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Third World Country In Comparison With Western Style Economy

4654 words - 19 pages

Third World Country in Comparison with Western Style EconomyWith an overall comparison of Australia and Vietnam's economic structure through economic systems, economic indicators, fiscal and monetary policies, and international trade, Australia is a more efficient economy than Vietnam's economy. Australia is more free-market then Vietnam when analysing their political economic structure based on political economic spectrum, economic system, and degree of state ownership of business. Comparing economic indicators from a third world country that has been recovering from many years of prolonged war and difficulties to a country that has had a prosperous western style economy for a century, it is hard to believe that a third would country with difficulties would have better economic indicators then a prosperous western style economy. With an overview of both fiscal and monetary policy through government budgets, the supply and regulation of currency, and cost of living, Australia has better fiscal and monetary policy than Vietnam. International trade can help economies become prosperous considering they have the right trade partners, Australia does much greater international trading than Vietnam does, and it also has much stronger trade partners than Vietnam does, Australia is better integrated into the world economy than Vietnam is. When Australia and Vietnam's economic structure is compared, it is noticeable that Australia has a more efficient economy than Vietnam's economy.When analysing their political economic structure based on political economic spectrum, economic system, and degree of state ownership of business Australia is more market based economy than Vietnam does. On the economic spectrum, Australia is in the middle compared to Vietnam, which is located on the left of the spectrum. Since 1986, The Socialist Republic of Vietnam has been trying to change from a centrally-planned to a market based economy. Even though Vietnam had positive changes in the last few years, the progress is still slow. Australia has a high economic performance resulting from its effective economic management, ongoing structural improvement, and competitive and dynamic private sector. Australia already has a strong economic background; it is unlikely that Australia will change its position significantly on the spectrum. However Vietnam will most likely change its position on the spectrum, due to its shift from a centrally planned to a market economy. By observing where the two countries are located on the economic spectrum we can say that Australia is more free market then Vietnam, since Australia has less government control in their economy. When analyzing the two countries economic system, Australia is more free market then Vietnam. Decision making in Vietnam is centrally planned. Political power lies with the Communist Party of Vietnam where they hold authority over the implementation of social, economic, labour, defence, security and foreign policy. The...

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