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Characterize world economic growth post 1960

Characterize world economic growth post 1960

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Expert Solution

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.

Rahul Sunny answered 2 years ago
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