"In the early 1950s, Britain was an industrial giant. Today, it is an industrial pygmy. Manufacturing was industry’s bedrock. In 1952, it produced a third of the national output, employed 40 per cent of the workforce and made up a quarter of world manufacturing exports. Today, manufacturing in this country accounts for just 11 per cent of GDP, employs only 8 per cent of the workforce and sells 2 per cent of the world’s manufacturing exports. The iconic names of industrial Britain are history; in their place are the service economy and supermarkets selling mainly imported goods. What happened? Was it inevitable? Does it matter?"
The problem arises for the U.S. as well. Can we go on forever selling one another hamburgers? The Industrial Revolution had a good run and we seem to be living fairly well off of its momentum. But what replaces it? Financial services? Really? Meanwhile, we sell off Chrysler, Rolls Royce, Bentley, Land Rover and put GM on life support, with the mission of selling us Korean cars rebadged as Chevrolets.
ReplyDeleteI think there were mixed variables but no doubt Industrial Revolution, from the Scientific point of view, has given us a great First Ever Machines & Ideas. The legacy,I believe, we have now as Railways, Post & Telegraph here in India and many other parts of the world.
ReplyDeleteInteresting Story, Thanks for Sharing.