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Posted by rst0wxyz on May 17, 2008, 2:13 am
wrote:
> On May 17, 12:07=A0am, bmo...@nyx.nyx.net (Bill Moore) wrote:
>
>
>
>
>
> > In article <3f1a7df4-845f-45e0-b4e0-50328e37f...@b5g2000pri.googlegroups=
.com>,
>
> > >On May 16, 2:30=A0pm, bmo...@nyx.net wrote:
>
> > >> > On May 16, 1:09=A0pm, Dave
>
> > >> > > 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 does=
n't
> > >> > know what he was talking about. =A0In 1820, China had only the shel=
l of
> > >> > the former empire with no muscles, no technology, no leadership, 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 ou=
t
> > >of China, but generations after generations labored on silk worms and
> > >mulberry leafs, potteries and porcelains that had been around for
> > >centuries. =A0The Chinese themselves were not even awared of the trade
> > >and transporting 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 thei=
r
> > >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 Wal=
l
> > >Street millionaire quickly.- Hide quoted text -
>
> > - Show quoted text -- Hide quoted text -
>
> > - 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.
What was "the biggest economy in the world" before the industrial
revolution, before steam ships traveling all over the world, before
air travel all over the world, was meaningless. What counts is today,
the last century, after the 1800s. At the time when it counted the
most, China fell flat on its face. China became the laughing stock of
the world, the coolies of the world, the beast of burden of the
world. As with Confucius, China only has the past to live for, and
continues to live in the past.
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