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By the 1870s, Britain's economy was enviable by the rest of the world as they set the pace in industrialising. However, her pre-eminence (GPD per capita exceeded that of America by one-third) wavered in this period preceding World War I. To determine whether this change was due to inefficiencies in British industry requires recognition of the contrasts between Britain and America. Although America's economy improved vis-à-vis Britain's, this was out of Britain's control due to exogenous variables.
Neoclassical economic growth theory states that technology is a precursor to higher living standards and productivity gains. Britain and America were very different economies and as a result faced very different economic prospects in the late 1800s. For instance, the population in Britain grew by nearly two-fold between 1860 and 1910 whilst the America trebled. Britain's domestic market was not only smaller, but consumer demands were much less homogenous than in America due......

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Approximate Word Count: 639
Approximate Pages: 3 (250 words per double-spaced page)

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