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Incredibly disingenuous title. Yes, China has the same real gdp per capita (PPP) that the US had in 1912. Except almost all of the United States' growth had t
by usaar333 15y ago
Incredibly disingenuous title. Yes, China has the same real gdp per capita (PPP) that the US had in 1912. Except almost all of the United States' growth had to come from technological advances - doing things that were not known in 1912. China has the luxury that it can merely leverage known technology, allowing it to grow far more rapidly - It's infinitely easier to give all of your farmers tractors after tractors have been invented.
Now don't get me wrong; it will still take China 40+ years to catch up to where the US is today is on a per-capita basis, but it is hardly as far away as the author makes it seem.
- maratd 15y agoThere is far more to growth than technology. You are taking some things for granted. In 1912, the US already had a mature political and legal environment. It had a healthy respect for property rights. You can't say the same of China today.