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Chapter6_GrowthFacts_021009

Chapter6_GrowthFacts_021009 - Growth Facts Juan...

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Growth Facts Juan Rubio-Ram°rez Duke University and Federal Reserve Bank of Atlanta February 10, 2009 Juan Rubio-Ram°rez (DUKE) Growth Facts February 10, 2009 1 / 62
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Di/erences Across Countries I 1 The average American±s income is around 5 bigger than the average Mexican±s, around 14 times bigger than the average Indian±s, and 35 times bigger than the average African±s, all in PPP terms. 2 Life expectancy in rich countries is 77 years, 67 years in middle income countries, and 53 million in poor countries. 3 Out of 6.4 billion people, 0.8 do not have access to enough food, 1 to safe drinking water, and 2.4 to sanitation. Juan Rubio-Ram°rez (DUKE) Growth Facts February 10, 2009 2 / 62
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Di/erences Across Countries II Some of these di/erences are quite recent. Two striking examples: 1 North Korea versus South Korea. 2 Cuba versus Spain. Juan Rubio-Ram°rez (DUKE) Growth Facts February 10, 2009 3 / 62
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Juan Rubio-Ram°rez (DUKE) Growth Facts February 10, 2009 4 / 62
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Evolution of Income Per Capita Juan Rubio-Ram°rez (DUKE) Growth Facts February 10, 2009 5 / 62
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Cuba versus Spain Let±s go back to 1959. Why? Juan Rubio-Ram°rez (DUKE) Growth Facts February 10, 2009 6 / 62
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Cuba versus Spain Let±s go back to 1959. Why? 1 Fidel Castro takes power in Cuba. Juan Rubio-Ram°rez (DUKE) Growth Facts February 10, 2009 6 / 62
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Cuba versus Spain Let±s go back to 1959. Why? 1 Fidel Castro takes power in Cuba. 2 Spain liberalizes its economy and opens it to international trade. Juan Rubio-Ram°rez (DUKE) Growth Facts February 10, 2009 6 / 62
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Cuba versus Spain Let±s go back to 1959. Why? 1 Fidel Castro takes power in Cuba. 2 Spain liberalizes its economy and opens it to international trade. How were things in 1958? Juan Rubio-Ram°rez (DUKE) Growth Facts February 10, 2009 6 / 62
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Cuba versus Spain Let±s go back to 1959. Why? 1 Fidel Castro takes power in Cuba. 2 Spain liberalizes its economy and opens it to international trade. How were things in 1958? 1 Cuba had roughly the same income per capita than Spain. Juan Rubio-Ram°rez (DUKE) Growth Facts February 10, 2009 6 / 62
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Cuba versus Spain Let±s go back to 1959. Why? 1 Fidel Castro takes power in Cuba. 2 Spain liberalizes its economy and opens it to international trade. How were things in 1958? 1 Cuba had roughly the same income per capita than Spain. 2 Cuba had higher life expectancy, lower children mortality, and higher literacy rates. Juan Rubio-Ram°rez (DUKE) Growth Facts February 10, 2009 6 / 62
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Cuba versus Spain Let±s go back to 1959. Why? 1 Fidel Castro takes power in Cuba. 2 Spain liberalizes its economy and opens it to international trade. How were things in 1958? 1 Cuba had roughly the same income per capita than Spain. 2 Cuba had higher life expectancy, lower children mortality, and higher literacy rates. How are things in 2007? Juan Rubio-Ram°rez (DUKE) Growth Facts February 10, 2009 6 / 62
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Cuba versus Spain Let±s go back to 1959. Why?
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