Equally, the Soviet Union and Japan both pursued similar development models, based around distortions that emphasised unsustainably and excessively high savings, high investment, and eventually high debt.
It was only in 2007 that the majority of humans began to live in cities, and in 2018 that the majority gained access to the internet.
Industry includes mining, manufacturing, energy production, and construction.
Boosting it, most Western economists think, requires action such as abolishing the creaking hukou system which ties workers to their place of birth , leveling the playing field between state-owned giants and nimble entrepreneurs, and reducing barriers to foreign participation in the economy and financial system.
Open Markets Trade Freedom 73.
Part of the decline was part of a deliberate strategy to head off an economic bubble before it burst.