The neo-colonial dependence model and the diverging economic paths of Chile and Argentina.
By placing the economic paths of Chile and Argentina within a historical context, their current economic position can be better analyzed within five aspects of the NeoColonial Dependence Model. The Neo-Colonial Dependence Model asserts that less economically developed, former colonial-era colonies that technically have political independence, are still economically tied and largely dependent on More Developed Countries (MDCs). This parasitic relationship provides increased wealth and power to the MDCs. It is this economic power dynamic that weakens the socio-political economic status of the Less Developed Countries (LDCs) in a way that exacerbates the current economic hardships and further increases the power-and-control dynamic between LDCs and MDCs. Placed within the context of each countries historic beginning as Spanish Colonies, Chile and Argentina's economic data is tested against five hypotheses to ascertain whether or not these countries are still operating within the constraints of the Neo-Colonial Dependence Model.
SECTION 1: HISTORY OF CHILE AND ARGENTINA
History of Chile
The history of Chile and Argentina began along a similar path. In 1495, shortly after the discovery of the Americas, Spain and Portugal signed the Treaty of Tordesillas which gave ownership of everything west of Brazil to the Spanish Monarchy. The first Spanish inquiry into the north of Chile was in 1535 by Diego de Almagro. In 1540, this original inquest was followed by Pedro de Valdivia whom traveled with his men and founded the future capital of Chile, Santiago, in 1541. From this time, the Spanish desire for silver, gold, and other natural resources began asserting itself as the agenda within the region now known as Chile. The Spanish began a system known as 'encomienda', which, through the Spanish crown, granted certain Spanish elite the rights to forced labor and tributes from the indigenous peoples in their areas. This system laid the ground works for the exploitation of the indigenous people and others for use in the gold and silver mines in the region. Valdivia would later grant large swaths of land to those he approved of, recreating feudal-esque estates all across Chile. The now displaced indigenous peoples, many Spanish and native mixed lineage 'mestizos', were encouraged by Chile's aristocracy to set up tenant farms on their land, perpetuating the cycle of power imbalance and oppression.
Even though Chile was officially under the control of the Spanish Empire through the region's capital in Lima, Peru; nestled between a desert and the Andes Mountain range, the country was able to develop almost autonomously from Spanish control until Chile's revolution in 1818. Following the revolution, it went through several dictatorships and constitutions throughout the 1800's. Remarkably, its isolation allowed it to avoid much of the economic depression experienced by many of the other newly formed South American countries. Through this autonomy and relative prosperity, Chile quickly began developing its agriculture, mining, industrial, and commercial industries.
In the late 1800's and early 1900's, with land seized from Peru and Bolivia, the country gained further economic prosperity through the mining of nitrates that brought with it investors from Britain, Germany, and North America. This new influx of foreign capital empowered the working class and created a bourgeoisie society that began to challenge Chile's elite. The success was short lived, however, as the nitrate-mining economic bubble burst as the global industrialization of western powers began to demand more petroleum based products. Later, in 1914, the Panama Canal opened and furthered beleaguered the Chilean economy as large amounts of commercial traffic was diverted to countries further north, as ships no longer needed to round the horn of Chile's southern most end. These hard economic times weakened the working class once again, and perpetuated the power of elite Chilean landowners and politicians. These hardships were typified when the Dictator General Carlos Ibanez del Campo held power for a few years during this period, and through putting into place bad economic policies, would later result in his being forced out of office.
Following this tough economic period, a socialist republic was formed in the 1940's. This time period was dominated by the ruling Communist party, which was split between Stalinists and Trotskyites. It was during this time period Chile saw it beginning to lose control of its large copper mining industry to North American mining companies. Yet, in the 1920's the elite still held considerable power within Chile, with 75% of Chileans still dependant for their livelihood on these rich land holding elites for their survival. However, the socialist leaning governments attempted to reduce the power of these elites, as did the Christian Democratic Party that came to power in the 1960's.
In 1970, Chile democratically elected its first Marxist, Salvador Allende. Three years later, after his many poor economic policies had almost brought the economy to a grinding halt, a violent military coupled by General Augusto Pinochet put the military into power. He banned all leftist party activities and 'disappeared' thousands during his brutally oppressive seventeen year regime. Pinochet led the country through fear, torture, and brute force, however, through economic reform, he began to move the country away from 50 years worth of unsuccessful socialist economic policy, and towards free market economics. After his removal from office in 1989, Chile began drifting once again towards more socialist-minded economic policies. Reaching its peak in 2005, when Chile moved away from the influential free market political efforts of Condoleezza Rice and the United States by vowing to work with Venezuelan President Hugo Chavez, a socialist dictator.
Yet, after the political realignment caused a brief economic downturn, Chile has regained positive economic momentum while also passing new social policies. Chile's move back towards free market policy has given it the highest GDP per capita in Latin America. These open policies have allowed it to capitalize on the increasing price of mineral commodities, such as copper, which remains 45% of Chile's total exports. Many of these exports are driven by a large trade agreement with China, which has driven up the market price of copper through China's rapid industrialization. The country has also signed several free trade agreements with the European Union (EU), North America, and most notably as the only South American signee of a trade agreement with the United States. This has positioned Chile as the world's 37th most developed country. Through reformed social welfare policy, Chile has also improved its health care system, improving life expectancy, as well as providing further education to an additional 25% of its populace, and abolishing the death penalty in 2001. Free press and women's rights are making large strides as well, recently becoming recognized under national law. Through the innovative policy reform of President Lagos, poverty has been cut in half since 1990; however, Chile continues to maintain a high disparity between its richest and poorest citizens.
Quick Economic Data on Chile
GDP (purchasing power parity): $260billion (2010 est.)
Country comparison to the world: 46th
GDP Real Growth Rate: 5.3%, 48th in country comparison
PPP per Capita: $15,500 (2010 est.)
* Population: 16,746,491 (July 2010 est.)
Country comparison to the world: 60th
* Unemployment Rate: 8.7% (2010 est.)
Country comparison to the World: 100th
* Population below Poverty line: 18.2% (2005 est.)
* GDP--composition by sector (2009 est.)
* Labor Force by Occupation (2005)
History of Argentina
Similar to Chile, Argentina began as a former Spanish territory and colony. It too was founded, and later settled, as an area from which the Spanish viceroy in Peru could be stocked with goods ranging from raw materials like silver and gold, to items like cattle and agricultural goods. Even the name Argentina comes from the Latin word for silver, Argentum, and the river running next to Argentina's capital Buenos Aires, the Rio de la Plata, means 'River of Silver' in Spanish. In the early 1800's, Argentine born colonists became discontent with the rule of Spain and declared the country's independence in 1816.
However, right after their revolution for independence from Spain, Argentina's new rulers began to make eerily ominous precedents that would reoccur throughout Argentina's history. Some of these included making a brutal political police force with institutionalized torture that would be first established in the 1840's. Shortly after, Argentina was pulled into the Paraguayan War in 1865. Following these events, Argentina began to invest heavily in infrastructure and educating its people. Between 1865 and the decades around the turn of the century, Argentina's economy boomed, with floods of immigrants coming from Spain, Italy, Germany, and Eastern Europe. Additionally, Britain invested heavily in a well planned out railway system throughout much of the new country. However, like the division of land in Chile, only a few rich land holders existed to receive much of the economic benefit of the boom, which soon after turned to bust with the beginning of the Great Depression.
Following the depression, the 1940s saw Juan and Eva 'Evita' Peron over throw a civilian led government in a military coup and began over a decade of Fascist military rule. Yet during this time, the Peron's also enabled and supported the trade union movement, gave political rights to the working class, legalized women's right to vote, and made university education available to anyone. Soon after, during continued economic turmoil the military forced Juan Peron into exile and caused Argentina to endure another almost three decades of brutal military rule. The regime employed a police force under an operation called 'El Proceso' to move throughout the country killing and torturing any political or social dissidents. These individuals mostly came from several guerrilla groups which had targeted the military, the elite ruling class, and US political influence. Some human rights watch groups suggest there were about 30,000 individuals 'disappeared' during this 'Dirty War'. Most perpetrators of these crimes against humanity were never prosecuted, but in 2005 a high ranking naval officer was tried and convicted in Spain and sentenced to 30 years imprisonment.
In the 1990's, President Carlos Menem started a year of mass privatization, selling off many of the national industries including oil and telephone companies. Through privatization and pegging the country's peso to the US dollar, he created a short lived sense of economic stability and upward economic mobility broadening the middle class. In 1999, with Menem gone, the economy faced turmoil through large amounts of national debt and the artificial matching of the peso to the U.S. Dollar, Argentina's mainly farm produced exports could not compete on the world market. The president then ended deficit spending and defaulted on $140billion in national debt, the largest in history. Further, he unpegged the peso from the USD, sending inflation through the roof. With the middle class rushing to take their money out of the banks and unemployment hitting almost 25% between 2001 and 2003, rioting spread throughout the country, leaving 25 dead.
In 2003, Nestor Kirchner was elected president and made quick moves to change the country's economy. He strongly prosecuted corruption within the government and realigned the Argentine economy with its South American neighbors, away from the US. He also reversed the previous default on the national debt and paid off the remainder of it in one payment to the IMF. He was also able to stabilize the peso/ dollar exchange at about $3/USD and employment dropped to about 9%. The economy continues to gain strength and is now better aligned to survive in a global marketplace.
Quick Economic Data on Argentina
GDP (purchasing power parity): $596billion (2010 est.)
Country comparison to the world: 24th
GDP Real Growth Rate: 7.5%, 14th in country comparision
PPP per Capita: $14,700 (2010 est.)
* Population: 41,343,201 (July 2010 est.)
Country comparision to the world: 32nd
* Unemployment Rate: 7.9% (2010 est.)
Country comparision to the World: 84th
* Population below Poverty line: 30% (Jan.--June 2010 est.)
* GDP--composition by sector (2010 est.)
* Labor Force by Occupation (2009 est.)
SECTION 2: THE NEO-COLONIAL DEPENDENCE MODEL
Neo-Colonial Dependence Theory is a view of economic development that began to take shape in the 1970's as previous economic theories, Keynesian and others, did not lead to marked increases in international development in Less Developed Countries. Its base argument comes from the Marxist idea that obstacles to economic development come from external factors which prohibit economic growth from occurring. These external factors are primarily more developed capitalist countries gain wealth from less developed countries through exploitation or neglect. By contrast, Neo-Classical theories of economics propose the idea that economic development occurs, or does not occur, because of the internal factors of a country.
Marx proposed the idea 'rich countries gain their riches off of the backs of the poor'. That developed countries, through exploiting low cost labor, acquiring raw materials and supplies from economically poorer countries, gain wealth through this exploitation, while simultaneously not reinvesting this wealth in the form of infrastructure, wage increases, working conditions, and other means that improve the country's quality of life. This rich-poor power dynamic is illustrated with two circles, one representing the rich countries in the middle, with the poor, exploited countries on the outside. As the inner circle enlarges because of the accumulated riches from the poorer countries representing the outer circle, the wage difference between rich and poor continually increases and cannot equalize. As this wealth disparity increases, the poorer countries become more financially and politically dependant on the rich countries and economic development in the poor countries is never fully realized because of these differences in power.
The continuation of the disparity between the rich and poor countries is perpetuated through a rich elite class that lives within the poor country. This dichotomous relationship is explored more in another international dependence theory, Dualistic Dependence. The fact poor countries never properly economically develop, according to the theory, traces its roots back to the historical development of the international capitalist economic system. According to Marx and the believers of Neo-Colonial Dependence Theory, the only way for poor countries to overcome this oppressively parasitic rich-poor relationship is for the people to unite through revolution to resist the status quo and throw off their oppressors thus gaining their freedom and the ability to dictate their own more effective economic policies.
SECTION 3: APPLYING THE NEO-COLONIAL DEPENDENCE THEORY TO CHILE AND ARGENTINA
To apply the neo colonial dependence model to the cases of Chile and Argentina, five hypotheses were created pertaining to ideas presented in the neo colonial dependency theory, and will be applied to each country's current economic situations.
These hypotheses will help demonstrate whether or not neo colonialism is still the status quo. The hypotheses are as follows:
1. Hypothesis: The country's export portfolio is made up of traditional goods (i.e., raw materials, similar to those being exported during colonialism)
What types of products make up each country's export portfolio? Are they traditional products similar to those exported during colonialism, ie raw materials?
2. Hypothesis: The country is still exporting its goods to traditional (i.e. developed), trade partners?
To what countries are those exports going? Are they traditional export partners, i.e. developed countries, or independent regional trading partners?
3. Hypothesis: The country has a minority (< 50%) of its traditional exports (i.e. raw materials) going to its regional trading partners.
What types and quantities of exports are going to regional trade partners? What sorts of trade agreements have been developed and signed among the regional trade partners and what sorts among global trade partners?
4. Hypothesis: The country has a minority (<50%) of its imports coming from traditional trading partners.
What are the percentages and prices of the country's imports arriving from traditional trading partners?
5. Hypothesis: The country has strong economic ties (>49% of exports) and trade agreements with Spain.
What are both countries current ties and relations to Spain, their former colonial ruler?
Application to Chile
Hypothesis One: The country's export portfolio is made up of traditional goods, i.e. raw materials, similar to those being exported during colonialism.
Chile's economy is largely based on its rich natural resources, utilized through exports. Its export portfolio includes copper, fruit, fish products, paper and pulp, chemicals, and wine.
Hypothesis Two: The country is currently exporting its goods to traditional, i.e. developed, trade partners.
Chile's main export partners are as follows:
1. China: 16.46%
2. US: 11.31%
3. Japan: 9.06%
4. South Korea: 6.49%
5. Brazil: 4.64%
6. Mexico: 4.09%
* Percentage of top six export partners going to non-traditional and/or regional trading partners South Korea, Brazil, and Mexico: 15.22%
* Percentage of top six export partners going to traditional trading partners China, US, and Japan: 36.86%
Hypothesis Three: The country has a minority (< 50%) of its traditional exports, i.e. Raw materials, going to its regional trading partners.
Chile's exports account for $64.28 billion or 40% of GDP. Of the exports, 75% are commodities, mainly copper, as it alone makes up 30% of the Chilean Government revenues. If 75 of all of Chile's exports are commodities, then traditional, More Developed Countries are getting 36.86% of those commodities, primarily copper.
Chile's reliance on copper as a significant source of its revenue's has been occurring since the early 1800's when it accounted for 55% of its exports. This has put it at the mercy of the global market for copper until recently, as the government has implemented policy that has encouraged a diversification of its exports, with commodities now making up 30%, or $19.3 billion, of the country's GDP.
Hypothesis Four: The country has a minority (<50%) of its imports coming from traditional trading partners.
In addition, Chile has many different sources from which it receives its imports. These imports add up to $54.23 billion USD, or 9.5% of total GDP putting it at 46th in the world.
Its top import trade partners include:
1. US: 21.77%
2. China: 12.76%
3. Argentina: 9.55%
4. Brazil: 6.46%
5. South Korea: 5.35%
* Of these top trade partners, Argentina, Brazil, and South Korea are nontraditional or regional trade partners and account for a total of 21.36%, or $11.6 billion of total imports.
* Of these top trade partners, the US and China are traditional, non-regional trade partners and account for 34.53%, or $18.73 billion of total imports.
From this view, it is clear Chile has diversified its imports away from traditional MDC's as a source of its imports. However, these more traditional trading partners are still a large part of their portfolio and reveals Chile's continued dependency on these MDC trading partners for over a third of their total imports.
Hypothesis Five: The country has strong economic ties (>49% of exports) and trade agreements with Spain.
While Chile is often regarded as, and actively prides itself, as having some of the most international, bilateral and regional trade agreements in the world. However, not all of them are complete free trade agreements. According the CIA Factbook, Chile has 57 trade agreements with other nations. Some of these trade agreements include a free trade agreement signed with the United States in 2004, as well as other free trade agreements with the European Union (Spain), China, South Korea, and India, to name a few. In an effort to increase its free market government policy and address its large disparity between rich and poor, in 2009 Chile joined the Organization for Economic Cooperation and Development (OECD). Through Chile's continued free trade and open market policies, it has diversified its trade partners away from entirely dependent on Spain, to only trading marginally with its old colonial master.
To help describe the extent to which Chile has improved its trade freedom it is well above the world average and recently above the United States.
Application to Argentina
Hypothesis One: The country's export portfolio is made up of traditional goods, i.e. raw materials, similar to those being exported during colonialism.
By comparing a list of the top exports from the country's time as a Spanish colony to its most current list of exports as percentages of total exports and GDP when available, similarities will begin to emerge.
Argentina's colonial exports included: Grains, cotton, livestock, foodstuffs, wine, and mules.
Argentina's current total amount of exports: $68.01billion of a total GDP of $596billion (2010 est.) Exports make up 11.4% of total GDP
Argentina's current commodities export portfolio includes soybeans and derivatives, petroleum and gas, vehicles, corn, wine, and wheat.
At first glance, these items may seem rather different; however, by looking at the needs that drive these exports, they begin to seem more closely related. The colonial Spanish empire needed food and transportation to maintain the growth necessary to continue its colonial campaigns. In modern day terms, soybeans and derivatives, as well as petroleum, gas, and vehicles are at the foundation of modern day supply chains and energy demands to build and keep a modern day country economically successful. When looking at these exports through a different lens, examining the needs and purposes that these exports fulfill is important.
Hypothesis Two: The country is exporting its goods to non-traditional, i.e. less developed and regional, trading partners.
Its present export partners include:
1. Brazil: 18.78%
2. China: 9.26%
3. Chile: 7.1%
4. U.S.: 6.38%
* Percentage of top four export partners going to non-traditional, regional trading partners Brazil and Chile: 25.88%
* Percentage of top four export partners going to traditional, non regional MDCs, trading partners China and US: 15.64%
When looking at the top four trading partners of Argentina, Spain does not appear on the list and the two traditional trading partners only account for 15.64% of Argentina's total exports, or $10.6 billion. Argentina's non-traditional export partners, including Brazil and Chile, account for 25.88% of total exports, or $17.6 billion.
Hypothesis Three: The country has a minority (< 50%) of its traditional exports, ie. raw materials, going to its traditional, i.e. developed and/or colonial, trading partners.
With 11.4%, or $64.08 billion of Argentina's GDP coming from exports, the country is receiving 15.64%, or $10.02 billion from traditional, MDC's. Compare this with export trade of 25.88% of GDP, or $16.6 billion, from new regional trade partners and Argentina seems to have diversified its trade partners away from the former colonial rulers suggested by the Neo colonial Dependence Model.
Of its commodity exports, taking a look at corn and wheat prices over six months in 2010, the prices reflect more of the changing global market demand for these basic agricultural commodities than a preference towards traditional or nontraditional trading partners.
Hypothesis Four: The country has a minority (<50%) of its imports coming from traditional trading partners.
Argentina has a slightly different economic story to tell through its import items. As part of its imported goods portfolio, the country imports primarily machinery, motor vehicles, petroleum and natural gas, organic chemicals, and plastics.
Its import partners also vary slightly from its export partners.
1. Brazil: 31.12%
2. US: 13.69%
3. China: 10.26%
4. Germany: 4.69%
* Of Argentina's total imports, valued at $52.61 billion, 28.64%, or $15.1 billion come from traditional MDC's including the US, China, and Germany. However, 31.12%, or $16.37 billion, come from a regional trading partner, Brazil, showing a shift in Argentina's trade policy away from its traditional, MDC, trade partners, even though they represent three of the top four trade partners are in this category. (CIAFactbook)
Hypothesis Five: The country has strong economic ties (>49% of exports) and trade agreements with Spain.
Argentina has free trade agreements with the European Union, yet does not have specific and large scale imports or exports to or from Spain, its former colonial ruler. It has also entered into agreements and negotiations for free trade agreements including (Harvard) MERCOSUR and the Free Trade Area of the America's with the United States; however because of large US subsidies in the agricultural sector, Argentina refuses to enter into an agreement involving their agricultural. It has achieved many of its negotiating successes by partnering strongly with Brazil. This has shown a shift in Argentina's economic policy away from traditional trading partners and towards creating strong regional ties through trade agreements and mutually beneficial import/export business relations.
Due to recent economic policy, including import and export tariffs, as well as few open free trade agreements, Argentina lags behind slightly in its trade freedom as seen in the below graph.
Chile and Argentina have come from similar beginnings into the 21st century and have asserted themselves on the world stage in different ways. From early beginnings as Spanish colonies, dependent on a former colonial power for almost all imports, exports, and economic activity, these countries have diversified their partners extensively to currently rely upon regional partners for trade and economic reliance. Yet, the extent to which each individual country has done this varies.
Chile has diversified both its import and export trading partners, however, MDCs still make up over 36% of the export portfolio, much of that being in raw materials and minerals, primarily copper and other commodities that make up 30% of the country's total export portfolio. Additionally, the world's two largest MDC's, the US and China by PPP of GDP calculation, make up over 34% of Chile's import's while regional partners make up just over 21%.
In the view of the Neo-Colonial Dependence model, Chile is very paradoxical in its interaction with MDC's. Through its international and regional free trade agreements and effective implementation of free market economic policies, it has reaped the benefits entering the global economy whole heartedly. However, because of its heavy reliance on MDC's as both export and import trade partners, as well as a still firm reliance on commodities, copper, as a large source of revenue, it has remained at the mercy of the economic influence of the global commodities market, of which most are controlled by demand from MDCs. This has caused Chile to be regarded as one of the strongest economies in Latin America, but also caused it to be one of the Latin American countries most rapidly affected by the global economic recession. Compared to Argentina, who has less free trade and free market economic policies, Chile's GDP growth was 3.5% in 2008, -1.5% in 2009, and 5.3% in 2010, and Argentina's growth rate was -3% in 2009 and 7.5% in 2010. This lends to the idea, that while Chile is no longer completely reliant on MDCs and has increased its Per Capita GDP to $15,500 in 2010 compared to Argentina's $14,700, it is more susceptible to the global economic fluctuations of its MDC trading companions than Argentina and therefore in a more precarious position should global commodities prices fall or a global recession persist.
Chile also has several other troubling economic features. The country has 18.2% of its population below the poverty line, yet it has a Gini index of 54.9 in 2003. This index ranks the country 14th in the world for its difference between its richest and poorest citizens.
While this analysis of Chile's export, import, and trade policies have shown it is not operating within the Neo-Colonial model, it still has some opportunities for additional diversification of its activities to further distance it from MDC reliance. In regards to exports, Chile should further diversify its activities away from commodities, but as Argentina has done through its free trade agreements and free market policies, as well as diversify its trade partner portfolio with more regional, non-traditional partners, particularly in Latin America and Southeast Asia. It should do the same with imports, diversifying its partners, particularly in the Latin American region to help avoid sluggish GDP growth in western nations or volatile commodities markets.
Argentina, through this analysis, has also been found to not operate within the Neo Colonial dependence model; however, it has been a victim of its own turbulent history and poor economic policy. Argentina has diversified its exports, as well as export partners with 25% of its exports going to regional trade partners, compared to just over 15% going to MDCs. It has also successfully diversified its imports in a very similar way, with over 31% coming from regional trade partners and just over 28% of its imports coming from a diverse group of MDCs.
Yet, even having diversified its regional partners, the country has not reaped generous rewards from so doing. Besides some failed economic policy, Argentina has strong macro economic growth but only Per Capita GDP of $14,700. It also has almost 30% of its population below the poverty line and a Gini index of 45.7, meaning a large disparity between the richest and poorest citizens within the country.
While not operating under the Neo Colonial model, it has room for improvement to further move away from the Neo-Colonial model through both economic policy and further diversification. Having bounced back mightily from its turbulent economic debt default, strong inflation, and 'bank runs' in 2001, Argentina can take advantage of it's strengthening economy in the region by acting strongly with new regional and global free trade policies, as well as within the world. Open policy will allow it to build upon its strong growth by diversifying trade with more MDCs, as well as more regional partners to increase its global position. This will allow it to remain nondependent on MDCs, yet foster its own economy and form strong alignments with regional trade partners.
While neither country is operating within the Neo Colonial model, they both have other interesting features that would be worth looking at under further study. Both have relatively high unemployment rates and a strong difference between the richest and poorest within the country. The prevalence of this continued system, which often includes large, rich land holders, has continued to be a strong socio-economic trend stretching from its beginnings as a Spanish colony. Also, within the idea of economic development, a look at the idea of blaming the 'other' as it fits within the national psyche to frame the society's approach to developing its economic policy, especially towards MDC's and former colonial rulers, would be a strong addition to the work discussed in this paper.
Appendix A: Chile's National Identification and Map (CIA Factbook)
Appendix B: Argentina's National Identification and Map (CIA Factbook)
Appendix C: Trade Freedom Comparison chart between US, Chile, Argentina, and the World Average
Appendix D: Top Ten Economies by PPP of GDP Ranking Country Approximate GDP- Purchasing Power Parity 1 United States of America $13,860,000,000,000 2 China $7,043,000,000,000 3 Japan $4,305,000,000,000 4 India $2,965,000,000,000 5 Germany $2,833,000,000,000 6 United Kingdom $2,147,000,000,000 7 Russia $2,076,000,000,000 8 France $2,067,000,000,000 9 Brazil $1,838,000,000,000 10 Italy $1,800,000,000,000 http://www.economywatch.com/economies-in-top/
Appendix E: World GDP Calculated through PPP and Nominal
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DAVID ISHAM, Daniels College of Business / Korbel School of International Studies, University of Denver, Denver, CO 80209
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|Publication:||Indian Journal of Economics and Business|
|Date:||Aug 1, 2012|
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