iOS app Android app More   Ghana's Recent Economic Surge
Posted: 05/26/11 09:24 AM ET  Just at about the time of
industrial revolution and the advent of renaissance, the United
Kingdom led a pack of European countries, the United States and
Japan towards higher stages of economic growth, creating a
dichotomy of rich countries and poor countries. For a long time,
development economists held the view that the cleavage of rich
countries and poor countries was a permanent state of global
affairs. Then came the newly industrialized countries of the far
east (Taiwan, Hong Kong, Korea, Singapore) demonstrating rapid
economic growth with significant convergence of their per capita
income with rich countries. This trend picked up more credence
when China, the most populous country in the world, adopted
significant elements of market economy causing a long surge of
per capita income. The per-capita income convergence theory
describes the progression of low and middle-income countries
converging with high income countr