Industrialization

AAA

DEFINITION of '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.

INVESTOPEDIA EXPLAINS 'Industrialization'

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.

VIDEO

Loading the player...
RELATED TERMS
  1. Capitalism

    A system of economics based on the private ownership of capital ...
  2. Mondustrial Policy

    A fusion of "monetary policy" and "industrial policy," mondustrial ...
  3. Organized Labor

    An association of workers united as a single, representative ...
  4. Blue Collar

    A working-class person historically defined by hourly rates of ...
  5. Department Of Labor - DOL

    A U.S government cabinet body responsible for standards in occupational ...
  6. White Collar

    A working class that is known for earning high average salaries ...
Related Articles
  1. Economics

    What is Industrialization?

    Industrialization is the process of a society, usually a country, transforming itself from an agricultural-based economy to one based on manufacturing. Even then, agricultural output grows as ...
  2. Insurance

    The Rise Of The Modern Investment Bank

    Get to know a little bit about the institutions whose actions help to guide free markets.
  3. Credit & Loans

    The Evolution Of Banking

    Banks are a part of ancient history. Find out how this system of money management developed into what we know today.
  4. Economics

    Globalization: Progress Or Profiteering?

    Proponents of globalization argue that it helps the economies of developing nations and makes goods cheaper, while critics say that globalization reduces domestic jobs and exploits foreign workers. ...
  5. Insurance

    What Is The World Bank?

    You've heard of the World Bank, now find out how it functions and why some groups oppose it.
  6. Personal Finance

    How The Federal Reserve Manages Money Supply

    Find out how the Fed manages bank reserves and this contributes to a stable economy.
  7. Options & Futures

    The Ins And Outs Of Bank Fees

    These service charges could nickel and dime you right out of your nest egg.
  8. Personal Finance

    What Are Central Banks?

    They print money, they control inflation, and much, much more. All you need to know about central banks is here.
  9. Options & Futures

    Demystification Of Bank Accounts

    Find out which type of account suits your specific needs.
  10. Options & Futures

    Henry Ford: Industry Mogul And Industrial Innovator

    This man made his dream of bringing the automobile to the masses a reality.

You May Also Like

Hot Definitions
  1. Income Effect

    In the context of economic theory, the income effect is the change in an individual's or economy's income and how that change ...
  2. Price-To-Sales Ratio - PSR

    A valuation ratio that compares a company’s stock price to its revenues. The price-to-sales ratio is an indicator of the ...
  3. Hurdle Rate

    The minimum rate of return on a project or investment required by a manager or investor. In order to compensate for risk, ...
  4. Market Value

    The price an asset would fetch in the marketplace. Market value is also commonly used to refer to the market capitalization ...
  5. Preference Shares

    Company stock with dividends that are paid to shareholders before common stock dividends are paid out. In the event of a ...
  6. Accrued Interest

    1. A term used to describe an accrual accounting method when interest that is either payable or receivable has been recognized, ...
Trading Center