This first episode has affected the thinking on growth and development to this day as we consider the sequential steps in the evolution of economies from the production of primary commodities in agriculture and mining, to secondary areas in manufacturing and processing, to high quality services in design, financial services, personal services and entertainment.
This first growth episode was followed by similar sequels in continental Europe, Germany, France, The Netherlands, and the United States of America. The so called G7 countries, which after a time included Italy, particularly northern, and Japan, seemed to have a monopoly on sustained growth. The Post World War II period ushered in a significant change in the thinking on growth and development.