Abstract
Industrialization may be defined as the process of transforming raw materials, with the aid of human resources and capital goods, into (1) consumer goods, (2) new capital goods which permit more consumer goods ( including food) to be produced with the same human resources, and (3) social overhead capital, which together with human resources provides new services to both individuals and businesses. If the new goods and services created by industrialization are not widely distributed among the population, it may be said that only economic growth is taking place. But if they are the types of goods and services that are used to satisfy the basic human needs of a large percentage of the population, then industrial growth is being accompanied by development.
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Suggested Readings
Alexander, Robert J. A New Development Strategy. Maryknoll, N.Y.: Orbis Books, 1976.
Baer, Werner, and Larry Samuelson, eds. “Latin America in the Post-Import Substitution Era.” Special Issue, World Development, 5 (January–February 1977).
Balassa, Bela, and Associates. The Structure of Protection in Developing Countries. Baltimore: The Johns Hopkins Press for the International Bank for Reconstruction and Development and the Inter-American Development Bank, 1971.
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United Nations. Economic Commission for Latin America. The Process of Industrial Development in Latin America. Document No. E/CN.12/716/Rev. 1. New York, 1966.
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© 1979 C. Zuvekas
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Zuvekas, C. (1979). Industrialization. In: Economic Development. Palgrave, London. https://doi.org/10.1007/978-1-349-16275-8_11
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DOI: https://doi.org/10.1007/978-1-349-16275-8_11
Publisher Name: Palgrave, London
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