Skip to main content

Global capitalism

Why is it that only two large developing capitalist economies* have succeeded in becoming part of the rich capitalist club in the last 50 yearsMeasured in GDP per capita and starting at $3000 per head (PPP real) 40 years ago, Taiwan and Korea now have per capita GDPs over $25,000. In the same period, no other Asian tiger or Latin American economy has risen above $13,000, still within the World Bank‘s middle income range. 
Note that both Taiwan and South Korea were American-supported military regimes at the peak of their economic development.

*United Arab Emirates or Singapore, for example, cannot be called "large capitalist economies" although they have a very high per capita GDP. 

Comments