Question

The ways in which Asian economies have changed the global trade scenario in the last few years.

Answer 1

Answer:

The US economy is a service-based, market economy that has government regulation. Many other countries have market economies, but have little to none government oversight and aregoods manufacturing based, like many countries in South America. On the other hand we have command-like economies that are primarily government run and monitored, they are also more goods manufacturing based, like China. Asian countries have changed the game of global economics. China uses its resources to produce goods at the cheapest possible price, which attracts foreign business, including the US. This has led to major outsourcing of blue-collar jobs. China impacts our trade deficit more than anything, because they get GDP credit for the goods, even if the company is American.

Explanation:

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