Imo manufacturing has absolute advantages over services in a variety of ways. First off manufacturing is scalable. You can make 10,000 of something or 100,000 of something. With services you are limited by your hours in a day.
Even a successful solicitor has next to no money compared to an industrialist. That should tell you something.
Next and most importantly manufacturing has barriers to entry. We've seen with software that as wages go up the pressure builds to outsource to places like India. Actually we are seeing that across nearly all UK strong points, like accounting, business services. Buy them a computer, rent an office, get an internet connection and you are in business.
If you develop mega scale industry the sheer capital cost creates a barrier to entry. Just because say refining becomes very profitable, doesn't mean a bunch of competitors are going to come up with 10 billion pounds each and jump into the market. The likely person to expand is you(again scalable).
All you need to know is the power of Germany right now.
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