Convergence: 1960-2008
There are four key facts you must know about the economic history of post-WWII world:
The world as a whole is much richer than it was two generations ago: since 1950, average worldwide growth of 2%/year in GDP per capita adds up--say 3.5 times as rich as it used to be.
Looking across nations, the world is a more unequal place than it was two generations ago: your typical gap between one nation's standard of living and another's is larger.
The average gap between a random nation's standard of living and the U.S. standard of living is the same as it was two generations ago.
The average gap between a random person's standard of living and the U.S. standard of living is the same as it was two generations ago--for two of the countries that have done well over the past generation are China and India, which together are 40% of humanity.
