Which country emerges as an economic superpower and the toughest
competition in the worlds market of the 1970s and 1980s ?
Answers
India.......................
China emerged as economic superpower and toughest competition in world’s market of 1970's and 1980's.
Explanation:
The People’s Republic of China was formed in the year 1949. The leaders of China believed heavily on socialism and their policies were in favor of creating socialistic society. The land reforms in China were a great success. Majority of the landless peasants were allotted with agricultural lands. This resulted in reduction of economic inequality in the country.
The economic reforms in China began from 1978. The reforms helped in mobilization of resources for the manufacturing sector. The large scale manufacturing sector in China changed China into an economic superpower and toughest competition in the world markets even today.