China those asian countries whose development began

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China), those Asian countries whose development began earlier (South Ko-rea, Singapore and Taiwan), a few Latin American and African countries such as Argentina, Chile, and South Africa .This is why, when we move from world total to data by country, the view of both crises becomes more precise . We have already noted the extremely high level of concentration of manufacturing activity in the early decades of the 20th century . Now Figure 4a shows the pathway followed by the four countries mentioned earlier (the United States, Great Britain, Germany and France), which at that time accounted for around 70% of the world’s indus-trial product .If we remember that the United States alone accounted for 42% of world-wide industrial added value, we should not be surprised by the similarity be-tween the series for the US and that for the world . However, it may be surpris-ing to see the variety of situations brought about by the crisis in the secondary sector of the most industrialized countries of Europe . In this respect three fea-tures stand out and, despite being well known, worth to be highlighted: the low impact of the crisis on British industry, the big difference between Germany and France on the onset date of the recession (that same summer of 1929 for Germany and the autumn of 1930 for France); and the strength of the German recovery from the end of 1932 onwards .The Spanish case allows us to enrich our discussion . During the years fol-lowing the crash, Spanish industry – which then accounted for barely 1% of world production – withstood the effects of the crisis until the summer of 1931, when it began to fall at very moderate rate . Hence the Spanish monthly IPI for these fifty months showed an annual rate of growth (-1 .18), quite better than the world average (-5 .44) .So, what is happening in the current crisis? The disaggregation of the world index into two big regional units – advanced economies (the thirty OECD countries) and emerging economies (the BRICs) – allows to explain the unusual nature of the IPIs’ most recent course . The main point is the dif-ferent behaviour which the emerging economies are exhibiting compared to the old industrialized countries (Figure 5) . As can be observed, in the latter countries industrial contraction begun in 2008 and was at first even more in-tense than that experienced after June 1929 . Fortunately, it stopped before worsen further, but only when it had already reached almost 20% in these countries . Recovery has also been weaker than in the emerging economies: at July 2011 highest income countries have still not returned to the levels of in-dustrial production previous to the beginning of the contraction .This first approach can be made more specific if we move from regional blocks to individual countries . Panel b) in Figure 4 shows the evolution of the IPIs between June 2007 and July 2011 of the same industrialized economies studied for the 1930s . Having both groups of series in the same figure and on
Antonio Parejo and Carles Sudrià37the same scale allows us to compare the evolution of each country in either

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