Post-industrial Economy – The economy of many economically developed countries, where most employment is now in service industries (not factories)

To remember the meaning of the term Post-industrial Economy, use the following mnemonic:

Post industry (post-industrial) in a parcel and please return as we only need services. That's how our economy is now.

NOTE: Service industry sectors include banking, education, tourism, accountancy, public relations, information technology (IT), hospitality (hotels and restaurants), entertainment, distribution, media, healthcare and sports. 

Post-industrial simply means "after industry", or the period following a significant reduction in a developed country's manufacturing activity.

These economies typically have a declining manufacturing sector, resulting in deindustrialisation, and a large and growing service sector.

There is also an increase in the use of information technology, leading to an "information age". 

The new raw materials of such an economy are information, knowledge, and creativity.

Manufacturing activity usually moves to less developed nations that make what is needed at much lower costs.

Post-industrial nations include the United Kingdom (first industrialised nation), most of Western Europe and the United States.