The Peter Drucker Collection on Managing in Turbulent Times by Peter F. Drucker

Author:Peter F. Drucker
Language: eng
Format: epub
Publisher: HarperCollins

Similarly, since the First World War—and probably since 1900— the share of disposable income in the developed countries, but altogether in the world economy, that is being spent on commodities of all kinds has been going down steadily at the rate of one-half of one percent per annum compound—wartimes excepted. This has held true for both food and industrial raw materials. This has meant that since 1900, the prices of all commodities have trended downward over any period of time.

And the trend is still downward.

Mature or declining industries may turn around and again become growth industries.

This may be the case of industries that produce transportation materials, for example, locomotives or road-building equipment. In the developed countries the existing transportation infrastructure has been grossly undermaintained. In emerging and Third World countries it is decades behind the needs of the economy and of the population—with China, perhaps, the outstanding example. Will this lead to another transportation boom such as fueled the economic expansion of the mid-19th century? There are few signs of this so far—but it is one of the trends to be watched.

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