INDUSTRIALIZATION AND IT’S  IMPACT ON WORLD ECONOMY

 INDUSTRIALIZATION AND IT’S  IMPACT ON WORLD ECONOMY

 Industrialization can simply defined as the process of transforming economy based on extractive activities based on manufacturing.

In other words, industrialization refers to the process by an economy based on agriculture, lumbering, mining etc is transformed based on industries. Industrialization requires the establishment of many firms which are of producing goods and services.

ROLE OF INDUSTRIALIZATION IN ECONOMIC DEVELOPMENT OF A NATION

Industrialization or the industrial sector contributes greatly to the economic development of nations in the following ways:

  1. economic tools for nation building
  2. budgeting
  3. factors affecting the expansion of industries
  4. mineral resources and the mining industries
  5. demand and supply
  6. types of demand curve and used
  7. advertising industry
  8. factors of production
  9. entrepreneur
  10. joint stock company
  11. public enterprises
  12. private enterprises
  13. limited liability companies
  14. migration
  15. population
  16. market concept
  17. money market
  18. shares
  19. how companies raises funds for expansion
  20.  

WEED AND THEIR BOTANICAL NAMES
1. ENVIRONMENTAL FACTORS AFFECTING AGRICULTURAL PRODUCTION
2. DISEASES
3. 52. SOIL MICRO-ORGANISMS
4. ORGANIC MANURING
5. FARM YARD MANURE
6. HUMUS
7. COMPOST
8. CROP ROTATION
9. GRAZING AND OVER GRAZING
10. IRRIGATION AND DRAINAGE
11. IRRIGATION SYSTEMS
12. ORGANIC MANURING
13. FARM YARD MANURE
14. HUMUS
15. COMPOST
16. CROP ROTATION

  1. IRRIGATION AND DRAINAGE
    19. IRRIGATION SYSTEMS
    20. INCUBATORS
    21. MILKING MACHINE
    22. SIMPLE FARM TOOLS
    23. AGRICULTURAL MECHANIZATION
    24. THE CONCEPT OF MECHANIZATION
    25. PROBLEMS OF MECHANIZATION
    26. SURVEYING AND PLANNING OF FARMSTEAD
    27. IMPORTANCE OF FARM SURVEY
    28. SURVEY EQUIPMENT
    29. PRINCIPLES OF FARM OUTLAY
    30. SUMMARY OF FARM SURVEYING
    31. CROP HUSBANDRY PRACTICES
    32. PESTS AND DISEASE OF MAIZE- ZEA MAYS
    33. CULTIVATION OF MAIZE CROP
    34. OIL PALM
    35. USES OF PALM OIL
    36. MAINTENANCE OF PALM PLANTATION
    37. COCOA
    38.
    39. PROCESSES IN COCOA CULTIVATION
    HOLING AND LINING
    40. YAM
    41. LAND PREPARATION FOR YAM
    42. DEPT OF PLANTING
    43. SPACING OF YAM
    44. PLANTING DEPT OF YAM
    45. STORAGE OF YAM
    46. STAKING OF YAM
    47. HARVESTING OF YAM
    48. COWPEA
    JUTE
    49. FORAGE CROP AND PASTURE
    50. FORAGE GRASSES
    51. SILAGE
    52. PASTURE
    53. TYPES OF PASTURE
    COMMON GRASSES AND LEGUMES
    54. GRASSES
    55. LEGUMES
    56. ESTABLISHMENT OF PASTURES
    57. 201. FORAGE PRESERVATION
    58. HAY SILAGE
    59. FORESTRY IMPORTANCE OF FORESTRY 206. FOREST MANAGEMENT FOREST REGULATION DEFORESTATION AFFORESTATION
    60. DISEASES AND PESTS OF CROPS
    61. MAIZE SMUT
    62. RICE BLAST
    63. MAIZE RUST
    64. LEAF SPOT OF GROUNDNUT
    65. COW-PEA MOSAIC
    66. COCOA BLACK POD DISEASE

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  8. budgeting
  9. factors affecting the expansion of industries
  10. mineral resources and the mining industries
  11. demand and supply
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  13. advertising industry
  14. factors of production
  15. entrepreneur
  16. joint stock company
  17. public enterprises
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    141. LACTATION DIETS
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    148. NEWCASTLE DISEASE
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    150. ANTHRAX
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    155. TRYPONOSOMIASIS

    159. TAPE WORM
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    163. TICK
    164. LICE

  • Increase in gross national product (GNP): The industrial sector, through its operations like payment of taxes, increases the earning accruable to the nation.

  • Employment opportunities: Industries provide employment (job) for many people.
  • In international trade, it improves trade balance: Most of the products of manufacturing industries like machinery are usually imported from western nations. This forms the basis for international trade and improves trade balance between countries.

  • Stimulation of other sectors: The industrial sector stimulates the growth of other sectors like agriculture, mining and lumbering.
  • Control of inflation due to mass production: With modem technology, products like car and machinery can be mass produced. This can help to reduce inflation.

  • Technological development: Industrialization can also lead to the development of technology in the country.
  • Infrastructural development: The establishment of an industry in a place stimulates the development of infrastructural facilities like roads, telephone, electricity and pipe-borne water.
  • Diversification of the economy: The industrial sector helps different countries to prevent over-dependence on only one product like Nigeria’s present over dependence on crude oil. If Nigeria can invest in the industrial sector, her economy will in time be diversified.

  •  Training and development of skilled manpower: Many people are trained in different technical areas in order to acquire special skills to manage different aspects or machines in an industry. Owing to industrial development, many people are given such skill training.
  •  Funding of education and research: The industrial sector provides capital for the funding of education and research work in all nations, e.g. the Education Tax Fund (ETF) in Nigeria.
  • Conservation of foreign exchange: Industrialization has led to the conservation of foreign exchange which would have been used for importing goods now produced locally.
  • Improving standard of living: Industrialization also leads to the improvement or raising of the standard of living of the people through production of goods that are cheap and affordable.

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