From Figure 11-3, we observe that South Korea, China, and India experienced major changes in their economic
Question:
From Figure 11-3, we observe that South Korea, China, and India experienced major changes in their economic policies during the 1960s. What would account for the differences in their development paths?
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GDP per capita as % of U.S. level 80 70- 60 50 8 40 30- 8 20 10- 0 1950 1953- 1956- 1959- 1962- 1965- FIGURE 11-3 The Asian Takeoff -9981 1971- 1974- 1977 0961 1983- South Korea -9961 -6961 1992- China India 1995- 1996- 2001 2004- 2007- 2010- 2013- 2016- 6102 Beginning in the 1960s, a series of economies began converging on advanced-country levels of income. Here we show GDP per capita as a percentage of its level in the United States, using a proportional scale to high- light the changes. South Korea began its ascent in the 1960s, China at the end of the 1970s, and India about a decade later. Source Total Economy Database.
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Related Book For
International Economics Theory And Policy
ISBN: 9781292409719
12th Edition
Authors: Paul Krugman , Maurice Obstfeld, Marc Melitz
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