Think of it like this: in the 1850s and 1860s, the growth economies were investing in electricity, railways and telegraph lines. In the early 1900s it was roads, telecoms, and factory-based assembly lines. In the 1960s it was electronics, computing and business services. Each of these competencies were the core infrastructure and talent components for industrial and GDP growth over the next 50 years—the ability to stay competitive. Economies that failed to invest in that infrastructure found themselves significantly behind the competition within just a decade or two. Developed economies were
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