Milken on the World Economy

Friday, September 22nd, 2006

Greg Mankiw cites Milken on the World Economy:

China and India combined to produce nearly half the world’s economic output in 1820 compared to just 1.8% for the U.S. Our remarkable growth since 1820 has benefited from democratic institutions, a belief in capitalism, private property rights, an entrepreneurial culture, abundant resources, openness to foreign investment, the best universities, immigration and relatively transparent markets.

(Hat tip to the Belmont Club.)

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