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Which was a shortcoming of the institutions of the mid-nineteenth century?
Richest Country
A country characterized by the highest levels of wealth, income, or economic productivity compared to others, often measured by GDP per capita.
Real GDP
Gross Domestic Product adjusted for changes in the price level, providing a more accurate reflection of an economy's size and growth.
Standard of Living
The measure of affluence, ease, material belongings, and essential items provided to a specific socioeconomic category or region.
Economic Prosperity
A state of economic health and stability in a country or region, characterized by strong growth, high employment rates, and rising living standards for its citizens.
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