A period of rapid industrialisation is necessary for development’. Evaluate this statement

EconomicsType Of DocumentEssay
Number Of pages6 Page(s)/3300 wordsSpacingSingle Spacing

Industrialization generally translates to the development of agrarian-rural economies into industrialized urban economies dominated by services and manufacturing. Between around 1760 and 1840, England transitioned from an agrarian society into an industrialized society where the economy is focused on the capacity of society to grow and control crops; this era is best known as the Industrial Revolution (Allen, 2011). Many processes, which are usually done by hand, were mechanized during this time. Industry is closely likened to manufacturing, and industrialization primarily with manufacturing growth in the supposed’ factory sector, ‘ which at this time started to multiply. The manufacturing plants incorporated mechanical technology and the use of skilled, waged labour to operate machinery to supply vast quantities of standardized products to the price mechanism-mediated markets.  In its more full context, industrialization is closely linked to economic development, centred on expanding labour divisions and economic interdependencies throughout sectors of the economy and between and with nations (Freeman and Francisco, 2001). Internationally, industrialization and the subsequent increasing of labour division have been driven and dominated by entrepreneurs or laissez-faire economics.

Industrialization and Development A state’s economic situation is mainly dependent on the domestically developed industries. Commonly, developed states have relatively high GDPs. Which implies industries play a crucial role in a nation’s development and economic sustainability (Allen, 2011). Historical and economic analysis has shown predominantly that industrialization is correlated with increased employment, longer life expectancy, increased national and personal and gross domestic product and enhanced overall standard of living. As Britain was industrializing, for instance, overall national income rose from 1801 to 1901 by more than six hundred per cent. In 1850, employees in America and the United Kingdom earned eleven times as much on average as employees in non-industrialized countries.

Industrialization in LCDs or Developing Countries LDCs or developing nations are not industrialized or are still undergoing industrialization. In comparison, LCDs hire less than ten per cent of their workforce in industrial sectors; others (76%) work in the agrarian sector. The production adds just Twenty per cent to their nation’s economies; the majority of revenue comes from agricultural products such as cash crops cultivated just for exporting.


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