Tuesday, September 19, 2006

Milken on the World Economy

In today's Wall Street Journal, Michael Milken points out:
China and India combined to produce nearly half the world's economic output in 1820 compared to just 1.8% for the U.S. Our remarkable growth since 1820 has benefited from democratic institutions, a belief in capitalism, private property rights, an entrepreneurial culture, abundant resources, openness to foreign investment, the best universities, immigration and relatively transparent markets.
That graph is truly striking.