Economic growth occurs when a society becomes more productive and is able to produce more goods and services. The offering of new goods and services makes economic growth positive. When economic growth is negative for two quarters, we say we are in a recession.
- Credit in China: A Culture of Consumer Spending?Since being introduced in 1985, the number of credit cards issued in China has grown at an astonishing rate, reaching 285 million in 2011, five times the number in 2006. MasterCard projects that annual credit card spending in China will more than double by 2025, and over the next decade, the country is expected to become the largest credit card market in the world by number of issued cards, overtaking the United States. This article, written by William Hart, Thomas Kidd, Lane Rettig and Nicholas Walker, members of the Lauder Class of 2014, takes a look at consumer credit in China.
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