Answer (1 of 4): Industry is the key element in the economic development of any country or region. THE ROLE OF CAPITAL MARKET IN THE INDUSTRIALIZATION OF A COUNTRY ( CASE STUDY OF NIGERIA ) CHAPTER ONE The capital market is the market for dealings,( that is lending and borrowing ) In long –term loan able fund. Along with its technological components, the process of industrialization has entailed profound social developments, including the creation of a free market in labor, with a pivotal role for the entrepreneur. A. The priority areas that have been identified are: - Development of electronics, information, and communication technologies. In recent years, it has been argued that the importance of manufacturing has diminished over the last 20–25 years, resulting in premature deindustrialization or non-industrialization in developing countries. Entrepreneurs act as catalytic agents in the process of industrialization and economic growth. Two factors have been consistently important to this process: openness to the international economy and domestic market liberalization. The role of S&T is to lead national development and to support socio-economic needs. Industrialization is an outgrowth of capitalism, and its effects on society are still undetermined to some extent; however, it has resulted in … Development activity is not a mechanical process. Industrialization, the process of converting to a socioeconomic order in which industry is dominant. Industrialization plays a vital role in the economic development of an underdeveloped country. The comparison with Pakistan’s S&T policy highlights its weakness as well as its non-integration with economic, industrial, educational and other policies related to the socio-economic development of the country. States assume any responsibility for consequences which may arise from the use of the material. Britain was the first country to experience this phase of industrialization, an experience that began later in Western Europe, the United States and Japan. ABSTRACT: This paper presents the role of cooperatives on the socio-economic development of Ethiopia. The war-torn South lagged behind the rest of the country economically. 7 The Role of the Government in Promoting Industrialization and Human Capital Accumulation in Korea Joon-Kyung Kim, Sang Dal Shim, and Jun-I1 Kim 7.1 Introduction Korea’s economic growth performance in the past 30 years has been cited as an exemplary model of rapid economic development and has been termed an “economic miracle.” Cottage industry is a good alternative which causes very less pollution and also provide employment to large number of people than industries. INDUSTRIALIZATION IN LESS DEVELOPED COUNTRIES. The mobilization of resources by state planning expanded the country's industrial base. Bangladesh Government believes that rapid industrialization is a key to the country’s economic development. In the two and a half centuries since the Industrial Revolution in England, the process of industrialization has perhaps had more impact on all the nations of the world than any other complex set of forces. The pace of economic growth in any country depends to a great extent on people’s desire to develop. Modernisation of Industry: Industrial development is necessary for modernisation of agriculture. In the West, frontier life was ending. The Industrial Revolution, which took place from the 18th to 19th centuries, was a period during which predominantly agrarian, rural societies in Europe and America became industrial and urban. In India, agriculture is traditional and backward. It's doesn't seem logical to risk the life of future generation in the name of development. If in some country level of consciousness is low and the general mass of people has accepted poverty as its fate, then there will be little hope for development. After mercantilism was ended by the British in the 1840s, British North Americans began to engage in activities that led to early industrialization. It is evident that industrialization plays a major role in the economic development of an underdeveloped country. Terms such as “developed”, “industrialized” and “developing” are intended for statistical convenience and do not necessarily express a judgment. Financial system’s role in Balanced regional development. The role of the government in the development of the economy is also changing. Entrepreneurship plays a very important role in the economic development. Practically all societies at early stages of their development have viewed industrialization as the main vehicle for improving living standards. The market is a source from which industries obtain its capital for establishment expansion and modernization and from which the The term has been used frequently in the 20th and 21st centuries, but the concept has existed in the West for far longer. This paper attempts to throw some light on this role and evaluates the various Asia’s development of its industries is instructive: state-led development policies were responsible for lifting the region’s economies out of poverty … Industrialization of China in the Mao period, in spite of its stormy politics, left a particularly lasting impression for the study of the role of the state in economic development, not least because it contributed to the improvement of health and education of … In the economic study of the public sector, economic and social development is the process by which the economic well-being and quality of life of a nation, region, local community, or an individual are improved according to targeted goals and objectives.. Pakistan being a developing country also wants to achieve higher standard of living for its masses. Therefore, the Government in the In its purest terms, industry is the production of items from raw materials. Through the financial system, backward areas could be developed by providing various concessions or sops. SMEs are becoming more and more a subject of high attention in the developing countries, countries in transition but also in the countries with developed economies. A growing industrial sector is crucial to greater economic development and takes in … The historical facts reveal that all the developed countries of the world broke the vicious circle of underdevelopment by industrialization. If you took a look around the world, you will see that while developed countries are primarily industrial economies, the underdeveloped ones are predominantly agriculture driven. Manufacturing has traditionally played a key role in the economic development of developing countries. Any indication of, or reference to, a country, institution or other legal Agricultural sector plays a strategic role in the process of economic development of a country. By providing a market to these other sectors, industries facilities the development of the country. This ensures a balanced development throughout the country and this will mitigate political or any other kind of disturbances in the country. Developing countries have had considerable success in penetrating developed country markets but they are now encountering more market restrictions. On the other hand The processing of raw material at home curtails the import of goods and thereby helps in conserving foreign exchange. America's role in foreign affairs also changed during the late 1800's and early 1900's. At the same time, industrial workers buy consumer goods from other sectors. Industrialization in China* We see industrialization in China the last 150 years as an ongoing process through which firms acquired and deepened manufacturing capabilities. We need tractors, threshers, pump sets and harvesters to modernise … It is a known fact that more than seventy-five per cent of India’s population lives in villages and nearly seventy per cent of country’s work force are directly engaged in agriculture. The country built up its military strength and became a world power. Transport has played a catalytic role in the migration, leading to economic and social transformation of many nations. The role of S&T policy in industrialization and its impact on the economy is discussed1. Agricultural Development It helps in increasing the export of manufactured goods and thus earns foreign exchange. role of foreign capital in industrialization role of foreign capital in industrialization role of foreign capital in industrialization. ADVERTISEMENTS: The following points explain the role of industrial development in economic growth: 1. Industrialization brings structural changes in the pattern of foreign trade of the country. A frontier challenge for development strategy is to move beyond prescribing optimal economic policies, and instead -- taking a broad view of the interactions between economic, political and social constraints and dynamics -- to identify entry points capable of breaking a low-growth logjam, and initiating a virtuous spiral of cumulative change. We should use alternatives method of industrialization for the purpose of growth and development of our country. It is based on a national survey where 173 cooperatives and 831 cooperatives members were taken as a sample and Focused Group Discussions (FGDs) at eight different regions of the country were considered. It has already made a significant contribution to the economic prosperity of advanced countries and its role in the economic development of less developed countries is of vital importance. All over the world, there is growing evidence that SMEs play an important role in the national economic development of any country. 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