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The Rise of the Service Economy

  • Services has a growing share inany of the big countries
  • US or Germany have a long tradition in service economy
  • China or India have switched to services more into the last century 
  • In most countries, services represent more than 50% of the overall economy
  • Service economy is growing due to various reasons:
    • substituting technology for human labor in many agricultural and manufacturing process
    • labor is moved to low cost locations (countries) which makes allows countries that oursource production to focus on services.

Speaker notes:

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Sources

IBM Survey on national labor data, 2004