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Mapping The Markets by Robin Griffiths, Deborah Owen

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5 Economic catch-up

The process of industrialisation, whereby a country gradually switches from depending primarily on agriculture to provide the main source of its wealth to manufactured goods and services, is the most powerful spur to economic growth. This was evident in Britain, France and Germany in the 1800s, in the United States a century later and in Japan in the 1980s. Many of the East Asian “tiger” economies are already well on their way to making this transition. But a number of large economies are still at an early stage of the process and it will be their industrialisation that will propel the long-term cycle upwards in future years.

China is the emerging economy that has received most attention, but there are some economists ...

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