October 30, 2012
Why Doesn't the World Imitate the U.S.?
What makes some nations wealthy and others not? One way to address that question is to look for patterns: what do wealthy nations do that non-wealthy nations don't? According to the CIA World Factbook, the U.S. has a GDP per capita of $49,000, and there are 10 nations wealthier than the U.S. (I use Gross Domestic Product per capita Purchasing Power Parity for comparisons, which is as apples-to-apples as I think you will be able to get.) Here are those 10 countries. • Liechtenstein ($143,900).• Qatar ($104,300)• Luxembourg ($81,100)• Bermuda ($69,900)• Singapore ($60,500)• Jersey ($57,000)• Falkland Islands ($55,400)• Norway ($54,200)• Brunei ($50,000)• Hong Kong ($49,800) One thing all those countries have in common is small populations. The largest population on that list is 7.2 million, for Hong Kong. In comparison, the U.S.'s is 314 million. New York City, all by itself, has a population larger than Hong Kong's. There...(Read Full Article)