On May 17, 12:07=A0am, bmo...@[EMAIL PROTECTED]
(Bill Moore) wrote:
> In article
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>,
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> rst0wxyz =A0<rst0w...@[EMAIL PROTECTED]
> wrote:
> >On May 16, 2:30=A0pm, bmo...@[EMAIL PROTECTED]
wrote:
> >> On May 16, 1:48=A0pm, rst0wxyz <rst0w...@[EMAIL PROTECTED]
> wrote:
>
> >> > On May 16, 1:09=A0pm, Dave
>
> >> > <fr...@[EMAIL PROTECTED]
> wrote:
> >> > > When it comes to China, history is bound to repeat itself and
> >> > > investors should be ready.
>
> >> > > "People don't realize that in 1820, China was...the greatest
> >> > > economic power in the world," said Princeton University
> >> > > Economics Prof. Burton Malkiel...
>
> >> > I'm afraid Princeton University Economics Prof. Burton Malkiel
doesn'=
t
> >> > know what he was talking about. =A0In 1820, China had only the
shell =
of
> >> > the former empire with no muscles, no technology, no leader****p, no
> >> > vision of the world ahead of them.
>
> >> But did they have the largest economy in the world? He didn't say
> >> military power, he said economic power. =A0China was certainly in
> >> decline by 1820 but they still were an economic power.
>
> >In those days, human muscles power the world, and China always had
> >plenty of human muscles. =A0
>
> Right. They had the most people and the biggest economy. So Professor
> Malkiel is right...
>
>
>
> >But it was not as much as the human muscles
> >as the ingenuities of past generations. =A0There was no new products
out
> >of China, but generations after generations labored on silk worms and
> >mulberry leafs, potteries and ****celains that had been around for
> >centuries. =A0The Chinese themselves were not even awared of the trade
> >and trans****ting of their products out of the country. =A0China was a
> >house of cards that scattered at the first volley of gun fire. =A0Even
> >in the face of defeat, they still insist their superiority of their
> >civilization by calling others "barbarians". =A0China's complacency had
> >no bottoms. =A0The British took everything out of China, including
their
> >pride.
>
> >> BTW, I once took Economics 101 from Burton Malkiel, 30 years ago. He
> >> was a very good lecturer. Not that he can't be wrong ;-) but I don't
> >> think he is in this case.
>
> >My econ 101 professor was a tall, blonde beautiful PhD with very
> >excellent power of speech ability. =A0I bet she became a high power
Wall
> >Street millionaire quickly.- Hide quoted text -
>
> - Show quoted text -- Hide quoted text -
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> - Show quoted text -
See wikipedia via Google search on "World's largest economy in 1820",
which begins:
According to some Western and Indian sources, China was the largest
economy on earth for most of the recorded history of the past two
millennia.[1][2][3][4]
The Financial Times noted that "China has been the world=92s largest
economy for 18 of the past 20 centuries",[5][6] while according to The
Economist, "China was not only the largest economy for much of
recorded history, but until the 15th century, it also had the highest
income per capita =97 and was the world=92s technological leader."[5][7]
As recently as 1820, China accounted for 33% of the world's GDP.
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