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The steel industry followed the same pattern. Although Swedish charcoal cast iron could not compete in price with coke cast iron or Bessemer steel, its higher quality made it highly valued in rolling bearings, production in which Sweden he specialized then (and still is). The historians of each of these four countries have debated the timing of their respective takeoffs or industrial revolutions. The 1850s, 1860s, or 1870s are handled — and even decades before and after — but what these debates highlight is the ineffectiveness or irrelevance of these two concepts. In fact, despite some cyclical variations, all four countries experienced quite satisfactory growth rates from the mid-century to the 1890s. Then, and in the two decades immediately before World War I, even those satisfactory growth rates they accelerated, especially in the Scandinavian countries, placing their per capita income indices as the highest on the continent. To be sure, the reasons for acceleration are numerous and complex, but there are three that stand out from the rest. First of all, it was a time of general prosperity, high demand, and rising prices. Second, Scandinavia made large-scale capital imports during this period (the Netherlands, by contrast, were capital exporters in those same years); This will be discussed again in Chapter 12. Finally, the period coincided with the rapid expansion of the electrical industry. Electricity was a boon to the economies of all four countries. Sweden and Norway, with their immense hydraulic potential, were particularly favored, but

even Denmark and the Netherlands, which were able to import coal relatively cheaply from fields in north-eastern Britain (and the Netherlands also from the Ruhr region, across the Rhine), also took advantage of steam-generated electricity . Of the coal-deficient countries, the Dutch had the highest per capita consumption throughout the century, followed by Denmark, which made a breakthrough from 1890. All four countries rapidly developed industries for the manufacture of electrical machinery and related products (such as light bulbs in the Netherlands), and Swedish engineers and, to a lesser extent, Norwegians and Danes were pioneers in the electrical industry.

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