Since Britain's share of global industrial production fell from 31.8% to 14% between 1870 and 1913, the period about 1870 will be seen as the start of the country's economic collapse.
"Other countries started their own manufacturing."
By 1870, Britain's industrial hegemony was already in jeopardy, and by the end of the century, it had been easily eclipsed. By the First World War, even the service sector, which had long-cultivated strengths in shipping and finance, was falling behind America's.
Britain's yearly GDP per capita growth plummeted to little more than one percent from 1873–99 after two decades of two percent growth, and then limped along at .84 percent per year up to 1914. The efficiency with which Britain utilized its economic inputs, or total factor productivity, decreased by two thirds in the last decades of the Belle Epoque (1871–1914).
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