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industrializationthe 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.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005