Beginning in the 20th century, Luxembourg experienced several periods of transition. The largely agriculture-based economy became industrialized, driven by a powerful steel industry which remained the dominant sector from the immediate post-Second World War years to the mid-1970s. In 1974 the steel industry began to decline, marking the end of the ‘Trente Glorieuses’. Luxembourg was forced to implement considerable structural changes and embarked on its second major transition, from an industrial economy to a service economy based on the financial sector. The third is the transition to the knowledge economy, which is currently in full swing in Luxembourg
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