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The decline and fall of the British economy (2022)
When America’s economy overtook Britain’s a century ago, it remade the world order. How it happened is still debated.
1 Although this economy was still not fully developed, the speed with which it had transformed itself from an agrarian system into an industrial powerhouse, achieved growth rates several times higher than the advanced nations, and adopted and improved Western technologies seemed to augur the end of a century’s hegemony. The exhibition shows what perfection has been attained, and the beauty of finish and arrangement, is certainly worthy of all praise.’ During the next 20 years, Britain experienced the fastest sustained annual growth in GDP per capita in its history – a then-staggering 2.06 percent – and its exports, two thirds of which were manufactured goods, tripled in volume. American technological innovation resulted in methods uniquely suited to this environment, substituting fixed capital and machinery for costly labor, wasting fuel and raw material inputs, and churning out long production runs at high speed for mass urban markets.
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