When the inaugural issue of finance & Development appeared in June 1964, the world economy was enjoying its best 10-year growth performance since World War two. The U.S. economy was almost one third of the world output during the 1960s. In the 1964 we had to use typewriters, for background research they had to relied on hardcopies, journals and books. It could have taken several weeks to ship printed issues of the magazine to readers around the world.
Some low-income countries with chronic development problems started growing much faster and eventually became major contributors to global growth. The world economic order went through a tectonic transformation, accompanied by, and in part caused by, groundbreaking advances in science and technology and the rise of globalization. How we communicate has changed the most, as advances in computers and mobile technologies have revolutionized all mediums of communication. In 1965, the first commercially successful minicomputer had an inflation-adjusted price tag of $135,470. It was able to undertake basic computations, such as addition and multiplication.
The economy, meanwhile, turned in an increasingly healthy performance as the 1990s progressed. With the fall of the Soviet Union and Eastern European communism in the late 1980s, trade opportunities expanded greatly. Technological developments brought a wide range of new electronic products. Innovations in telecommunications and computer networking spawned a vast computer hardware and software industry and revolutionized the way many industries operate.
Today the American economy has a wide array of enterprises, ranging from one-person sole proprietorships to some of the world's largest corporations. In 1995, there were 16.4 million non-farm, sole proprietorships, 1.6 million partnerships, and 4.5 million corporations in the United States a total of 22.5 million independent enterprises.
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