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There are counterexamples in Asia though like South Korea, Taiwan etc. that have massively outperformed Europe over recent decades despite not having those adva
by ifwinterco 2y ago
There are counterexamples in Asia though like South Korea, Taiwan etc. that have massively outperformed Europe over recent decades despite not having those advantages.
Having said that, not sure the SK model is something to emulate given the social problems it seems to have caused
- treis 2y agoIn growth, yes but GDP per capita in South Korea is still 3/4s of France.
- echoangle 2y agoThat’s an important point, people always compare growth as if growing from the bottom is as hard as growing from (close to) the top. People love to do this with India and china.
- ifwinterco 2y agoThat's true - the counter-counterexample is Singapore where GDP/capita shot straight past western European countries and just kept going. They do have the significant advantage of being English speaking though
- echoangle 2y agoSingapore also has the advantage of being a significant financial hub. But that only works when being small, it doesn’t scale to something like the EU.