Theory of Progression
Economies tend to follow a developmental progression that takes them from a heavy reliance on agriculture and mining, toward the development of manufacturing (e.g. automobiles, textiles, shipbuilding, steel) and finally toward a more service-based structure. The first economy to follow this path in the modern world was the United Kingdom. The speed at which other economies have made the transition to service-based (or "post-industrial") economies has increased over time.
Historically, manufacturing tended to be more open to international trade and competition than services. However, with dramatic cost reduction and speed and reliability improvements in the transportation of people and the communication of information, the service sector now includes some of the most intensive international competition, despite residual protectionism.
Read more about this topic: Tertiary Sector Of The Economy
Famous quotes containing the words theory of, theory and/or progression:
“[Anarchism] is the philosophy of the sovereignty of the individual. It is the theory of social harmony. It is the great, surging, living truth that is reconstructing the world, and that will usher in the Dawn.”
—Emma Goldman (1869–1940)
“We commonly say that the rich man can speak the truth, can afford honesty, can afford independence of opinion and action;—and that is the theory of nobility. But it is the rich man in a true sense, that is to say, not the man of large income and large expenditure, but solely the man whose outlay is less than his income and is steadily kept so.”
—Ralph Waldo Emerson (1803–1882)
“Measured by any standard known to science—by horse-power, calories, volts, mass in any shape,—the tension and vibration and volume and so-called progression of society were full a thousand times greater in 1900 than in 1800;Mthe force had doubled ten times over, and the speed, when measured by electrical standards as in telegraphy, approached infinity, and had annihilated both space and time. No law of material movement applied to it.”
—Henry Brooks Adams (1838–1918)