What is Industrialization -short PDF

Preview

Summary

a short story for history . just in case you need to read some...

Description

What is Industrialization? learn.robinhood.com/articles/5UrnBV39B9cL7kwr1EwRYq/what-is-industrialization

Updated June 18, 2020

Robinhood Learn Democratize finance for all. Our writers’ work has appeared in The Wall Street Journal, Forbes, the Chicago Tribune, Quartz, the San Francisco Chronicle, and more. Definition: Industrialization is the process through which an agrarian (farm-based) economy transforms into one based on mass manufacturing.

Understanding industrialization Before the 1800s, human society was mostly organized around rural economies with a focus on farming. Industrialization is the process through which agrarian (farm-based) economies transform into ones based on mass manufacturing. It typically goes along with improvements in technology and infrastructure, urbanization, economic growth, and higher living standards. Historically, it has also sometimes led to higher levels of pollution and carbon emissions, as

1/7

well as exploitative labor practices. Starting in 18th-century Britain, the Industrial Revolution ushered in a period of industrialization in the West and North America. Countries around the world have followed suit, and in many the process of industrialization continues. Example A modern example of industrialization took place in China. The country’s manufacturing output jumped from $83B in 1970 to nearly $16.5T in 2010. This increase in production occurred due to a revolution in the Chinese economy. Between 1978 and 1988, the Chinese government encouraged village enterprises, and the number of collectively owned rural businesses increased from 1.5M to 18.9M. Chinese companies imported foreign machinery to begin mechanizing production, and by 1998, the nation became the world’s largest exporter of toys, textiles, and furniture. Since then, China has heavily industrialized, building millions of miles of roads and highspeed trains to transport goods and raw materials. While up to 800M Chinese citizens worked in agriculture in the 1970s and 1980s, only 350M did in 2006.

Takeaway Industrialization is like turning your garage into an apartment… Imagine your house is like an agrarian economy. Converting your garage into an apartment you can rent is one way to increase your home’s productivity. To do so, you’d have to invest money and effort, and change how you do things. You’d need to find somewhere else to park your car, add amenities, and do construction work. Similarly, agrarian economies have to change the way they do things and spend money and effort to industrialize.

2/7...