Modern Economic Growth
Before 1800 and for most of human history, everyone in the world shared this level of wealth
Poor
Open up: this predecessor to the WTO help reach agreement between countries to lower their tariffs
GATT (General Agreement on Trade and Tariffs)
If you grow enough bananas, I can just transport bananas, someone else can just sell bananas - an economic process where each person works at one place in the supply chain called what?
Specialization
Since 1820, this county's average annual growth rate has been the highest, at 1.7%
The United States
I know it's a bummer to talk about, but instability and protectionism after WWI led to this economic downer
The Great Depression
Going this way? Being on a trade route, having coastline, or being mountainous and landlocked - this makes a difference in whether a country's economy grows or stagnates/declines
Geography
Since 1820, this continent's annual growth rate has been the lowest, at .7%
Africa
Can I speak to the manager? The 3rd world countries emerging from WWII had this previous system of governance in common
Former colonies / post-colonial countries
Poor countries, poor people, and people who love online shopping struggle with this problem; for poor farmers it means that if their plow breaks they can't buy a new plow and fall further into poverty
Lack of saving
Like a well-oiled machine: this revolution changed everything, and suddenly countries were no longer constrained by food and timber production
Industrial Revolution
Who's stalin our development: the 2nd world countries were using this economic and political system
Socialism
No trespassing: this type of right allows people to own what they created or purchased, which leads to economic innovation
Private property rights
Right place, right time: these are some reasons why Great Britain was the first to develop and then dominated development in the early 1800s
Open society allowed for upward mobility / free thought and debate, private property rights fostered innovation, geographic location conducive to trading, coal resources removed energy constraints
Sorry, we're closed: 3rd world countries had this reason for not opening up their economies to free trade
Feared domination and exploitation by rich and powerful countries
Crushing debt, lack of a tax base, ineptitude or corruption: governments can catch their countries in this trap, where there are not sufficient resources necessary for economic growth