Tuesday, June 27, 2006

Mexico...and South Korea

Robert Samuelson considers Mexico’s risk adverse economy and its population growth and compares it with some other economies. An excerpt:

Here is an illuminating comparison. In 1970, average incomes in South Korea were about half those of Mexico. By 2004, average per capita Korean incomes ($19,148, expressed in constant "2000 dollars'') were more than twice Mexico's ($9,178).

I'll add an observation: Also compare South Korea's experience with that of Egypt. South Korea was devastated at the end of the Korean War. Egypt was in far better shape for years. But Egypt fell prey to socialist rhetoric and a huge government bureaucracy.

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