Introduction
To succeed in the global environment, a country needs distinctive and easily recognizable economic and political models. Given the current global competition, the models of the U.S., China, and European states warrant comparison. Though China has been succeeding economically in the international context, the political perspective of the U.S. appears to be the most effective.
Global Comparison of Economics and Politics
The Chinese economic framework appears to yield the most significant outcomes. The current approach in China can be described as one of mostly fair competition, with minor elements of governmental control. The emphasis on a market economy has allowed the state to rise significantly in the global context (Dias et al. 587).
Compared to China, the U.S. focuses on high employment and low wages, contributing to increased production (Dias et al. 588). However, the specified approach does not allow boosting production rates due to medium employee engagement (Dias et al. 560). In turn, the European model of low employment and high wages prevents the exploration of the entire range of its labor force (Dias et al. 601). Therefore, the Chinese framework seems to be the superior one.
However, politically, the American democratic framework appears to be the best. The U.S. approach to managing political issues suggests adopting a uniform strategy, which is impossible in Europe due to differences in the political strategies of its countries (Zhao 377). In turn, the Chinese political model hinders the promotion of democratic principles, rendering it unsustainable. Thus, the American approach seems to be the most effective one.
Conclusion
While China has been advancing in the economic field with its current model, the U.S., which focuses on promoting democracy, has been advancing in the political sphere. Specifically, the emphasis on democratic principles and equality makes the American political framework the most effective system of all three. Therefore, collaboration must be promoted internationally so the three entities can share their experiences.
Works Cited
Dias, Rui, et al. “Random Walks and Market Efficiency Tests: Evidence on US, Chinese and European Capital Markets within the Context of the Global Covid-19 Pandemic.” Oeconomia Copernicana, vol. 11, no. 4, 2020, pp. 585-608.
Zhao, Minghao. “Is a New Cold War Inevitable? Chinese Perspectives on US–China Strategic Competition.” The Chinese Journal of International Politics, vol. 12, no. 3, 2019, pp. 371-394.