The Rate of Growth of Total Output
Output growth was highest in the post‐war period, but differences in growth rates between periods were not enormous. Demarcation of long‐run trends is obscured by the war periods, when growth was relatively slow, but the pattern was roughly U‐shaped, with deceleration up until World War I and acceleration thereafter. After 1870, Britain's rate of growth of output per man‐year was persistently below that of other major countries. In level of productivity, the UK was at the top in 1870. It was overtaken by the US soon after that, but remained ahead of most other countries until the post‐war period.
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