causes for the changes in the united kingdom economy?

Question

deindustrialisation in the united kingdom economy

Answer 1

As an economy becomes more developed, it becomes less profitable to remain industrialized. More developed economies often have individuals who are more educated and have a wider range of skills on average. As such, these individuals generally require higher wages. Thus, jobs that do not require the higher skills that the citizens possess, such as some industrial jobs, will be outsourced to individuals who do not possess the extra skills and will thus work for less. This generally leads to a more service oriented economy, as the individuals with the skills find a niche of some sort of service that they can fill. When all economies become equally developed, then industrialization of the former service economies will occur. However, this is unlikely to occur for quite some time.