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Finance and Growth     [Back]

Per Capita Volume of Industrial Production (UK 1900=100)

The per capita volume of industrial production is constructed from data in Bairoch (1982), 'International Industrialization Levels from 1750 to 1980' Journal of European Economic History, 120(1). This figure demonstrates both the markedly different take-off points for each country, with the UK sustaining an industrial lead for many centuries, and a range of growth rates through the transition to an industrial economy.

The figure also puts into perspective the remarkable growth experience of developed countries in the second half of the twentieth century, especially when put in context of the lack of growth in most of the rest of the world. Unlocking this potential for rapid growth motivates growth economists to understand the mechanics behind sustained improvements in living standards.

 

 

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