How have economic reforms in, for example, India, China and Vietnam affected living standards and social indicators?
India In the past two centuries, India is always associated with hunger and local poverty. After the India independence, and reforming their economy system. over years, all of the policies, slogans and five-year plan documents for improving the decades of poverty; but none of those are works. The Economy of Development in India still on the slow rate. As a result, the political influence of the rich people on boycotting and infringing interests; under the supervision of bureaucracy, the best period of economic growth is stifled, resulting in the current economic inefficiency.
50s China one of the famous economic revolution in China, which called the Great Leap Forward policies, it is leading to a social and economic disaster, but those failures were replaced by some extensive exaggerating data and some fake reports. At the end, a lot of imperative resources were transformed form agricultural sector to the expensive new industrial operations, which leads to a huge shortage on the food output, and caused millions of deaths in the great Chinese Famine.
VietnamThe name given to the economic reforms initiated in Vietnam called i Mi, which means the Renovation. Its with the goal of creating a “socialist-oriented market economy”. Selling SOEs (State-owned Enterprises) allowing FDI, decontrolled some prices but bank assets in public banks are still controls. The state was aiming at creating a vertically integrated economy where there was no commercial contact among individual production units horizontally.
conclusion 3 of those countries have some common characteristics, they want to improve the efficiency of economic development as soon as possible, and thus have a step-by-step improvement in GDP. However, the results are not good as expectation but people knew that what is the real problem on the way of improving, thus they were forming a larger economic and trade system in Asia.
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