The World Economic growth post-1960 can be characterized in the
following points,
- Innovation driven: Most of the growth in the
world economy is by new innovation it includes new technology like
computers, internet and other means of communication. The nations
involved in innovation have registered the highest growth like the
US, Japan, western Europe.
- Globalised growth: Post 1960 the global trade
has increased manifolds mainly due to increase means of
transportation and rise of third world country like India and
China. Other Asian nations have increased due to their comparative
advantage of low-cost manufacturing. Outsourcing and movement of
personnel have increased with increasing remittance to the home
country.
- More Inclusive: GLobal growth post-1960 is
more equal with the backward countries catching up with the
technologically advanced western nations. Nations like China, South
Korea, and other Asian countries have shown remarkable rise along
with the US and other western nations.