In 1820, US had only about 2% of world GDP and China and India together had about 50% of world GDP! By 1950, the US had about 25% of world output and China and India together had about only 10% of world output. Now India and China are both growing faster than the U.S. Conclusion: Markets work!
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Thursday, September 21, 2006
Interesting Fact of the Day
In 1820, US had only about 2% of world GDP and China and India together had about 50% of world GDP! By 1950, the US had about 25% of world output and China and India together had about only 10% of world output. Now India and China are both growing faster than the U.S. Conclusion: Markets work!
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