It helps in increasing the export of manufactured goods and thus earns foreign exchange. Answer (1 of 4): Industry is the key element in the economic development of any country or region. Manufacturing has traditionally played a key role in the economic development of developing countries. - Development of selected high technologies to lead the industrial structure adjustment. A growing industrial sector is crucial to greater economic development and takes in … Industrialization is an outgrowth of capitalism, and its effects on society are still undetermined to some extent; however, it has resulted in … We should use alternatives method of industrialization for the purpose of growth and development of our country. From 1928 to 1932, pig iron output, necessary for further development of the industrial infrastructure rose from 3.3 million to 6.2 million tons per year. The country built up its military strength and became a world power. Understanding the Role of Manufacturing in Development: 17 Two Important Questions B. Export-Led Growth and Industrialization: Relaxing the Balance-of-Payments 18 Constraint C. The Industrialization Experiences of Japan and the Republic of Korea 21 D. The Recent Deindustrialization Debate 32 REFERENCES 39 Industrialization of China in the Mao period, in spite of its stormy politics, left a particularly lasting impression for the study of the role of the state in economic development, not least because it contributed to the improvement of health and education of … 7 The Role of the Government in Promoting Industrialization and Human Capital Accumulation in Korea Joon-Kyung Kim, Sang Dal Shim, and Jun-I1 Kim 7.1 Introduction Korea’s economic growth performance in the past 30 years has been cited as an exemplary model of rapid economic development and has been termed an “economic miracle.” We need tractors, threshers, pump sets and harvesters to modernise … The term has been used frequently in the 20th and 21st centuries, but the concept has existed in the West for far longer. Agricultural sector plays a strategic role in the process of economic development of a country. Two factors have been consistently important to this process: openness to the international economy and domestic market liberalization. Agricultural Development The pace of economic growth in any country depends to a great extent on people’s desire to develop. The comparison with Pakistan’s S&T policy highlights its weakness as well as its non-integration with economic, industrial, educational and other policies related to the socio-economic development of the country. The Industrial Revolution, which took place from the 18th to 19th centuries, was a period during which predominantly agrarian, rural societies in Europe and America became industrial and urban. Entrepreneurship plays a very important role in the economic development. It is based on a national survey where 173 cooperatives and 831 cooperatives members were taken as a sample and Focused Group Discussions (FGDs) at eight different regions of the country were considered. On the other hand The processing of raw material at home curtails the import of goods and thereby helps in conserving foreign exchange. Any indication of, or reference to, a country, institution or other legal America's role in foreign affairs also changed during the late 1800's and early 1900's. It is a known fact that more than seventy-five per cent of India’s population lives in villages and nearly seventy per cent of country’s work force are directly engaged in agriculture. In the West, frontier life was ending. INDUSTRIALIZATION IN LESS DEVELOPED COUNTRIES. Entrepreneurs act as catalytic agents in the process of industrialization and economic growth. Asia’s development of its industries is instructive: state-led development policies were responsible for lifting the region’s economies out of poverty … Along with its technological components, the process of industrialization has entailed profound social developments, including the creation of a free market in labor, with a pivotal role for the entrepreneur. In the two and a half centuries since the Industrial Revolution in England, the process of industrialization has perhaps had more impact on all the nations of the world than any other complex set of forces. States assume any responsibility for consequences which may arise from the use of the material. It is not surprising, there fore, that governments have played an active role in promoting industrialization. In India, agriculture is traditional and backward. Terms such as “developed”, “industrialized” and “developing” are intended for statistical convenience and do not necessarily express a judgment. The market is a source from which industries obtain its capital for establishment expansion and modernization and from which the It has already made a significant contribution to the economic prosperity of advanced countries and its role in the economic development of less developed countries is of vital importance. Development activity is not a mechanical process. Transport has played a catalytic role in the migration, leading to economic and social transformation of many nations. This process has not been uniformly introduced in all countries, nor has it occurred at the same time or at the same rate. Britain was the first country to experience this phase of industrialization, an experience that began later in Western Europe, the United States and Japan. In the economic study of the public sector, economic and social development is the process by which the economic well-being and quality of life of a nation, region, local community, or an individual are improved according to targeted goals and objectives.. However, that definition has changed over the generations with industry covering a much wider range of activities. Practically all societies at early stages of their development have viewed industrialization as the main vehicle for improving living standards. The cost of production is high and productivity is low. Industrialization brings structural changes in the pattern of foreign trade of the country. Through the financial system, backward areas could be developed by providing various concessions or sops. Therefore, the Government in the This ensures a balanced development throughout the country and this will mitigate political or any other kind of disturbances in the country. This paper attempts to throw some light on this role and evaluates the various The role of S&T policy in industrialization and its impact on the economy is discussed1. ADVERTISEMENTS: The following points explain the role of industrial development in economic growth: 1. Industrialization in China* We see industrialization in China the last 150 years as an ongoing process through which firms acquired and deepened manufacturing capabilities. The priority areas that have been identified are: - Development of electronics, information, and communication technologies. Financial system’s role in Balanced regional development. role of foreign capital in industrialization role of foreign capital in industrialization role of foreign capital in industrialization. A frontier challenge for development strategy is to move beyond prescribing optimal economic policies, and instead -- taking a broad view of the interactions between economic, political and social constraints and dynamics -- to identify entry points capable of breaking a low-growth logjam, and initiating a virtuous spiral of cumulative change. It's doesn't seem logical to risk the life of future generation in the name of development. In recent years, it has been argued that the importance of manufacturing has diminished over the last 20–25 years, resulting in premature deindustrialization or non-industrialization in developing countries. All over the world, there is growing evidence that SMEs play an important role in the national economic development of any country. Wants to achieve higher standard of living for its masses industrial workers buy consumer goods from other sectors, facilities. 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