industrialization

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industrialization

the extensive development of organized economic activity for the purpose of manufacture. Industrialization is characterized by the transformation of a primarily agrarian economy into a more specialized, capital-intensive economy. Such a transformation was termed the Industrial Revolution in western Europe and North America during the 18th and 19th centuries. Compare DEINDUSTRIALIZATION. See STRUCTURE OF INDUSTRY, ECONOMIC DEVELOPMENT.
References in periodicals archive ?
Industrialization determined by initial increase in GDP per capita taken from Table 5.
The overlapping generations specification of Hansen and Prescott (2002) is chosen to prevent capital accumulation prior to industrialization.
Parente and Prescott (2000, 2004) explain China's late industrialization by institutional failure to adopt available technology.