Abstract
This paper examines modern economic growth according to the multidimensional scaling (MDS) method and state space portrait (SSP) analysis. Electing GDP per capita as the main indicator for economic growth and prosperity, the long-run perspective from 1870 to 2010 identifies the main similarities among 34 world partners’ modern economic growth and exemplifies the historical waving mechanics of the largest world economy, the USA. MDS reveals two main clusters among the European countries and their old offshore territories, and SSP identifies the Great Depression as a mild challenge to the American global performance, when compared to the Second World War and the 2008 crisis.
Highlights
The decades from the 1870s to the First World War reaped the tremendous benefits of the technological sweep in sectors such as textiles, metallurgy, railways, steam shipping, chemistry and Entropy 2015, 17 communications
We generalize the SSP using the tools of fractional calculus (FC), and we introduce the novel concept of fractional state space portrait
multidimensional scaling (MDS) was successfully applied to economy dynamics [32,33] and requires the definition of a similarity index and the construction of an n × n matrix C of item-to-item similarities, where n is the total number of items in an r-dimensional space
Summary
The decades from the 1870s to the First World War reaped the tremendous benefits of the technological sweep in sectors such as textiles, metallurgy, railways, steam shipping, chemistry and Entropy 2015, 17 communications. The presence of earlier colonial nations in the cluster of the most developed countries of the world is optimistic evidence about the spread of the modern economic growth experience They are real outliers of the pessimistic view. Along with the USA, the examples in the sample studied include Canada, Brazil and Colombia These countries’ GDP per capita performances have replicated the most developed countries process of modernization, and the MDS methodology confirms the current expectations for their future highly-developed status in the world. It is argued that “the United States has been comparatively immune to crises” (citing especially the performance of equity returns and stock markets [12]) Accepting this perspective means that it is appropriate to look at the global economic growth in considering the performance of the American economy [13].
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