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| Name | How California is Soo Rich? |
| Video Uploader | Video From Global Economics |
| Upload Date | This Video Uploaded At 01-11-2020 12:15:02 |
| Video Discription | This is California, a state in the US. But when you look at its economics, you stay stunned. California has a GDP of $3.2 trillion, which is more than the giants like India, United Kingdom, France, Italy, Brazil, and Canada. If California was a country it would hold 5th position in terms of gross domestic product. But now the big question is, How a small state attained a growth which the big countries couldn't? Right from the start California got a good initial pace. As the state had a good amount of farmland, and the good weather conditions made the whole scene flawless. Along with this the ocean made trading simpler. All these things attracted many farmers, traders, and also gold diggers to the state. Now, Hollywood comes into the picture. You see the film industry is one of the players that is responsible for the economic growth of California. The reason behind the growth of the film industry in California is, most film industry patents were held by Thomas Edison's Motion Picture Company in New Jersey. Due to this, the filmmakers were often sued and made to stop their productions. To escape this, filmmakers began to move to Los Angeles. And moving far away made the attempts to enforce Edison's patents easier to evade. Apart from this, California had the perfect lighting conditions or the weather for filming. And if you notice, some of the big studios like the Paramount Pictures, Warner Bros, and Universal Pictures were founded in California. Along with all of these, there was something that was growing in the San Francisco Bay Area. And, Yes you guessed it right, it is the silicon valley. The journey of the silicon valley started in 1957 when Nobel prize winner, William Shockley moved to California. He started a new company called Shockley semiconductor labs. It was the first company to make transistors out of silicon and not from germanium. Use of silicon instead of germanium was a revolutionary idea and it changed the transistor technology forever. William also hired some people in his company. But soon after that, these 8 people left the company, because of Shockley's miss behaviour. These 8 employees are widely known as Traitorous eight and they partnered with the company called Sherman Fairchild to create Fairchild Semiconductor. Then In coming years many of Traitorous eight left the Fairchild semiconductor company as well. Two of them were Gordon Moore and Robert Noyce. they founded their own company in Santa Clara called Intel. Not too long after that, 2 gentlemen named Steve Jobs and Steve Wozniak made the apple one. And this was the start of apple computers. In that time, a plenty of companies like Oracle, Seagate, Atari, and Adobe were started. Soon after that tech companies started to grow in the same area. In 1971, journalist Don Hoefler wrote a report on the semiconductor industry. Name of that report was "silicon valley USA" and this name was stuck. Then in the next couple of decades companies like Google, Microsoft, Netflix, And Tesla were founded in the same area. And today, we all know what this silicon valley means to the world. California contributes nearly 14% to the US economy. Also has a GDP per capita of a whopping $80000. We know these numbers are ridiculously high for a state. But yes this state has achieved a growth which is impossible for even some countries. So, what if California becomes a country in the future? Well, If California becomes a country. Then on a good side, they will stop paying taxes to the American government, this would keep all the tax money within the country. This would result in a significant increase in budget. Because since 1995 Californian's have paid more tax money than they receive in federal payout. Also California has the largest agriculture sector in the US. So they can easily trade their agricultural products to other nations, and this could also help the overall economy. But on the down side, if California becomes a nation, it might not sustain the economic growth like today. As you know most of the people living in California are from other states of America, and immigrants. People go to California for work, and leave the state once they are done. As the Californian lifestyle is quite expensive. Already due to Covid-19 and work from home people are leaving the bay area, in search of a more affordable lifestyle. So if California becomes a nation, more people might leave the country. But all these things would not last much longer, and California will continue growing. So, no matter if it is a country or a state. California will prosper with the same pace anyways. #californiaeconomy #economics Instagram (Global Index): https://bit.ly/2YjIex8 Stock footage provided by Videvo, downloaded from https://www.videvo.net Music: Creative Commons Music by Jason Shaw on http://audionautix.com/ Music by Audionautix is licensed under a Creative Commons Attribution license (https://creativecommons.org/licenses/...) |
| Category | Education |
| Tags | why california is so rich | san francisco giants | what if california becomes a country | california economy 2020 | economy explained simply | california vs india | why california is richer than countries | economy of silicon valley | how rich is silicon valley | how silicon valley started | hollywood economics | people leaving california 2020 | people leaving san francisco | why people are leaving california | economics of california | history of silicon valley | silicon valley documentary |
