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Industrialisation or industrialization is the period of social and economic change that transforms a human group from an agrarian society into an industrial society. This involves an extensive reorganisation of an economy for the purpose of manufacturing . [ 3 ]
The economy of the Soviet Union was the world's first and most notable centrally planned economy. It was based on a system of state ownership and managed through Gosplan (the State Planning Commission), Gosbank (the State Bank) and Gossnab (State Commission for Materials and Equipment Supply). Economic planning was through a series of five-year ...
Some criticize industrial policy based on the concept of government failure.Industrial policy is seen as harmful as governments lack the required information, capabilities, and incentives to successfully determine whether the benefits of promoting certain sectors above others exceeds the costs and in turn implement the policies. [29]
Rowthorn and Wells [6] distinguish between deindustrialization explanations that see it as a positive process of, for example, maturity of the economy, and those that associate deindustrialization with negative factors like bad economic performance. They suggest deindustrialization may be both an effect and a cause of poor economic performance.
The Industrial Revolution led to a population increase, but the chances of surviving childhood did not improve throughout the Industrial Revolution, although infant mortality rates were reduced markedly. [109] [167] There was still limited opportunity for education, and children were expected to work. Employers could pay a child less than an ...
The table below shows that historically, for every major region of the world, both of these have been positive. This explains the enormous economic growth around the world brought on by the industrial revolution. However, the two columns on the right also show that, for every region, population growth in the future will decline and, in some ...
Much of the new technology that accompanied the industrial revolution was for machines which could be powered by coal. One outcome of this was an increase in the overall amount of energy consumed within the economy, a trend which has continued in all industrialised nations to the present-day. [7]
The Guangxu Emperor of the House of Aisin-Gioro, penultimate Emperor of the Qing dynasty. During the Manchu–led Qing dynasty, the economy was significantly developed and markets continued to expand especially in the High Qing era, and imperial China experienced a second commercial revolution in the economic history of China from the mid-16th century to the end of the 18th century. [1]