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Essay text:
The pace has accelerated over
time. As time progresses, countries seem to be able to grow at a much more rapid
rate. From 1780, it took Great Britain 58 years to double its real income per
head. It took America 47 years to double in the 1800's while Japan took 34
years from the late 19th century. Finally, South Korea was able to double its
real income per head in an amazing 11 years from 1966. It would seem that the
later a country has industrialised, the faster it has been able to do so.
Another important factor is the degree to which a country is behind the
industrial leaders. In the case of the East Asian countries, South Korea and
Taiwan, both started out with an extremely low income per head...
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