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ECON 1020 (99)
Lecture 32

ECON 1020 Lecture 32: Lecture 32

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University of Manitoba
ECON 1020
Ryan A.Compton

Oc98 Today people living in countries experiencing economic growth are constantly exposed to new technologies, new products, and new services Economic growth has vastly affected cultural, social and political arrangements: o Culturally: allowed ordinary people to have significant time for leisure activities and the arts o Socially: allowed to universal public education, elimination of ancient social norms and legal restrictions preventing women and minorities from doing certain jobs or holding certain positions o Politically: countries experiencing modern economic growth have tended to move toward democracy The average human lifespan has more than doubled, from an average of less than 30 years before economic growth, to over 67 years today The Uneven Distribution of Growth: Modern economic growth: o Began in Britain o Early 1800s Western Europe (France, Germany, and other parts of Western Europe) o Late 1800s Canada, USA, and Australia o 1870s Japan o Mid 1900s rest of Asia, Central and South America, Middle East o Past 20 years Africa o Some parts of the world have yet to experience economic growth at all 1973 was a major year for growth, when Asia took off from Africa The different starting dates for modern economic growth is different parts of the world are the main cause of the vast difference in per capital GDP levels seen today o The earlier you experience economic growth, the larger your growth rate
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