The chapter focuses on long term economic growth and begins with the growth experiences of Southeast Asia and Latin America. Professor Larraín introduces the Rule of 70, which is used to calculate how long it will take a country to double its output. Economic growth as we know it today has only happened in the last 200 years; economic history can be divided into four different stages, which are agrarianism, advanced agrarianism, capitalism, and the Industrial Revolution. Larraín also talks about urbanization and the effects of the technological revolution.
This video is licensed under the CC BY-NC-SA license