Economies

The most obvious markers of economic transition have been the increasing rate of growth, fundamental structural transformation, and the creation of economies characterized by material abundance, high mobility, and instant communication. Growth rates of traditional economies were a mere fraction of a percent, while modernizing economies grew commonly by 3–5%, some even on the order of 10%. As labor productivities rose, labor force moved from the countryside to cities, and manufacturing became temporarily the most important economic sector before the next major shift transferred most labor to services. High-energy consumer societies created by these transitions enjoy unprecedented levels of material abundance, leisure, and mobility, but these gains have been accompanying by significant economic inequality and have yet to reach most of the world’s population.