Choose correct answer and concrete with example According to Kuznets, the identifying characteristic of "modern economic growth" is
a. expansion of heavy industry. b. a rapid decline in population growth rates. c. high rates of
saving and investment. d. application of science to problems of economic production.
c. high rates of saving and investment.
Example: One example of high rates of saving and investment is the economic growth experienced in South Korea. After the Korean War, South Korea implemented policies that promoted high rates of saving and investment. These policies included government-led industrialization, export-oriented growth strategies, and incentivizing domestic and foreign investments. As a result, South Korea experienced rapid economic growth, transitioning from a low-income agricultural economy to a developed industrialized nation within a few decades.