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This has been known for some time (and proven with some good examples) but still is a shock to people who believed somewhere in '90 that the next stage in the economy is the shift to services instead of industry.

I recommend this book from Ha-Joon Chang that has a nice chapter on that (a very pleasant read with references): http://www.amazon.com/Things-They-Dont-About-Capitalism/dp/1...

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> still is a shock to people who believed somewhere in '90 that the next stage in the economy is the shift to services

You should tell the UK's political class. Moving away from manufacturing to services has been been official dogma here since the very late 1970s.

As a result we have an economy founded almost entirely on tax havens, speculation, sporadic renovation projects for rich people, and asset price bubbles, with a bit of marketing and corporate communications around the edges.

+1. I highly recommend Ha-Joon-Chang's books, I've learned a lot about economics from him. He puts forward a strong argument that economic policy must be flexible, and shift with evolving times and technological changes. In other words, he's highly critical of ideologies, like f global free markets, or trickle down economics.

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