Prior to 1700, the global economy was effectively stagnant, with output expanding by an average of just 0.1% annually over the preceding seventeen centuries. At such a slow pace, it would take nearly a millennium for production to double.
The Industrial Revolution triggered a fundamental shift. Fueled by innovations such as the spinning jenny and the steam engine, the annual growth rate quintupled to 0.5% between 1700 and 1820. This acceleration continued, with the rate reaching 1.9% by the end of the 19th century.
Throughout the 20th century, the global economy averaged 2.8% growth, a pace that doubles production every 25 years. Consequently, sustained economic expansion has not only become the norm but a continually accelerating feature of the modern world.
Source link
