most African nations could be blamed on; the colonization activities that left most economies as monoculture exporters, and also depended on imports for their customer goods, capital, and pieces of machinery. Since the Sub-Saharan countries are still dependent on importation of...