What caused a shift toward a service-based economy in the 1970s? deindustrialization export increases oil embargo stagflation

Deindustrialization caused a shift toward a service-based economy in the 1970's. Deindustrialization is the process of social or economic change due to a reduction in industrial activity.

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VidyaaTech2022 VidyaaTech2022 · Answer 2 · 2022-05-24T13:10:08-04:00

In the 1970s, the cause of a shift toward an economy on the basis of services was deindustrialization.

When was deindustrialization start?

Deindustrialization began in the year the 1970s and started in the country of the US at the first.

Industrialization is the scenario where there is industrial production and a shift from an agricultural society to a manufacturing society. The reverse concept of industrialization is called deindustrialization where industrial activity gets reduced and stopped.

Therefore, the process of deindustrialization causes an economy to shift toward service-based.

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