Some parts of the world’s developed economies are permanently shrinking because they are obsolete and hugely inefficient. Other parts are expanding dramatically because of the efficiencies and cost savings they bring. This is how you end up with bankrupt, collapsed cities in one corner of the country and teenage billionaires in another. It is easier in the short term to think of them as two entirely separate economies occupying the same geographic space. It is no exaggeration to say you are living through the second Industrial Revolution.
