Industrialization Flashcards
Is one of the key factors of economic growth and development not to mention the proper use of natural resources, utilization of real or physical assets and employment of labor or the population.
Industrialization
The study of crafts in 2010, the ever increasing demand of the people for more goods led the way to invent many things
The first industrial revolution
First weaving machine
Spinning Jenny
Who contribute the hydraulic press
Joseph Bramah
Who contributed to the enhancement of steam engines by introducing separate condenser and double acting piston motion
James Watt
With his slide rest and pattern screw
Henry Maudslay
With the use of dividing engine led the way to produce machines by machines, mechanization to production to industrialization
Jesse Ramsden
Brought the so called “modern life”
The second industrialization
This era revolved around computerization, market competition and globalisation
The third industrialization revolution
The management system like the total quality management, lean production and six sigma became widely practiced worldwide.
The fourth and fifth industrial revolution
Modes of industrialization
Mercantilism
Protectionism
Laissez faire
Importation
Exportation
In protecting the economy of one’s country or state, it is important to optimize net exports.
Mercantilism
Restriction of the government’s on the Importation of goodsand services is through increasing tariffs, import quotas or more regulations to products sources from other countries.
Protectionism
An economic idea that means less involvement by means of regulations of the government to its private industries to let them operate on their own. Literally means “let alone”
Laissez- faire
When there is a surplus or we want to gain from scale to another country and increase gross domestic product, we sell them our domestically produced goods and services
Exportation
