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Of course they had financial institutions. The OP was making a far bigger claim than that: "They transitioned from manufacturing to financial engineering". Sor

• librasteve 2y ago
  After WWII there were several phases of deindustrialization in the UK. - 45-55 the postwar boom took hold, manufacturing switched from weapons to electrical equipment (GEC), lighting (Thorn) cars (Rover, Austin…) and so on - 55-65 wealth spread to the working class finally and the 30s slums were cleared (council houses and high rise flats). all this domestic growth hid the rise in other countries - far east, india and so on - which ate into traditional manufacturing export markets with low costs. the consumer was happy with low cost imports, better housing, and service industries - the Beetles - took off - 65-75 poorly conceived loss making statist interventions to try to defend uncompetitive domestic primary industry coal (NCB), steel (British Steel) and secondary manufacturing (British Leyland), shipping … these were easy for unions to capture and bled the nation dry - five years of economic disaster ushered in Thatcher, killed the unions, released the City and by 1985 services had eclipsed industry once and for all In this potted history, the economic transformation of the UK from manufacturing to services was total by the late 90s. Similar economies … France, Germany have chosen a more managed mixed economy placing more value on job security and wide employment. Let’s see how that works out for Starmer and Reeves.
  • jsnell 2y ago
    But again, the article is talking about the 19th century. The 1800s. How are these data points from the latter half of the 20th century relevant?