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Characteristic Of Industrialization

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General characteristics of industrialization in the contemporary period. In the dominant development paradigm the growth and development of economies has always been equated with structural shift in the economic structure from primary sector to secondary and tertiary sector. The secondary sector comprises of manufacturing, construction and mining activities. In the initial stages of development, the expansion of secondary sector in terms of both output and employment is an important shift for any economy. This is important because primary sector which is basically agriculture and related activities is generally presumed to be low productivity activities compared to the industry in which productivity has no bounds and can generate large amount …show more content…

There are different variants of industrial development followed by different countries. However, the common principle among them is the focus on competitiveness in terms of both price and quality, cost–cutting, technological advancement, flexible production systems, demand oriented production, development of and integration into global commodity chains. With the slow adaption of neo-liberal policies and removal of barriers on world trade, it has become essential for industry to supply competitive goods in a globalized trade regime as it is necessary to sustain them. The opening up of trade barriers and restrictions have also greatly changed the composition of production especially export production in the industrial sector for various countries. Different countries now produce export goods in which they have a comparative advantage that is the ones which they can produce more efficiently than others. This also means that domestic inefficient industries or firms either become efficient in providing goods that can compete with the foreign goods or close down and the composition of exports also change according to the comparative advantage. For instance countries which have which lack in technological knowledge generally export primary products and can import other products which require technical proficiency. Such a system creates …show more content…

The growth in industrial sector is given much importance as it is seen as a way for overall economic growth and development. However, this relation is not straightforward, that is industrial development does not necessarily contribute to development for

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