April 19th, 2007 | 
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Kevin asked:
When do you think it will catch up to the western nations in terms of standard of living?
what is the Y1K problem?
Keila Woods
When do you think it will catch up to the western nations in terms of standard of living?
what is the Y1K problem?
Keila Woods
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as long as they have a communist form of government, NEVER!!!!
Probably after they’ve dealt with their Y1K problem.
I’d like to know what Y1K is too…..year 1 thousand? ***?? lol
probably never, at least as far as life is today for first world countries. I mean, oil is just gonna get more and more expensive…and China is growing so rapidly because of the extreme supply side economics being used. The regulations are so lax….they need to have some sustainable development. At the current rate, by the time they “catch up,” there will be nothing left.
After two decades of explosive growth, China might turn militaristic once they reach first world status or not. They might militaristic without reaching first world status or not.
When countries industrialize they develop a two tier society where some fraction live and work in first world conditions and some continue to live and work in the third world. Usually it is the young that can adapt to the change in work habits and move into cities so it takes at least a generation for industrialization to include everybody. Taiwan and South Korea was about where china is now in the 1970′s.
Assuming that the US maintains GDP growth of 3% and China maintains GDP growth of 10%, both will have equal GDP per capita in approximately 26 years.
I choose to use GDP per capita rather than overall GDP since it standardizes the measurement in terms of population size, thus allowing for more accurate comparisons.
Calculations:
7600(1.10)^X = 43800(1.03)^X
X = 26 years