In less than two centuries the process of industrialisation has spread from a tiny triangle in Britain to nearly 25 per cent of the world population. But it has so far largely by-passed the Third World, including China and socialist East Asia, and the southern periphery of Europe from Portugal to Bulgaria. These developing countries account for almost 75 per cent of the world population, but for only 20 per cent of the world income. On the other hand, the developed countries, with only 25 per cent of the population, have an average income per capita about ten times as high, and account for as much as 80 per cent of the real world output.