Progressing Research on Service Industry Structure in Major Western Countries

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1 Progressing Research on Industry Structure in Major Western Countries LIU Yang GUO Huan School of Economics, Changsha University of Science & Technology, P.R. China, Abstract:This article firstly reviews the theories of service industry structure, then analyzes the evolutionary rules of American service industry structure. In consideration of the fact that service industry structure varies under different national economic development levels, this article selectively chooses countries regions with economic structure culture similar to those of China to conduct an empirical study, then come to the conclusions on basic rules, which is hopefully to be beneficial to the future development of Chinese service industry. Key Words: Industry, Tertiary Industry, Industry Structure 1 Research Theories of Industry Structure industry structure refers to the production technology, the economic relation as well as the quantity proportion relation of various sub-service industries. It aims to analyze the proportional development rules [1] for various sub-service industries, mainly in three areas:(1)research on the quantity proportions of inputs outputs, which involve quantity relations.(2)research on quality relation between various sub-service industries, that is, structure height benefits.(3)research on the characteristics of input output relations. industry should be dated back to the definition of tertiary industry. In western economics, William Petty put forward his ideas on tertiary industry in Later, economists such as Say, Sismondi, List, Senior Maxis conducted analysis to tertiary industry from different aspects, to different extent, revealed the economic rules within tertiary industry category. However, the prosperity of Tertiary Industry as well as the development improvement of tertiary industry theory only begin in recent decades. Among them, there are the following important theories: 1) In 1935, British economist Fisher firstly brought forward the definition of tertiary industry. In his book Conflicts between Security Advance, Fisher put forward the concept of tertiary industry, classified three industries in social economic revolution, the role of tertiary industry to national economic development. 2) In 1957, Clark named the tertiary industry as service industry discovered Clark Law. The law, which is also named as Petty-Clark Law in the history of economics, proposed the industrial structure revolution rule from a historical empirical aspect based on the theory that labor employment would transfer with the economic development. Petty-Clark Law means the establishment of preliminary theory of tertiary industry. After the World War II, the theory of tertiary industry has been profoundly improved with further development of practice. 3) Economics of Industry by American economist Fox. The book mainly described employment population growth of American service industry reasons behind it, analyzed the difference of hourly salary among various industries, compared the difference of cyclical fluctuation among various sectors, explored the influence of service industry growth to the whole society economy. 4) Tertiary Industry by Japanese economist Isagai Nobuo, which examined the general picture of modern western tertiary industry from a more extensive aspect. The book mainly concluded various theories on internal structure classification of Japanese tertiary industry in details, made an incisive analysis of the trend of Japanese tertiary industry, particularly of the employment trend. [2] On the basis of service industry development rules in western developed countries, this article took account of factors such as imbalance of economic development among all countries, particularly for 831

2 those low-income high-income countries, as well as big difference of economic structure among all countries, service industry in particular. There will be offsets by using global data to conduct the interaction analysis between service industry structure GDP per, which will disguise the rules we are researching cause large deviation for research target. Therefore, this article adopts prior research method selects countries with economic structure, culture custom similar to those of our country. 2 Empirical Studies on Industry Structure Variation Rule 2.1 General Rule of Industry s Internal Structure Evolution in Developed Countries Developed countries had undergone a long industrialization process, so far they have developed into the post-industrial stage. Research on their industrialization process will help us underst the overall picture of industrial structure evolution. After reviewing the tertiary industry s internal structure variation of those representative developed countries, most scholars found there occurred similar stages for almost all the developed countries. Take the US as an example, the proportion of tertiary industry has taken up a growing trend ever since However, the growth was mainly contributed by the social service industry, the finance insurance industry the real estate industry, while the contribution from the traditional wholesale retail industry, the transportation telecommunication industry were reducing [3]. Below is the structure variation data of American service industry from 1929 to 1947, from 1948 to 1961 from 1962 to 2000 respectively. Table1 Structure Variation of American Industry from 1929 to 1947 Proportion to tertiary industry 4. Social 1.Commercial, 3. Finance 2.Transportation Total of hotel Communication 1 2 restaurant Insurance (Government service excluded) Total of Table 2 Structure Variation of American Industry from 1948 to 1961 Proportion to tertiary industry 4. Social 1.Commercial, 2.Transportation 3. Finance Total of 1 hotel 2 (Government restaurant Communication Insurance service excluded) Total of Table 3 Structure Variation of American Industry from 1962 to 2000 Proportion to tertiary industry 1.Commercial, hotel restaurant 2.Transportation Communication 3. Finance, Insurance Real Estate Industrial Resource:Analysis to Tertiary Industry Statistics Data Based on Table 1-3, we found: (1)From 1929 to 1947, industries such as commercial, hotel, restaurant, transportation telecommunication had witnessed pretty rapid development their proportion in tertiary industry was in the up-trend, while industries such as finance insurance, real estate, industrial service, social development individual service were comparatively slow, their proportion in tertiary industry 832

3 was somehow declining. (2)From 1948 to 1961, industries such as finance insurance, real estate industrial service underwent rapid growth their proportion in increment was increasing, while industries such as traditional commercial, hotel, restaurant, transportation telecommunication were relatively slow, but their proportion was stilly relatively high. (3)From 1962 to 2000, social individual service of tertiary industry developed rapidly their proportion in increment was remarkably increasing. On the other h, industries such as traditional service government service industry were developing slowing their proportion was quickly declining. Meanwhile, industries such as finance insurance, real estate industrial service maintained a stable growth trend. 2.2 Development Rule of Industry Evolution in Similar Countries There are big differences of economic structure, particular for service industry, among countries due to imbalance of economic development income level. There will be offsets by using global data to conduct an interaction analysis between service industry structure GDP per, which will disguise the rules we are researching cause large deviation to research target. Therefore, this article selects three countries & regions with economic structure, culture custom similar to our country to conduct research, namely Japan, South Korea Taiwan. (1)Japan Table 4 illustrates weight composition variation of various service industries to GDP in Japan from 1970 to 1991 from 1990 to 2000(in accordance with new international statistics stard). Table 4 Structure Evolution Process of Japanese Industry from 1970 to 1991 Proportion Finance, of service Insurance, Commercial, Transportation, Social industry to Real Estate hotel Storage GDP(%) restaurant Telecommunication Commercial GNP per (USD) Government (Classified in accordance with new international statistics stard) 833

4 GNI per Proportion of service industry to GDP(%) Wholesale & Retail, Repair Transportation, Storage Telecommunication Financial Agent Management Education, Healthcare, Social Work, Institution al, Restaurant Hotel residents Hiring employees Resource: International Statistics book ; Note: the conversion coefficient for GNI per actual purchasing power is With the increase of income per, the proportion of industries such as commercial, hotel restaurant to the overall service industry gradually declined, reducing from 13.9% in 1970 to 12.22% in 1991; the proportion of industries such as transportation, storage telecommunication was relatively stable; the proportion of financial agencies gradually increased, reaching 18.40% in 2000; while the proportion of industries such as social institutional individual service was on the rise, increasing from 9.34% in 1970 to 15.34% in (2) South Korea Table 5 illustrates weight composition variation of various service industries to GDP in South Korea from 1970 to 1991 from 1990 to 2001(in accordance with new international statistics stard). Table 5 Structure Evolution Process of South Korean Industry from 1970 to 1991 GNP Proportion of Finance, per service Insurance, Commercial, Transportation, Social industry to Real Estate hotel Storage (USD) GDP(%) restaurant Telecommunication Commercial Government (Classified in accordance with new international statistics stard) 834

5 GNI per Proportion of service industry to GDP(%) Wholesale & Retail, Repair, Restaurant Hotel Transportation, Storage Telecommunication Financial Agent Management Education, Healthcare, Social Work, Institutional, Restaurant Hotel residents Hiring employees Resource: International Statistics book Note: the conversion coefficient for GNI per actual purchasing power is With the increase of income per, the proportion of industries such as commercial, hotel restaurant to the overall service industry gradually declined, reducing from 12.68% in 1980 to 10.53% in 1991; the proportion of industries such as transportation, storage telecommunication was relatively stable; the proportion of financial agencies gradually increased, reaching 19.44% in 2000; while the proportion of industries such as education, healthcare, social work, social institutional individual service was on the rise, increasing from 8.93% in 1990 to 11.76% in (3) Taiwan Table 6 illustrates weight composition variation of various service industries to GDP in South Korea from 1992 to Table 6 Structure Evolution Process of Taiwan Industry from 1992 to 2001 GNP per (USD) Proportion of service industry to GDP(%) Wholesale, retail restaurant Transportation, Storage Telecommunication Finance, Insurance, Real Estate Commercial Government Resource: International Statistics book With the increase of income per, the proportion of industries such as wholesale, retail restaurant to the overall service industry gradually increased, from 13.46% in 1980 to 19.29% in 2001; the proportion of industries such as transportation, storage telecommunication was relatively stable; the proportion of industries such as finance, insurance, real estate commercial service was on the rise, reaching 20.49% in 2001; the proportion of government service was slightly increased. 3 Research Conclusions 835

6 From the above analyses data, we found: 3.1 Industry s Structure Evolution Rule in Developed Countries The economic development path in western developed countries revealed that in the process of economic development income enhancement, the proportion of service industry to GDP is on the rise. On the whole, service industry has experienced the following three stages: Stage I: preliminary phase of list industrialization, with industries such as commercial, hotel, restaurant, transportation telecommunication taking the leading role. The major symbol at this stage is the high-speed development of industries such as commercial, hotel, restaurant, transportation telecommunication. The expansion of industrial l market depends on commercial development; meanwhile commodity sale shipping rely on fast operation of transportation telecommunication industries. In the meanwhile, industries such as hotel restaurant experienced rapid development with increasing social activities enhanced pace of life. In this phase of the early 18 th century, tertiary industry accounted for 40% of GDP, half of which came from the commercial telecommunication industry. Stage II: from the end of 19 th century to the beginning of 20 th century, with industries such as finance, insurance, real estate industrial service developing together with industries such as commercial, hotel, restaurant, transportation telecommunication. The major symbol at this stage is the rapid development of industries such as finance, insurance, real estate industrial service. From the end of the 19 th century to the beginning of the 20 th century, lism developed from free competition to monopoly. The rising of joint stock company multi-national corporation need large amount of expansion l, the financial industry, an important l financing allocating tool, meet with the above expansion l need. After World War II, scientific development shorten the information dissemination collection time, which promoted the rapid development of industries such as finance, insurance, real estate industrial service. Meanwhile, industries such as commercial, hotel, restaurant, transportation telecommunication also underwent considerable development after adopting new technology service manner. Stage III: social individual service(government service excluded)achieved rapid development, finance, insurance, real estate industrial service maintained stable development, while traditional service steppped into relatively slow development stage. With the improvement of living stard increase of leisure time, consumption need changed from physiological consumption needs to entertainment consumption needs. Needs of amusement, leisure, healthcare, education medical treatment were increasing, which promoted rapid development of institutional individual service. Meanwhile, with information industry changing with each passing day, industries such as finance, insurance, real estate industrial service maintained a stable growth rate. On the other h, traditional service stepped into relatively slow development due to consumption needs update, which caused the declining proportion of traditional commercial, hotel, restaurant, transportation to tertiary industry. 3.2 Industry s Structure Evolution Rule in Countries Similar to China (1)Transportation, storage telecommunication took on rapid development trend when GNI per entered the range of $3000 to $8000, later stepped into a stable development stage. (2)Commercial hotel developed in a relatively stable trend when GNI per was above $3000 level. However, Taiwan was a special case, where the proportion of commercial hotel was the largest took on upside trend. We think it is related to national culture has a pretty good reference value to the development of China mainl s service. (3)Finance, insurance, real estate industrial service exhibited rapid development trend when GNI per was above $3000 level, accelerating development trend when GNI per was above $5000 level. (4)The proportion of individual industry, including community industry was gradually increasing 836

7 with enhancing GNI per. (5)Tourism industry experienced rapid development when GNI per entered the range of $2500 to $9000. Reference [1] Economy Globalization Modern Industry[ M], Fanhua Huang, Nanjing Publishing House, [2] Review on Western Tertiary Industry Theoretical Evolution[J], Shuying Wang, Hunan Social Science Journal,2003,(5):85-88 [3] Evolution Rule of American Tertiary Industry s Internal Structure[J]. Journal of Reform,2003, (4): Name of Author: Liu Yang Date of Birth: November, 1969 Place of Birth: Yueyang, Hunan Province Title: Associate Professor, Institution of Economic, Changsha University of Science&Technology Doctor of Economics, Post-doctor of Finance Major Accomplishment: Compile of Enterprises Reorganization & Listing Operation, Published by People Daily Publishing House, July The book is highly appreciated by experts professionals;; Euro s Smooth Circulation Means Asia-yuan s Possibility, Shanghai Finance, No.7, 2002; Factors Influencing Gold Price, Value Maintenance Investment Value Analyses, World Economy Situation, No.16, 2002; East Asia Model with Explanation in Two Aspects Remark on China s Status in East Asian Integrated Interlocked System, World Economy Situation, No.20, 2002; Discuss on Listing Corporations Non-tradable share reform, World Economy Situation, No.10, 2003; Strategy Discuss: How to Perfect China s Independent Directors System, Productivity Research, No.3, 2003; Advantages of Corporate Securities Financing :A Comparative Analysis Based on Stock Financing, Population Economy, 2005 Special Edition; Stock Equity Structure Corporate Performance: A Theoretical Review, World Economy Situation, No.21, 2005; Market Liquidity Majority Shareholder Supervision, World Economy Situation, No.16, 2004; Theoretical Basis for Strategic Asset Allocation: Comparison Summary, Economic Review, No.3,

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