Industrialisation is the process by which an economy moves from primarily agrarian production to mass-produced and technologically advanced goods and services. This phase is characterised by exponential leaps in productivity, shifts from rural to urban labour, and increased standards of living.
By typical measurements, such as income per capita or labour productivity, industrialisation can be considered the most important economic development in human history. Industrialisation has been instrumental in the economic development of the world.
The process has improved productivity and allowed for mass production, which has increased standards of living. Human productivity and living standards remained relatively unchanged from the beginning of the agricultural age around 8000 to 5000 B.C.
Until the first industrialisation in Great Britain started in 1760. Through industrialisation, more goods are produced in less time, increased time for recreation and leisure, and an increase in real incomes. The major industrial shifts in Western economies occurred during the Industrial Revolution of the 18th and 19th centuries.
Industrialisation has enormously positive impacts on wages, productivity, wealth generation, social mobility and standard of living. Standard of living, traditionally measured as real income per person, increases exponentially during and after industrialisation.
From the Book – ‘ Know Everything about Corporate Social Responsibility ‘
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- What is Sustainable Economic Growth?
- What is Inclusive Growth?
(India CSR)
