In terms of Classical Economics and not Keynesian: World trade has boosted growth rates in many countries. In around 1980, mainland China opened its economy to trade and foreign investment. The Chinese also implemented many institutional reforms promoting capitalism. 1) Calculate Chinese pre-reform cumulative and annualized growth rates from 1950 to 1979. 2) Calculate Chinese post-reform cumulative and annualized growth rates from 1980 to 2019. 3) Please explain the differences in your calculated numbers using the changes the Chinese government implemented. Hint: Use Classical Economic fundamentals to determine the pre-reform cumulative and annualized growth rates for the above years and then explain them. The GDP and growth rates can be found online in many different places.

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Economics
In terms of Classical Economics and not Keynesian:
World trade has boosted growth rates in many
countries. In around 1980, mainland China opened
its economy to trade and foreign investment. The
Chinese also implemented many institutional
reforms promoting capitalism.
1) Calculate Chinese pre-reform cumulative and
annualized growth rates from 1950 to 1979.
2) Calculate Chinese post-reform cumulative and
annualized growth rates from 1980 to 2019.
3) Please explain the differences in your calculated
numbers using the changes the Chinese
government implemented.
Hint: Use Classical Economic fundamentals to
determine the pre-reform cumulative and
annualized growth rates for the above years and
then explain them. The GDP and growth rates can
be found online in many different places.
Transcribed Image Text:Economics In terms of Classical Economics and not Keynesian: World trade has boosted growth rates in many countries. In around 1980, mainland China opened its economy to trade and foreign investment. The Chinese also implemented many institutional reforms promoting capitalism. 1) Calculate Chinese pre-reform cumulative and annualized growth rates from 1950 to 1979. 2) Calculate Chinese post-reform cumulative and annualized growth rates from 1980 to 2019. 3) Please explain the differences in your calculated numbers using the changes the Chinese government implemented. Hint: Use Classical Economic fundamentals to determine the pre-reform cumulative and annualized growth rates for the above years and then explain them. The GDP and growth rates can be found online in many different places.
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