The economic history of Western countries is an admirable one. Their standard of living has been transformed over 200 years by consistent year-on-year growth in output and per capita income, despite the rapid growth in populations.
This has happened despite periodic wars that have destroyed life and capital, buildings and infrastructure. The invasion of Ukraine, for example, is an awful reminder of how war can destroy income-generating assets. ..A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.
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