Economic Development and Industrialization

Topics: Industrial Revolution, Economic development, Developed country Pages: 6 (1964 words) Published: June 25, 2013
GEOGRAPHY

INDUSTRIALIZATION
DEFINITION
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 industrialization which resulted in the growth and development of large urban centers and as well as suburbs. Industrialization is an outgrowth of capitalism.

The full form of GDP is Gross Domestic Product. GDP is the indicator of a country's economical status. INDUSTRIALIZATION IN INDIA

HISTORY OF INDIAN INDUSTRIALIZATION

Before India was introduced to the industrialization or the industrial revolution, india was largely an agricultural country. Before the british invasion India became famous for her handicrafts and textiles too. During the Mughal Period, India had a considerable variety of arts and handicrafts and the products commanded wide range of foreign markets. At that time no other country produced products that could be imported to India in exchange for cotton and silk goods which were in world-wide demand. Europe had to pay in billions for the increasing volume of Indian exports. India was also famous for jewelry of exquisite quality made out of gold, silver, copper, brass and bell-metal.Many urban centers were famous for carving work in ivory, wood, stone and marble. In bigger towns each handicraft was organized into a guild which safeguarded the professional interest of its members. The emergence of modern industrial enterprises can be traced back to the end of the 18th century. The new industrial activity took two forms, plantations and factory industries. Real and satisfactory progress in the factory industries began only after 1875. During the next two decades, two textile units - cotton and jute- flourished.

TRANSFORMATION IN INDIA BROUGHT ABOUT BY INDUSTRIALIZATION
Initially, India's domestic economy depended mostly on the agriculture. Globally, its textile and jewelry industry were very famous, but since all the industries were fully controlled by man, the speed of the produce could not match the growing demands of foreign merchants. Then began the industrial revolution in india, which was introduced by the british. The use of machines in the industries brought about great progress and economical growth to the country. One of the main reasons why India is a member of the BRICS nations[->0] and is tipped to be the next global superpower is its rapid pace of industrialization. India’s industrial growth was recorded in 2010 at 16.8%, highest in 20 years. Thus it has a major contribution to India’s economic growth rate in 2010-2011 which is measured at about an impressive 8.6%. The rate of investment in India has been found to have exceeded 36% of the country’s GDP and this has happened because India is making progress in the industrial sector by leaps and bounds.

IMPACT OF INDUST. REV.

On the technology front, the biggest advancements were in steam power. New fuels such as coal and petroleum, were incorporated into new steam engines. This revolutionized many industries including textiles and manufacturing. Also, a new communication medium was invented called the telegraph. This made communicating across the ocean much faster. But, along with this great leap in technology, there was an overall downfall in the socioeconomic and cultural situation of the people. Growth of cities were one of the major...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Term paper of economic development
  • economic development Essay
  • China’s Economic Growth and Development Essay
  • Essay about Economic development
  • Essay on ECONOMICS
  • Economics Notes: Economic Development Essay
  • Role of Entrepreneurship in Economic Development Essay
  • Entrepreneurs and economic development Essay

Become a StudyMode Member

Sign Up - It's Free