The history of the developed countries shows that industrialization has formed the core of modern economic growth. Industrialization refers to the growth of ‘industry’ — mining, manufacturing, construction and infrastructure industries (transportation, communication and public utilities) — and the increase in its share of the total economy. Manufacturing is the most important component of industry. The development of modern factories, equipped with imported machinery and steam engines, marked the beginning of industrialization in the mid-1880s in Japan.
KeywordsDepression Europe Steam Transportation Income
Unable to display preview. Download preview PDF.