Industrialization, in economics, condition marked by an increase in the importance of industry to an economy. The process of industrialization describes the transition from an agricultural society to one based on industry. During the process of industrialization, per capita income (level of income per person) rises and productivity levels increase. Modern industrialization is often dated as having its origins in the Industrial Revolution, which began in Great Britain in the 18th century and spread to …
showed first 75 words of 749 total

showed last 75 words of 749 total
…rapidly relative to rich countries; therefore, catching up is not an inevitable historical process. In order to understand why the forces of catching up are only powerful in the developed world, American economist Moses Abramovitz introduced the idea of social capability, which means that relatively backward economies must reach certain social conditions to be able to adopt the technology of major industrial countries. These conditions include a large, capable workforce and a stable political system.