The Kuznets approach on the strict complementarity of structural and technological changes, the new approach about the direction of technological change biassed towards the most intensive use of locally abundant production factors, the new approach about the direction of technological change. The analysis of the stylized facts and empirical evidence demonstrates that the twin globalisation of capital and product markets brought about by the entry of new nations into international markets had profound effects on advanced countries. As a result, skill-biased technological change was introduced, which led to the decline of the manufacturing industry's importance and the emergence of a powerful knowledge-intensive business service sector.
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