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Has the final stage in the evolution of the Chinese economy now arrived? Will the Chinese economy be able to sustain relatively rapid rates of economic growth over time?

Perhaps the best way to approach an answer to this question is to bear in mind a quote from the most famous and perhaps most accomplished civil servant in modern Chinese history: Chou-En Lai. He was the first Prime Minister of China (1949-1976) and a leader of the Chinese communist party, beginning with the “Long March” to Yunnan province, led by Mao Tse-tung 1934-36.

When asked by the French Ambassador his opinion of the French Revolution in the late 18th century, Chou was reported to have replied:

It is too soon to tell.

Growth perspectives from the russian and east european experience

Russia is a very large country, larger than the U.S. in land area by far. But the Russian economy in 2012 (measured by GDP) was only about twice the size of the state of New York, and was about the size of the Australian economy. Russian GDP in 2013 was $2.55 trillion. That of New York was $1.23 billion.

Consider the nation of Belorussia as compared to the state of Alaska. Both Alaska and Belarus were formerly a part of Russia. Today, in thinly populated Alaska, GDP is roughly the size of populous Belarus GDP Belarus GDP: US$ 54.71 billion (2010) The World Bank. after 15 years of Socialism in post-Soviet Belarus.

Other perspectives from economic history

Economists in particular, and Americans in general do not listen clearly enough to the rhymes of history. Often in this book we will find it helpful to utilize historical perspectives as we try to understand modern economic development.

Consider Income Patterns:

U.S. per capita income in 2013 was about $51,000, while per capita income in 2013 for the poorest nations was as follows: For all such information see World Bank (IBRD) World Development Indicators 2013 . (World Bank, Washington, DC, 2013) :

Congo Kinshasa $394
Zimbabwe $589
Ethiopia $203
Burundi $640
North Korea $800
Those are only “snapshot” figures.

But what about long-term income growth?

All modern studies of long-term growth must recognize the contributions of the economist Angus Maddison. Until a few years ago, economists knew little about ancient and medieval economic data. Maddison, who died in 2010, pioneered and inspired the meticulous kind of research that allows us some plausible estimates of per capita GDP in ancient Rome and medieval Europe. Angus was deeply fond of numbers, and was very careful how he used the results of his stone-by-stone research. Thanks to the lifelong work of Professor Maddison and several other scholars, we now have a much better understanding of the evolution of average world per capita income over time.

Basically, for thousands of years the standard of living worldwide was roughly constant, and it did not differ greatly across countries. That is to say throughout most human history life was brutish, nasty and short. Per capita income (in today’s money) globally was about $445 in the year 100 C.E., or more than Congo Kinshasa in 2013. According to one economist historian, the Rome of 100 A.D. was a better place to live than the capitals of Europe in 1800; Rome had better paved streets, sewage disposal, water supply and fire protection in 1800 Europe. Joel Mokyr (1992), The Lever of Riches: Technological Creativity and Economic Progress , New York, N.Y: Oxford University Press. Nearly a thousand years later (1,000 A.D.) living standards had deteriorated, and per capita income had globally declined by about 2%.

Questions & Answers

find the 15th term of the geometric sequince whose first is 18 and last term of 387
Jerwin Reply
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The given of f(x=x-2. then what is the value of this f(3) 5f(x+1)
virgelyn Reply
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how do they get the third part x = (32)5/4
kinnecy Reply
can someone help me with some logarithmic and exponential equations.
Jeffrey Reply
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I don't understand what the A with approx sign and the boxed x mean
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I'm not sure why it wrote it the other way
I got X =-6
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oops. ignore that.
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Commplementary angles
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what is a good calculator for all algebra; would a Casio fx 260 work with all algebra equations? please name the cheapest, thanks.
Kevin Reply
a perfect square v²+2v+_
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Abdirahman Reply
algebra 2 Inequalities:If equation 2 = 0 it is an open set?
Kim Reply
or infinite solutions?
The answer is neither. The function, 2 = 0 cannot exist. Hence, the function is undefined.
Embra Reply
if |A| not equal to 0 and order of A is n prove that adj (adj A = |A|
Nancy Reply
rolling four fair dice and getting an even number an all four dice
ramon Reply
Kristine 2*2*2=8
Bridget Reply
Differences Between Laspeyres and Paasche Indices
Emedobi Reply
No. 7x -4y is simplified from 4x + (3y + 3x) -7y
Mary Reply
how do you translate this in Algebraic Expressions
linda Reply
Need to simplify the expresin. 3/7 (x+y)-1/7 (x-1)=
Crystal Reply
. After 3 months on a diet, Lisa had lost 12% of her original weight. She lost 21 pounds. What was Lisa's original weight?
Chris Reply
what's the easiest and fastest way to the synthesize AgNP?
Damian Reply
types of nano material
abeetha Reply
I start with an easy one. carbon nanotubes woven into a long filament like a string
many many of nanotubes
what is the k.e before it land
what is the function of carbon nanotubes?
I'm interested in nanotube
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Ramkumar Reply
what is nano technology
Sravani Reply
what is system testing?
preparation of nanomaterial
Victor Reply
Yes, Nanotechnology has a very fast field of applications and their is always something new to do with it...
Himanshu Reply
good afternoon madam
what is system testing
what is the application of nanotechnology?
In this morden time nanotechnology used in many field . 1-Electronics-manufacturad IC ,RAM,MRAM,solar panel etc 2-Helth and Medical-Nanomedicine,Drug Dilivery for cancer treatment etc 3- Atomobile -MEMS, Coating on car etc. and may other field for details you can check at Google
anybody can imagine what will be happen after 100 years from now in nano tech world
after 100 year this will be not nanotechnology maybe this technology name will be change . maybe aftet 100 year . we work on electron lable practically about its properties and behaviour by the different instruments
name doesn't matter , whatever it will be change... I'm taking about effect on circumstances of the microscopic world
how hard could it be to apply nanotechnology against viral infections such HIV or Ebola?
silver nanoparticles could handle the job?
not now but maybe in future only AgNP maybe any other nanomaterials
I'm interested in Nanotube
this technology will not going on for the long time , so I'm thinking about femtotechnology 10^-15
can nanotechnology change the direction of the face of the world
Prasenjit Reply
At high concentrations (>0.01 M), the relation between absorptivity coefficient and absorbance is no longer linear. This is due to the electrostatic interactions between the quantum dots in close proximity. If the concentration of the solution is high, another effect that is seen is the scattering of light from the large number of quantum dots. This assumption only works at low concentrations of the analyte. Presence of stray light.
Ali Reply
the Beer law works very well for dilute solutions but fails for very high concentrations. why?
bamidele Reply
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Smarajit Reply
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Source:  OpenStax, Economic development for the 21st century. OpenStax CNX. Jun 05, 2015 Download for free at http://legacy.cnx.org/content/col11747/1.12
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