Post-industrial economy
type of economy
A post-industrial economy is 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.
Such economies are often marked by a declining manufacturing sector, resulting in deindustrialization, and a large service sector as well as 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 through 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.
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This entry incorporates text from “Post-industrial economy” on English Wikipedia. Contributors are listed in the page history. Text is available under the Creative Commons Attribution-ShareAlike 4.0 License. Selected authority identifiers and statements are retrieved from Wikidata under CC0; their references and qualifiers remain part of the verification path.