The US first led the world in per capita income around 1830. But Europe didn't realize they were behind until 1904.
The US is still the largest by 2 to one over China. Why? It started with shortage of labor which caused high pay and the need for high productivity which caused a wave of creativity in business processes. The result - lower prices. And prosperity!!
There is more to it. I have to study this more.
City Journal
Wednesday, December 19, 2012
The history of American prosperity
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