Learn Before
Figure 1.19 Divergence of GDP per capita among latecomers to the capitalist revolution (1928–2018)
This figure illustrates the diverging paths of GDP per capita from 1928 to 2018 for countries that industrialized later. A specific note on the data indicates that the time series for the Former Soviet Union does not include the Russian Federation after 1992.
0
1
Tags
Social Science
Empirical Science
Science
Economy
CORE Econ
Economics
The Economy 2.0 Microeconomics @ CORE Econ
Ch.1 Prosperity, inequality, and planetary limits - The Economy 2.0 Microeconomics @ CORE Econ
Introduction to Microeconomics Course
Related
Insufficiency of Capitalist Institutions for Economic Dynamism
Evaluating Economic System Outcomes
An economic analyst argues, 'The adoption of private property, markets, and firms is a sufficient condition for a country to experience sustained, rapid economic growth.' Based on the economic history of the 20th century, which of the following statements provides the strongest counter-argument to this claim?
Explaining Divergent Economic Paths
Match each country or region with the description that best characterizes its economic growth trajectory during the 20th century, illustrating the varied outcomes possible within market-based economies.
Historical evidence from the 20th century demonstrates that once a country establishes the core institutions of a market-based economy (private property, markets, and firms), it will inevitably follow a similar path of rapid, sustained economic growth to that of early industrial nations like Britain.
Conditions for Economic Growth
Imagine two countries, Country X and Country Y. Both countries established economic systems based on private property, markets, and firms in the early 20th century. By the year 2000, Country X had experienced a dramatic and sustained increase in average living standards, while Country Y's average living standards had stagnated. Which of the following conclusions is best supported by this comparison?
Evaluating an Economic Development Proposal
Critiquing a 'One-Size-Fits-All' Economic Policy
An economic historian observes that in the mid-20th century, two developing nations, Nation P and Nation Q, both implemented economic systems centered on private property, markets, and firms. Over the next 50 years, Nation P experienced unprecedented, sustained growth in living standards, while Nation Q's economy stagnated. Which of the following statements provides the most accurate analysis of this historical divergence?
Role of Institutional Quality in Economic Development
Figure 1.19 Divergence of GDP per capita among latecomers to the capitalist revolution (1928–2018)
Learn After
Botswana vs. Nigeria: Divergent 20th Century Economic Growth
South Korea vs. Nigeria: Economic Divergence (1950-2013)
Data Source for Figure 1.19: Maddison Project Database (2020)
Soviet Union's Economic Growth Under Central Planning (1928-1990)
An economist is studying the economic performance of three countries that began to industrialize in the mid-20th century. The table below shows the GDP per capita for each country, measured in constant international dollars.
Year Country X Country Y Country Z 1950 $1,500 $1,400 $4,000 1980 $9,000 $1,800 $8,000 2018 $28,000 $2,100 $7,200 Based on the trends shown in the table, which statement provides the most accurate interpretation of their economic paths?
Evaluating Paths to Economic Growth
Match each country or political entity to the description that best characterizes its economic growth trajectory in the latter half of the 20th century.
The historical economic data from 1928 to 2018, which shows varied growth trajectories for countries that adopted market-oriented systems later in their development, provides conclusive evidence that adopting such a system guarantees a rapid increase in living standards.
Predicting Economic Trajectories
Interpreting Economic Growth Patterns
Historical economic data from the mid-20th century indicates that among nations that were not early industrializers, only those with market-based economic systems were capable of achieving periods of substantial, sustained growth in living standards.
A policy advisor argues: 'For a developing nation to rapidly increase its living standards, the historical record since the early 20th century shows that the only proven path is the swift and complete adoption of a market-based economic system.' Based on the observed economic trajectories of countries that were late to industrialize, which statement provides the most accurate critique of this argument?
Based on the economic history of several nations from 1928 onwards, arrange the following economic milestones in the correct chronological order, from earliest to most recent.
Evaluating an Economic Argument