Industrialization

Industrialization
The process in which a society or country (or world) transforms itself from a primarily agricultural society into one based on the manufacturing of goods and services. Individual manual labor is often replaced by mechanized mass production and craftsmen are replaced by assembly lines. Characteristics of industrialization include the use of technological innovation to solve problems as opposed to superstition or dependency upon conditions outside human control such as the weather, as well as more efficient division of labor and economic growth.

Industrialization is most commonly associated with the European Industrial Revolution of the late eighteenth and early nineteenth centuries. The onset of the second World War also led to a great deal of industrialiazation which resulted in the growth and development of large urban centers and as well as suburbs. Industrialization is an outgrowth of capitalism and its effects on society are still undetermined to some extent, however it has resulted in a lower birthrate and a higher average income.


Investment dictionary. . 2012.

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