23 Pages Posted: 27 Jun 2007
Date Written: June 2007
While the economies of the fifteen countries that were in the European Union (EU15) in 2000 will continue to grow from now until 2040, they will not be able to match the surges in growth that will occur in South and East Asia. In 2040, the Chinese economy will reach $123 trillion, or nearly three times the output of the entire globe in the year 2000, despite the influence of several potential political and economic constraints. India's economy will also continue to grow, although significant constraints (both political and economic) will keep it from reaching China's levels. The projected decline of the EU15's global share of GDP means that liberal Asian nations will be poised to take up the role of promoting liberal democracy across the globe.
Suggested Citation: Suggested Citation
Fogel , Robert W., Capitalism and Democracy in 2040: Forecasts and Speculations (June 2007). NBER Working Paper No. w13184. Available at SSRN: https://ssrn.com/abstract=994232