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The shipping industry has been a key element of economic activity since ancient times. [257] Shipping remains one of the country's most important industries, accounting for 5% of GDP and employing about 160,000 people (4% of the workforce). [258] The Greek Merchant Navy is the largest in the world at 18% of global capacity. [214]
An 1880 penny-farthing (left), and a 1886 Rover safety bicycle with gearing. In business theory, disruptive innovation is innovation that creates a new market and value network or enters at the bottom of an existing market and eventually displaces established market-leading firms, products, and alliances. [1]
The economy of the People's Republic of China is a developing mixed socialist market economy, incorporating industrial policies and strategic five-year plans. [29] China is the world's second largest economy by nominal GDP and since 2016 has been the world's largest economy when measured by purchasing power parity (PPP).
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