indian economy 3

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China: The share of China and India in the world GDP was very high till about 1800 AD . Specialized crops like oranges and sugar cane were regularly planted alongside rice. The income allowed families to afford not only food, but charcoal, tea, oil, and wine. It had all the natural resources like Silk- one of its own kind and important. In 1840, the Chinese got defeated by Britain in Opium War . Also they fought one of the largest wars where there was a life loss of almost 20 million due which the productivity per head also decreased. Then came the industrial revolution which took place from 18 th to 19 th century. At approximately the same time the Industrial Revolution was occurring, Britain was undergoing an agricultural revolution , which also helped to improve living standards. In contrast China limited opportunities of growth or generating the surplus. It had a surplus of cheap labor but needed more food. This labor was exported to U.S. United States : The GDP has seen a rise from 1913. In 1913, there were about 370 research units in US manufacturing employing 3 500 people. By 1946 there were 2 300 units employing 118 000. In 1946 there were four scientific workers in US manufacturing per 1 000 wage earners, five times the ratio in the United Kingdom. US government– sponsored research played a much more important role in agriculture and mining, and the link between business firms and universities was closer. Development of road vehicles sustained the earlier transport revolution. The number of passenger cars in US increased from 1.1 in 1913 to 40 million 1950 in the United States.There was a parallel transformation of road freight transport, and tractors had a significant impact in replacing horses in agriculture. Aviation had its main impact before 1950 on the technique of warfare, but its economic role in shrinking the significance of distance was already clear. The United States developed new forms of professional business management, where large enterprises played a strategic role in standardising and enlarging markets. Multi–unit firms coordinated advertising, packaging, transport, sales and marketing. They allocated large amounts of capital, spread risks and increased productivity over a large range of new industries. Between

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Indian economy

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Page 1: Indian Economy 3

China:

The share of China and India in the world GDP was very high till about 1800 AD . Specialized crops like oranges and sugar cane were regularly planted alongside rice. The income allowed families to afford not only food, but charcoal, tea, oil, and wine. It had all the natural resources like Silk- one of its own kind and important. In 1840, the Chinese got defeated by Britain in Opium War . Also they fought one of the largest wars where there was a life loss of almost 20 million due which the productivity per head also decreased. Then came the industrial revolution which took place from 18th to 19th century. At approximately the same time the Industrial Revolution was occurring, Britain was undergoing an agricultural revolution, which also helped to improve living standards. In contrast China limited opportunities of growth or generating the surplus. It had a surplus of cheap labor but needed more food. This labor was exported to U.S.

United States: The GDP has seen a rise from 1913. In 1913, there were about370 research units in US manufacturing employing 3 500 people. By 1946 there were 2 300 unitsemploying 118 000. In 1946 there were four scientific workers in US manufacturing per 1 000 wageearners, five times the ratio in the United Kingdom. US government–sponsored research played amuch more important role in agriculture and mining, and the link between business firms and universities was closer. Development of road vehicles sustained the earlier transport revolution. The number of passenger cars in US increased from 1.1 in 1913 to 40 million 1950 in the United States.There was a parallel transformation of road freight transport, and tractors had a significant impact in replacing horses in agriculture. Aviation had its main impact before 1950 on the technique of warfare, but its economic role in shrinking the significance of distance was already clear. The United States developed new forms of professional business management, where largeenterprises played a strategic role in standardising and enlarging markets. Multi–unit firms coordinatedadvertising, packaging, transport, sales and marketing. They allocated large amounts of capital, spreadrisks and increased productivity over a large range of new industries. Between1913 and 1950, US total factor productivity grew by 1.6 per cent a year, more than four times as fast asit or the United Kingdom had achieved from 1870 to 1913. This was the first stage of a technologicalboom which lasted for 60 years. An acceleration of total factor productivity growth also occurred in theUnited Kingdom in 1913–50, though to a lesser degree than in the United States

United Kingdom:

Between 1700 and 1820, there was a marked acceleration in British population growth to a ratemore than twice as fast as in the seventeenth century, when there were losses from civil war andplague. Growth was faster than in any other European country, and the urbanisation ratio rose substantially in all parts of the kingdom. During this period of 1720 to 1820 UK exports rose more than sevenfold in volume. 1820 was the period when the United Kingdom rose to world commercial hegemony by adroit use of a beggar–your–neighbour strategy. Between 1820 and 1913, per capita income grew faster than at any time in the past — The basic reason for improved performance was the acceleration of technical progress, accompanied by rapid growth of the physical capital stock and improvement in the education and skills of the labour force. The efficiency of resource allocation benefited from an improved international division of labour.The impact of the World Depression was milder in the United Kingdom in 1930s which saw the decline in the GDP.

Germany: