On May 17, 2:36 pm, David
wilkinson6337.freeserve.co.uk> wrote:> On May 17, 12:07 am, bmo...@
nyx.nyx.net (Bill Moore) wrote:
>
>
>
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>> rst0wxyz
yahoo.com> wrote:>>>On May 16, 2:30 pm, bmo...@
nyx.net wrote:
>>>> On May 16, 1:48 pm, rst0wxyz
yahoo.com> wrote:>
>>>>> On May 16, 1:09 pm, Dave
>
>>>>>
spamexpire-200805.rodent.frell.theremailer.net> wrote:>>>>>> When it comes to China, history is bound to repeat itself and
>>>>>> investors should be ready.
>
>>>>>> "People don't realize that in 1820, China was...the greatest
>>>>>> economic power in the world," said Princeton University
>>>>>> Economics Prof. Burton Malkiel...
>
>>>>> I'm afraid Princeton University Economics Prof. Burton Malkiel doesn't
>>>>> know what he was talking about. In 1820, China had only the shell of
>>>>> the former empire with no muscles, no technology, no leadership, no
>>>>> vision of the world ahead of them.
>
>>>> But did they have the largest economy in the world? He didn't say
>>>> military power, he said economic power. China was certainly in
>>>> decline by 1820 but they still were an economic power.
>
>>>In those days, human muscles power the world, and China always had
>>>plenty of human muscles.
>
>> Right. They had the most people and the biggest economy. So Professor
>> Malkiel is right...
>
>>>But it was not as much as the human muscles
>>>as the ingenuities of past generations. There was no new products out
>>>of China, but generations after generations labored on silk worms and
>>>mulberry leafs, potteries and porcelains that had been around for
>>>centuries. The Chinese themselves were not even awared of the trade
>>>and transporting of their products out of the country. China was a
>>>house of cards that scattered at the first volley of gun fire. Even
>>>in the face of defeat, they still insist their superiority of their
>>>civilization by calling others "barbarians". China's complacency had
>>>no bottoms. The British took everything out of China, including their
>>>pride.
>
>>>> BTW, I once took Economics 101 from Burton Malkiel, 30 years ago. He
>>>> was a very good lecturer. Not that he can't be wrong ;-) but I don't
>>>> think he is in this case.
>
>>>My econ 101 professor was a tall, blonde beautiful PhD with very
>>>excellent power of speech ability. I bet she became a high power Wall
>>>Street millionaire quickly.- Hide quoted text -
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>> - Show quoted text -- Hide quoted text -
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>> - Show quoted text -
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> See wikipedia via Google search on "World's largest economy in 1820",
> which begins:
>
> According to some Western and Indian sources, China was the largest
> economy on earth for most of the recorded history of the past two
> millennia.[1][2][3][4]
That's silly. There hasn't been any one clearly defined, continuous
nation for the past two millenia. There have been various dynasties,
occupying varying geographic areas. There have been various smaller
kingdoms at various times, occupying varying geographic areas. There's
not even a single Chinese language, much less a single Chinese
culture, and certainly not a single Chinese nation extant for 2,000
years.
