The reason for this, as analyzed in the case of the U.S., was that state
investment failed to rise rapidly in order to compensate for a
stagnating or falling rate of growth of private investment. In contrast
China and India, by rapidly raising state investment, were able to
achieve far higher growth rates.
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Scott Baker is a Managing Editor & The Economics Editor at Opednews, and a blogger for Huffington Post, Daily Kos, and Global Economic Intersection.
His anthology of updated Opednews articles "America is Not Broke" was published by Tayen Lane Publishing (March, 2015) and may be found here:
Scott is a former President of Common Ground-NYC (http://commongroundnyc.org/), a Geoist/Georgist activist group. He has written dozens of articles for (more...)