Engines of economic growth in the developing world from the eighteenth century to the present

Abstract

Abstract. Since the industrial revolution, manufacturing has acted as the primary engine of economic growth and development. Great Britain was the first industrialiser and became the technological leader in the world economy. From Great Britain manufacturing diffused to other European countries such as Belgium, Switzerland, and France and later to the United States. Famous latecomers to the process of industrialisation were Germany, Russia and Japan. Industrialisation was rightly seen as the main engine of growth and development. The 18th century gave the new world new economic and industrial development trends, which changed the entire global world picture; moreover during the 19th century BRICS emerge as the strongest countries both economically and industrially, and will influence the world by competitive industrial development. Brazil, Russia, India, China and South Africa aimed to deepen ties between the emerging market powers leading the global economic recovery. In this new age of challenges, the leader of the world’s economy in today’s 21st century is BRICS within which China will play the main industrial and economical role. China can continue its strong growth and development for another generation or more by generating stronger sustained domestic demand growth to absorb its expanding productive potential.