Between the year 1960 and 2010, there had been a stark change in American GDP. In United States, hike in real GDP per person has been found to be triple from its original value. Living in a dormitory during the 60’s would provide the people with a single bedside lamp, 1 desk lamp, and 2 power outlets. However, in comparison to that time, in current times you will find numerous gadgets at your service in addition to power bar. Some of them include personal laptop or computer, fridge, TV, Toaster, DVD player, coffeemaker, and much more. With changing times and spurt in economic growth, we are able to see these changes in our living standards.
In fact, if you take a look at modern Asia, you will find an even higher economic growth in comparison to United States. In Shanghai, which is one of greatest cities in the world and situated at Yangtze River’s mouth; its development is moving at a faster pace.With creation of innumerable businesses and development of global and local market, people are transforming their lives by investing in latest technologies. Their incomes have risen 3 times not in half a century by in just 13 years. And the starting year of this development is from 1997.
7 year back, in the year 2010, Japan was overtaken by China, making it the second largest highly economic country in the world. Now the important question related to China is why isitsincome growing at such a rapid pace?
Here we will come to know about the various forces that make this real GDP develop.By the time this chapter comes to its completion, we will return to China’s economic growth and compare it with the growth of United States and Japan.