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.

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. Industrial Revolution

    A period of major industrialization that took place during the ...
  4. Banking Department

    A state-specific regulatory body that oversees the operations ...
  5. Bank

    A financial institution licensed as a receiver of deposits. There ...
  6. Department Of Labor - DOL

    A U.S government cabinet body responsible for standards in occupational ...
Related Articles
  1. The Rise Of The Modern Investment Bank ...
    Insurance

    The Rise Of The Modern Investment Bank ...

  2. The Evolution Of Banking
    Credit & Loans

    The Evolution Of Banking

  3. Globalization: Progress Or Profiteering?
    Economics

    Globalization: Progress Or Profiteering?

  4. What Is The World Bank?
    Insurance

    What Is The World Bank?

comments powered by Disqus
Hot Definitions
  1. Correlation

    In the world of finance, a statistical measure of how two securities move in relation to each other. Correlations are used ...
  2. Letter Of Credit

    A letter from a bank guaranteeing that a buyer's payment to a seller will be received on time and for the correct amount. ...
  3. Due Diligence - DD

    1. An investigation or audit of a potential investment. Due diligence serves to confirm all material facts in regards to ...
  4. Certificate Of Deposit - CD

    A savings certificate entitling the bearer to receive interest. A CD bears a maturity date, a specified fixed interest rate ...
  5. Days Sales Of Inventory - DSI

    A financial measure of a company's performance that gives investors an idea of how long it takes a company to turn its inventory ...
  6. Accounts Payable - AP

    An accounting entry that represents an entity's obligation to pay off a short-term debt to its creditors. The accounts payable ...
Trading Center