Post-industrial economy

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A post-industrial economy refers to a period of growth within an industrialized economy or nation in which the relative importance of manufacturing reduces and that of services, information, and research grows.^[1] Such economies are often marked by:

A declining manufacturing sector, resulting in deindustrialization,
a large service sector, and
an increase in the amount of information technology, often leading to an "information age". Information, knowledge, and creativity are the new raw materials of such an economy.

The industry aspect of a post-industrial economy is sent into less developed nations which manufacture what is needed at lower costs (see outsourcing). This occurrence is typical of nations that industrialized in the past such as the United Kingdom (first industrialised nation), most of Western Europe and the United States.

References

^ Krahn, Harvey J.; Lowe, Graham S.; Hughes, Karen D. (2008). Work, Industry, and Canadian Society (6th ed.). Toronto, ON: Nelson Education. pp. 26–27. ISBN 9780176501136.

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