In terms of Classical Economics and not Keynesian: World trade has boosted growth rates in many countries. In around 1980, mainland China opened its economy to trade and foreign investment. The Chinese also implemented many institutional reforms promoting capitalism. 1) Calculate Chinese pre-reform cumulative and annualized growth rates from 1950 to 1979. 2) Calculate Chinese post-reform cumulative and annualized growth rates from 1980 to 2019. 3) Please explain the differences in your calculated numbers using the changes the Chinese government implemented. Hint: Use Classical Economic fundamentals to determine the pre-reform cumulative and annualized growth rates for the above years and then explain them. The GDP and growth rates can be found online in many different places.

In terms of Classical Economics and not Keynesian: World trade has boosted growth rates in many countries. In around 1980, mainland China opened its economy to trade and foreign investment. The Chinese also implemented many institutional reforms promoting capitalism. 1) Calculate Chinese pre-reform cumulative and annualized growth rates from 1950 to 1979. 2) Calculate Chinese post-reform cumulative and annualized growth rates from 1980 to 2019. 3) Please explain the differences in your calculated numbers using the changes the Chinese government implemented. Hint: Use Classical Economic fundamentals to determine the pre-reform cumulative and annualized growth rates for the above years and then explain them. The GDP and growth rates can be found online in many different places.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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