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IN SEARCH OF THE GLOBAL ECONOMIC SUPREMACY: CHINA VERSUS USA

Sorin-George Toma, Paul Marinescu and Catalin Gradinaru
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Sorin-George Toma: UNIVERSITY OF BUCHAREST, ROMANIA
Paul Marinescu: UNIVERSITY OF BUCHAREST, ROMANIA
Catalin Gradinaru: UNIVERSITY OF BUCHAREST, ROMANIA

Annals - Economy Series, 2017, vol. 1Special, 227-233

Abstract: The roots of the global economy can be found in the 15th century. It started with the expansion of trade and distribution and continued with the development of industry and services. The global economy has changed significantly during the past decades, especially after the fall of the Berlin Wall in 1989. Governments, policymakers, researchers, businessmen, managers or social activists, are highly interested in understanding the way the global economy works today. As the topic of global economy is interdisciplinary and complex it can be studied from different perspectives and levels of analysis. The macro level deals with international organizations and regimes, the meso level emphasizes the role played by countries and companies, and the micro level insists on the literature related to globalization and transnational movements. The aims of the paper are to present the evolution of the world’s ten largest economies by gross domestic product in the period 2015-2016 and to emphasize the economic competition between the USA and China. The research methodology is based on a quantitative method. The results of the paper show that these two powerful economies are the main protagonists in the race for economic supremacy and emphasize the Chinese challenge to the American dominance.

Keywords: global economy; United States of America; China; gross domestic product (search for similar items in EconPapers)
Date: 2017
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