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The paper provides an interpretative framework and structured empirical evidence of the processes leading to the emergence of a light and slow growth economy in advanced countries. The interpretative framework rests upon the grafting of a) the Schumpeterian hypothesis about the role of creative reaction as the main determinant of the rate of technological change b) in a dynamic version of the Hecksher–Ohlin analysis with c) the Kuznets approach on the strict complementarity of structural and technological changes, and d) the new approach about the direction of technological change biased towards the most intensive use of locally abundant production factors. The analysis of the stylized facts and the empirical evidence confirms that the twin globalization of product and capital markets brought about by the entry of new labor abundant countries in international markets had profound effects on advanced …