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Department
Economics
Course
ECON 104
Professor
Robert Pollin
Semester
Spring

Description
Econ Notes 4/2 China markets have been phenomenal for past 40­50 years • 1.3 bill pop (20% of worlds population) • averaged 9% per year growth for 35 years • western EU= 0 growth • average incomes (1977) = 469/year 1.28/day • average incomes (2010) = 7,544/ year 21/day factors in economic performance th • china as advanced economy as advanced economy as of 15  century • world leading seafaring country • level of development at least equal to Europe th • But faltered, dominated by Europe/ Japan through 19  century. What changed? • Communist revolution and market transformation • Communist revolution­ 1949 o Strong central authority again o Huge improvement in equality  Heal
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