Camparing US economy with India

Comparing US economy with India

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Introduction - US is by far considered globally as one , if not the most developed , in countries when it comes to economic stature while India is considered one , if not the least developed , among nations who are bracketed inside the category of large economies (Brahmananda , 2001 There are , of course , many factors that dictate the shaping of the economies of both countries , and this wishes to analyze specifically the role of politics in the shaping of the economy of both

India and the US and make a comparative assessment of the impact of the presence of such political features in both countries

Political stability and economic strength - The economic strength of any country is dependent on its political stability , both locally and globally . India and the United States both have histories which features the tilting of its political landscapes - sometimes veering downwards due to social unrest and the absence of unity inside the country , and sometimes upward when the hold of political ruling entities like elected officials , institution symbol-heads , professionals , businessmen and blue collar job are more or less under the umbrella of governance and social supervision that is generally amicable to every person concerned

This point was stressed by Milner (1998 ) who pointed out that this particular lesson was learned not just by American economists but by the rest of the world as well during the end of the Great Depression , saying that politics determines the stability and openness of the international economy (Milner , 1998

The power of US that enables them to have a strong hold on global trade positions is as much owed to its local political atmosphere as much as to its impact in global politics . Brahmananda (2001 ) explains how these global political power is symbolized today - the status of US as a `powerful influence on economic thinking , the presence of the stronghold of key global economic organizations in American soil and the effort exerted by countries like India to US maintain contacts in US where they can access usable economic and business strategy information that is in-tune with the movement of business and economy around the world

Milner (1998 ) describes the role of the United States in recent years when it comes to global economics as a `hegemon ' for the rest of the world that needs the leadership of a ruling economic power like US to facilitate the growth and improvement of local and international economies . US was , and some consider still is , a hegemon in the global market and international trade and economic landscape , while India is currently one of the countries benefiting from the presence of a hegemon

Milner (1998 ) noted how the world was affected during the time of America 's isolationist era that resulted to a very highly disorganized international trade and economic scenario affecting every country that tips its fingers in international trade , including India , something which the US finally remedied upon its assumption of the role of a leader in...