GG102 Lecture 7: Lecture 7
Document Summary
Rhymes with orange: the ham paradigm: why do we pay more for local ham rather than outside ham. Many centuries ago they had resources to produce steel. Knew how to make steel out of four ingredients. Made an industry (example: railways), which make an industrialized country. This is why it is called early start because they had the irst resources, irst ones to have a head start to industrializaion. Some countries in the world began ater britain. Had a colonial empire, such as bringing in resources such as cheap coton then sold to the world market: helped fuel that growth of britain, countries that yielded those resources: congo. Country that is giant but also has every resource: such as diamonds. Paradox of plenty: if you do not have the beneit of early start it is hard to catch up to the market.
