Source: Economic Times
Which will be the world’s largest economies in the future? Various studies suggest that it would be either China or India. But what about the largest economies in the past–1CE (Common Era), 1000CE, 1500CE and so on?
Interestingly, even these periods were dominated by the Asian giants.For more than 1,700 years, India and China were the world’s largest economies. Their dominance ended after the industrial revolution and the subsequent imperialist expansion of European nations which drained the world’s wealth to the West.
That’s what data on historical GDP calculated by the late Angus Maddison, British economist and scholar on quantitative macroeconomic history, shows