Excerpt from The Economic Transition in India
For the purpose of a rough classification the nations of the civilised world may be divided into two broad categories: those which have not and those which have passed through their industrial revolution. In the first category are such countries as Egypt, India, Japan, and the kingdoms of Eastern Europe, in which the more archaic organisation of industry still prevails but little modified. To the second category belong such countries as England, France, Germany and the United States, in which the structure of industry has been completely altered and adapted to new methods of production and distribution.
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