Quick Answer: Why Do We Need Industrialization?

What is Industrialisation and its importance?

Industrialization generates employment opportunities, provides educational opportunities, encourages advancement and innovation, and better utilizes resources.

All of these benefits and more make industrial development extremely valuable to a population and the local economy..

What are the effects of industrial development?

​Industrialization, while important for the economic growth and development of a society, can also be harmful to the environment. Amongst other things industrial process can cause climate change, pollution to air, water and soil, health issues, extinction of species, and more.

Is industrialization good for the economy?

Increased Savings and Investments Because industrialization increases workers’ income, it also enhances their capacity to save. These voluntary savings stimulate economic growth. By cumulative effect, they eventually lead to the further expansion of industry.

What are the positive effects of industrialization?

The Industrial Revolution had many positive effects. Among those was an increase in wealth, the production of goods, and the standard of living. People had access to healthier diets, better housing, and cheaper goods. In addition, education increased during the Industrial Revolution.

Is industrialization necessary for development?

For reducing the increasing pressure of exploding population on our developing economy, rapid industrialization is a must. We can use more capital and technologies.

Why is the industry important?

Industrial growth helps in reducing the unemployment and poverty. Industrial growth can earn foreign exchange by exporting the finished goods and thus, can expand its trade and commerce. Because they provide us various devices useful for us. they make it from raw material.

Why is industrial development important?

Industrial development helps in the rapid growth of national and per capita income. The history of economic development of advanced countries shows that there is a close relation between the level of industrial development and the level of national and per capita income.

What is the role of industrialization in development?

Industrialization increases the supply of goods for internal and external markets. … The government receives revenue in the form of custom and excise duties, sales and income taxes from the industrialists due to which government revenue increases.

Is industrialization good or bad?

Industrialization is mostly good for the economy. Mass production of goods puts people to work, and the goods are cheaper so more people can buy them. … Industrialization contributes to negative environmental externalities, such as pollution, increased greenhouse gas emission, and global warming.

What are the pros and cons of industrialization?

The Rise of the Machines: Pros and Cons of the Industrial…Pro: Goods Became More Affordable and More Accessible. … Pro: The Rapid Evolution of Labor-Saving Inventions. … Pro: The Rapid Evolution of Medicine. … Pro: Enhanced Wealth and Quality of Life of the Average Person. … Pro: The Rise of Specialist Professions. … Con: Overcrowding of Cities and Industrial Towns.More items…

What are the advantages and disadvantages of industrialization?

Advantages and Disadvantages of IndustrializationThe growth of industries has resulted in large scale production of goods which are available to the consumer at much cheaper rates.There is saving of time and labor.Industrialization has resulted in a considerable rise in the standard of living of the people.A number of substitutes in consumer goods are available.More items…•