It's doesn't seem logical to risk the life of future generation in the name of development. The term has been used frequently in the 20th and 21st centuries, but the concept has existed in the West for far longer. Pakistan being a developing country also wants to achieve higher standard of living for its masses. 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. Terms such as “developed”, “industrialized” and “developing” are intended for statistical convenience and do not necessarily express a judgment. 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 ROLE OF CAPITAL MARKET IN THE INDUSTRIALIZATION OF A COUNTRY ( CASE STUDY OF NIGERIA ) CHAPTER ONE The capital market is the market for dealings,( that is lending and borrowing ) In long –term loan able fund. 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 … Answer (1 of 4): Industry is the key element in the economic development of any country or region. - Development of selected high technologies to lead the industrial structure adjustment. On the other hand The processing of raw material at home curtails the import of goods and thereby helps in conserving foreign exchange. INDUSTRIALIZATION IN LESS DEVELOPED COUNTRIES. Asia’s development of its industries is instructive: state-led development policies were responsible for lifting the region’s economies out of poverty … The role of S&T policy in industrialization and its impact on the economy is discussed1. Cottage industry is a good alternative which causes very less pollution and also provide employment to large number of people than industries. The role of S&T is to lead national development and to support socio-economic needs. Through the financial system, backward areas could be developed by providing various concessions or sops. Two factors have been consistently important to this process: openness to the international economy and domestic market liberalization. At the same time, industrial workers buy consumer goods from other sectors. Financial system’s role in Balanced regional development. It is not surprising, there fore, that governments have played an active role in promoting industrialization. If you took a look around the world, you will see that while developed countries are primarily industrial economies, the underdeveloped ones are predominantly agriculture driven. America's role in foreign affairs also changed during the late 1800's and early 1900's. The country built up its military strength and became a world power. 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. The market is a source from which industries obtain its capital for establishment expansion and modernization and from which the Agricultural sector plays a strategic role in the process of economic development of a country. 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. Bangladesh Government believes that rapid industrialization is a key to the country’s economic development. 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. In its purest terms, industry is the production of items from raw materials. 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. By providing a market to these other sectors, industries facilities the development of the country. It helps in increasing the export of manufactured goods and thus earns foreign exchange. The mobilization of resources by state planning expanded the country's industrial base. The role of the government in the development of the economy is also changing. Given the present environment of global competition, the private sector is playing an important role in the industrialization of the country. Modernisation of Industry: Industrial development is necessary for modernisation of agriculture. ABSTRACT: This paper presents the role of cooperatives on the socio-economic development of Ethiopia. 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 Therefore, the Government in the It is evident that industrialization plays a major role in the economic development of an underdeveloped country. This paper attempts to throw some light on this role and evaluates the various The priority areas that have been identified are: - Development of electronics, information, and communication technologies. A. A growing industrial sector is crucial to greater economic development and takes in … All over the world, there is growing evidence that SMEs play an important role in the national economic development of any country. 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.. We need tractors, threshers, pump sets and harvesters to modernise … The industrial sector also buys services from the tertiary sector, e. g. banking, insurance, transport and communication. Development activity is not a mechanical process. In the West, frontier life was ending. Industrialization, the process of converting to a socioeconomic order in which industry is dominant. Industrialization and Development in the Third World . SMEs are becoming more and more a subject of high attention in the developing countries, countries in transition but also in the countries with developed economies. Development of such industries can provide part-time occupation to the people engage in agriculture and a whole- time job to the village artisans and craftsmen. 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. 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. The pace of economic growth in any country depends to a great extent on people’s desire to develop. The war-torn South lagged behind the rest of the country economically. 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. If in some country level of consciousness is low and the general mass of people has accepted poverty as its fate, then there will be little hope for 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. Manufacturing has traditionally played a key role in the economic development of developing countries. After mercantilism was ended by the British in the 1840s, British North Americans began to engage in activities that led to early industrialization. States assume any responsibility for consequences which may arise from the use of the material. This ensures a balanced development throughout the country and this will mitigate political or any other kind of disturbances in the country. 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. Practically all societies at early stages of their development have viewed industrialization as the main vehicle for improving living standards. SMEs plays an important role in the economic development of a country. Any indication of, or reference to, a country, institution or other legal In India, agriculture is traditional and backward. Industrialization in China* We see industrialization in China the last 150 years as an ongoing process through which firms acquired and deepened manufacturing capabilities. Industrialization plays a vital role in the economic development of an underdeveloped country. ADVERTISEMENTS: The following points explain the role of industrial development in economic growth: 1. Entrepreneurs act as catalytic agents in the process of industrialization and economic growth. Industrialization brings structural changes in the pattern of foreign trade of the country. Agricultural Development The cost of production is high and productivity is low. We should use alternatives method of industrialization for the purpose of growth and development of our country. Industrialization is an outgrowth of capitalism, and its effects on society are still undetermined to some extent; however, it has resulted in … However, that definition has changed over the generations with industry covering a much wider range of activities. Developing countries have had considerable success in penetrating developed country markets but they are now encountering more market restrictions. The historical facts reveal that all the developed countries of the world broke the vicious circle of underdevelopment by industrialization. 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.” Transport has played a catalytic role in the migration, leading to economic and social transformation of many nations. role of foreign capital in industrialization role of foreign capital in industrialization role of foreign capital in industrialization. Of raw material at home curtails the import of goods and thereby helps in increasing the export of manufactured and... The following points explain the role of foreign capital in industrialization and economic growth the! 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