Dedicated to every glorious, democratically-elected GOUSA government I’ve experienced in my lifetime.
Can you visualize how the world economy has changed over the last 35 years?
Unless you’re a macroeconomist, that’s probably a pretty difficult task. But the 20-second video below will give you some quick insight. Howmuch.net, a website that helps people calculate the cost of doing home repairs, created this super-short and simple guide to understanding how the world has changed over the last 35 years…
You can see that the U.S. economy remains pretty dominant throughout, though its size as a proportion of the global economy rises and falls. It grew in relative terms through 1985, then shrunk through 1995, then grew again through 2002, then contracted until about 2009. Overall, the U.S. economy went from 25.7 percent of global Gross Domestic Product in 1980 to 22.5 percent in 2014…
Overall the biggest change that the graphic shows is probably the rise of Asia. In 1980, Asia accounted for about 20 percent of global economic activity, and Europe accounted for 32 percent, the site says. By 2012, those positions were reversed.
Our economic inertia becomes ennui. Not that politics as indoor sport inside the Beltway in Washington DC will change that for the better.
Thanks, Barry Ritholtz