ECON 13 Study Guide - Final Guide: Absolute Advantage, Market Failure, Trade Restriction
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ECON 13 Full Course Notes
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Exchange rates and international capital flows ii. The relatively recent arrival of economic growth: since the industrial revolution of the nineteenth century, a process of economic growth began in which the world"s leading economies mostly those in western. Europe and north america expanded per capita gdp at an average rate of about 2% per year. In the last century, countries like japan, korea, and china have shown potential for catch-up growth at higher rates, which has helped them to converge with the leading economies. Economic growth: a recent experience that did not arrive until the industrial revolution in 1800, a growth at a rate of 2. 5% may seem slow but this means a country gdp will double within 28 years. Since growth rates vary, the country rankings can change over time: poor countries are not necessarily doomed to poverty forever e. g. ,
