Industrialization: A Weapon for a Better Economy
Roles of Industrialization in Furthering a Nation’s Economic Growth and Development
The country that is more developed industrially only shows,
to the less developed, the image of its own future.
-
Karl Marx
Industrial Revolution is regarded as one of the thresholds that happened in our
story about having something from nothing. Without this, you cannot see tall and huge
establishments all the way to your home and nice automobiles running along your street.
Also, I would not have a chance to impart these ideas of mind to you. From the agricultural
phase, we already stepped forward to industrialization which at this point we are all living
in a Post-Modern Industrialization. Same with agriculture, industrialization plays an
indispensable part in the growth and development of a country’s economy.
As it takes part in the economic status of a certain country, it became a necessity
for each nation to be innovated. From this scenario back then, Karl Marx came up with
the conclusion that those countries who already achieved development through
industrialization became the reflection of those less developed in the future as they adapt
to the said advancement. Therefore, what are the roles of industrialization I am referring
to that lead many countries nowadays to achieve every country's dream of becoming
economically developed.
When we talked about industrialization's part in our economic development and
growth there are lots of roles it played however, we will only talk about two major roles.
In terms of economic development, we have this notion of people being the true wealth
of the nation. Formerly, Asia suffered a lot of problems with education, unemployment,
population, and distribution of income which lead those countries under its umbrella to go
through a low standard of living in which poverty was dominated. When industrialization
came into existence, countries who adapted it got a chance to experience an increase of
employment opportunity in which according to Saif (2018), industrialization gives
expanded work openings in little and huge scope ventures. In a mechanical economy,
industry assimilates underemployed and jobless specialists from the agrarian part,
subsequently expanding the pay of the network. There was also a reduction in the rate of
the population by which in a to some degree indirect way, industrialization prompts
smaller families. Surplus specialists relocate from the homestead division or farm sector
to enterprises, which are generally arranged in urban centers. Urban communities have
better sterilization offices, and medical care is all the more broadly accessible there.
Through the selection of family-arranging measures, individuals lessen the pace of
populace development in general as stated by Saif (2018). We can also notice an
increase in savings and investment because as indicated by Saif (2018), industrialization
expands laborers' pay, it additionally improves their ability to spare. These intentional
1
reserve funds invigorate financial development. By total impact, they inevitably lead to the
further extension of industry. All in all the first major role of industrialization is its
contribution to achieving a higher standard of living because in economic development,
which based from the previous discussion in our course Economic Development it always
has a concern to mitigates individuals from low expectations for everyday life into
legitimate work with appropriate safe house.
The second major role of industrialization is concentrated on attaining economic
growth. As I remembered, economic growth is the increase in the country's real level of
national output that can be measured by an increase in the country's GDP. From here,
industrialization allowed those countries to experience economic stability which
comprises an increase in national income, improvement in balance payments, stimulated
progress in other sectors, larger scope of technological progress, and great control of
economic activity. An increase in terms of national income achieved by which Saif (2018)
stated that Industrialization permits nations to utilize their scant assets. It expands the
amount and nature of merchandise fabricated in that organization, which makes a bigger
commitment to gross national product (GNP). According to Saif (2018), industrial action
is simpler to control and manage than agricultural action. Industrial production can be
extended—or cut down—to react to the cost and cost of, and interest for, an item.
In short, industrialization serves as an instrument to break the barrier and escape
from the vicious cycle of poverty. It gave many countries especially Asian nations an
opportunity to stand up from the crisis and misery of the past. They turned it like a weapon
used to fight back all the hardships and create a miracle of triumph but with all of this,
sustainability must always be monitored if you do not want to lose the sash of victory.
References
http://www.famousquotes123.com/industry-quotes.html
https://owlcation.com/social-sciences/ROLE-OF-INDUSTRIALIZATION-IN-ECONOMICDEVELOPMENT-OF-THECOUNTRY#:~:text=Increase%20in%20National%20Income,gross%20national%20prod
uct%20(GNP)
https://www.econlib.org/library/Enc/IndustrialRevolutionandtheStandardofLiving.html
2