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Home Introduction to Development Economics Historical Overview of World Development

 

Historical Overview of World Development:

 

It is commonly said that the economic development started after the year 1800. In this respect Angus Maddison who was an economic historical analyzed the world economy from the Year 1820 to 1992. According to him:

 

The world's population was 1068 million, GDP was $695 billion and per capita GDP was $651 in the year 1820. In the year 1870 the world population was 1260 million, GDP was $1128 billion and per capita GDP was $895. In the year 1913, the world population was 1772 million, GDP was $2716 billion and per capita GDP was $1539. In 1950, the population of the world was 2512 million, the GDP was $5372 billion and per capita GDP was $2138. In 1973, the population of the world was 3897 million, GDP was $16064 billion and per capita GDP was $4123. While in the year 1995, the population of the world was 5672 million, GDP was $29423 billion and per capita GDP was $ 5188.

 

Thus according to Prof. Maddison there took place big changes in the world's major economic variables like real GDP, per capita real GDP and population, as:

 

(1) in this period there was a five time increase in the population of the world, (2) there was a 40 times increase in the real output of the world, (3) consequently the per capita real GDP increased by eight times.

 

Diagram/Figure:

 

 

According to IMF Report 2008, the detail and ranking of different countries on the basis of pi capita income is as Luxemburg's per capita income was $13044 with first position in the world, that Norway was $94387 with second position, that of Qatar was $93204 with third position; that of Switzerland was $68433 with 4th position; that of Denmark was $62090 with 5th position; that of UAE was $55028 with 7th position; that of Sweden was $52181 with 10th position; that of South Korea was $19136 with 38th position; that of Saudi-Arabia was $18855 with 39th position; that of Iran was $4600 with 87th position; that of China was $3259 with 104th position; that of Sri-Lanka was $1972 with 120th position; that of India was $1017 with 143rd position; that of Bangladesh was $521 with 157th position; and that of Pakistan was $1022 with 142nd position in the world.

 

The detail of foreign exchange reserves was as; Till September 2009, China had the foreign exchange reserves of $2273 billion; Japan had $1052 billion, Russia had $413 billion; India had $281 billion; Germany had $184 billion; Singapore had $182 billion; Pakistan had $14 billion; and Hong Kong had $23 billion.

 

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Economics and Development Economics
Nature of Development Economics
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Why All the Countries are not Developed Alike
Historical Overview of World Development
 

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Definition and Explanation of Economics
Theory of Consumer Behavior
Indifference Curve Analysis of Consumer's Equilibrium
Theory of Demand
Theory of Supply
Elasticity of Demand
Elasticity of Supply
Equilibrium of Demand and Supply
Economic Resources
Scale of Production
Laws of Returns
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Balance of Payments
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Economic Development and Economic Growth
Theories of Under Development
Theories of Economic Growth
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