China's accession to world trade Organization (ETO) and its impact on its Socialist / communist economy

Abstract

The concept of globalization is basically about economic interdependence among sovereign nations. It has resulted from the emergence of various international and regional organizations for promoting economic partnerships to promote economic development and growth. This modern trend has raised a very important question about the prospects of different ideologies, and particularly about the socialist ideology. The People's Republic of China has been one of the major bulwarks-against the ideology of capitalism. After the fall of the Soviet Union, China represents the sum total of communist power on earth. The modern concept of market economy and free market is a capitalist approach. One wonders how the Chinese Socialist ideology is going to cope with the changing scenario, since China is eager to compete with other developed nations in the economic field and is on the threshold of joining World Trade Organization (WTO).