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 ?
The year of industrialization, [[tau].sub.i], and the population density at industrialization, [MATHEMATICAL EXPRESSION NOT REPRODUCIBLE IN ASCII], of both countries follow from Table 2; the exogenous parameters, [mu] = 0.6 and [phi] = 0.1, are taken from Parente and Prescott (2004); and the manufacturing TFP growth rate, [[gamma].sub.m] = 1.0009, is set to equal an agrarian TFP growth rate consistent with constant output and capital per capita and an annual population growth rate equal to that of China between 1800 and 1950.
This paper shows that once China's lower population density is accounted for, there is no longer a puzzle; the standard growth models correctly predict the earlier industrialization of England.
(4.) Industrialization determined by initial increase in GDP per capita taken from Table 5.2 in Lucas (2002) and Summers et al.