MADDISON DATA SET (thoughts)

W. European Powers:

Started from strong base in early second millennium, slow but gradual growth throughout the 1800’s.
Britain the pre-eminent power throughout. Netherlands also strong.

1840’s onwards was period of strong sustained growth in western Europe. Switzerland made huge
progress.

WW1 reversed large gains and dented progress for at least a decade

1920’s saw resumption of the boom

1930’s slow and some reversal but 1939-46 saw massive reversals due to the war. German GDP fell 66%
from height of 1944, France, Holland decimated, Britain suffered. Switzerland saw huge post-war gains.,

No visible impact of oil shock in 70’s on Western European growth.

German reunification saw a hit to growth and a small reversal.

Impact of financial crisis in last couple years on W. Europe

PIGS:

Sporadic growth and slowdowns, far behind the strong Western European powers. Ireland pulled away
from other IGS in the 90’s and 2000’s. By 2010, PIGS were nearly converged with strong W. Europe avg
and actually ahead of Germany (competitiveness issues?)

Western Offshoots

By 1870, these countries had pulled ahead of old powers.

USA almost double old Europe by 1930 but G.D saw far larger losses for USA than Europe

Wartime saw massive gains for this group, especially US (GDP doubled in 5 years)

Postwar period saw large drop off (slowdown in military spending?)

By 1970’s, only Switzerland could match USA. GDP Figures outstripped W. Europe and small Europe by
25/30% , far ahead even by 2010.

Eastern Europe

War time datasets unavailable for most countries.

Growth post-war but slower and far less than W. Europe. Some countries such as Albania, Romania
remained far behind.

Break up of USSR saw large fall of GDP.

Former Yugoslavia way behind most of Europe, except for Slovenia (why?)

Former Czechoslovakian countries were about ½ of western Europe by 2010. Breakup of Czechoslovakia
had some effect but not near as much as USSR breakup.

USSR:

After revolution, GDP halved

Strong postwar growth but gradually slowed down. By 1970’s USSR was far behind Western Europe and
even further behind the USA.

USSR Breakup led to another halving of the GDP in the 90’s.

LATIN AMERICA

Miniscule growth 1890-30’s, Depression hit, bad decade 1930’s. War had no large effect. Brazil the sick
man of the continent for most of post-war period. Columbia also low base and low growth. Venezula the
strong economy of the continent in 60’s, 70’s.

Even by 2010, Brazil still far behind the leaders in the region, Uruguay, Aregentina and Chile

CENTRAL AMERICA

Haiti, Nicaragua, El Salavador all anaemic growth rates throughout the post war period and have not
made any significant progress. Cuba suffered from USSR breakup in early 90’s, no patron state.

CHINA & INDIA

No data pre 1820 but in 1820 China was already far behind the Western European powers by 50/60/70%
compared to Britain, Germany, Holland.

No economic growth (and actually slight fall) during the 19th century, sparse data available)

First 30 years no growth, some reversals, war saw massive 25-30% fall in GDP. Started PRC from
extremely low base compared to most of the rest of the world. India more advanced at tis stage.
Some growth in 50’s but complete reversal during famine years. India still 30% ahead throughout 60’s.
China begun to converge in 70’s and overtook by 1978. From there, rapid sustained growth and
complete divergence from India started to take off from early 90;’s, by 2010, China nearly 300% of India
GDP Per cap.

JAPAN & SOUTH KOREA:

Japanese growth in 60’s 70’s 80’s extremely strong but slowed down completely in 90’s and 2000’s
which allowed South Korea, which was growing steadily throughtou,t to converge in 2000’s with strong
consistent growth, near identical by 2010.

North Korea

Doing okay in 60’s but tapered off sinc.e