Many Large Asian Cities have used the Western Model of Growth as they Expand

Asian Cities have used the Western Model of Growth as they Expand

Background of Study

The present century has attracted the attention of society to develop in the framework of the neoclassical theory of economic growth model in which the authors widely utilize the mathematical tools. With the help of these, they attempt to solve the problem and the potential for sustainable economic growth, in order to determine the conditions for achieving dynamic equilibrium. The main feature of these models is to search for ways to achieve the goal of optimal growth. The advantage of input-output models of growth is their dynamic nature. The growth model, developed in the West, first worn static nature and later, they began to introduce some real-world factors that influenced economic growth (money, stocks, and financial assets) across the globe (Jinghao, 2011). Later, these models along with the purely economic characteristics began to introduce social and institutional factors.

Discussion

The western model of growth has become one of the most dominant models for the economic progress and growth around the world. Numerous scholars have recently concluded the approaches of the Weber and Marx's theories in a newer struggle to rehabilitated effort in order to elaborate upon the introduction of capitalism in Western Europe. Few Marxists or Weberians have talked of the particular part played by the Protestantism in promoting the balanced economic action; they have also spoken and wrote about the rise of West or the concept of modernization (Richard, 1989). The western model of growth and the focus upon capitalism can be seen as an analysis of the proto-industry, world system, and the crisis of the seventeenth century. Provided that India and China have been able to attain the amazing improvements in living style for the poorest people in millions, both these countries have adopted to the Western model of economic and national growth.

Figure 1: Economic growth model (Asia)

Figure 2: Economic Growth Model (United States)

The above model depicts the economic growth of Asia and Unietd States according to their adopted models of growth. It is observed that the western model of grwoth has bene suitable to its environemnt and economy unlike the economies of Asia. However, the Asian Development Bank aims upon reducing the poverty in the region has given the warning to the Delhi and other Asian states that an increase in inequality would quickly weaken and destabilize the basis of the economic success of the countries. At present, Delhi, and many large countries on the Asian continent have attempted to adapt to the western model of growth and expansion. In spite of various differences in culture, civilization and the levels of progress, the countries here attempt to switch to the western model for growth. The interventions provided by the ADB have been a tremendous positive contribution to the increasingly lively argument on global level. It actually mentions that it is not merely a political or social imperative to narrow the gap between the ...