Introduction and Overview: The Past, Present, and Future of Industrialization
Introduction and Overview: The Past, Present, and Future of Industrialization
This research concerns the past, present, and future role of industrialization in economic development. Industrialization refers to the sustained structural transformation of a traditional economy into a modern economy driven by high-productivity activities in manufacturing. In the 21st century industrialization remains relevant for poor countries trying to catch up with more advanced economies and to provide increasing standards of living for their populations. Although the need for industrialization remains, the challenges it faces are perhaps more daunting than in the past. The prominence of multinational companies in the global economy influences access to knowledge and technology. The rise of China as a workplace of the world makes it harder for late industrializers to enter markets for manufactured products. Jobless growth in manufacturing may contribute to unemployment and social tensions.
Keywords: industrial development, industrialization, global economy, manufacturing, economic development
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