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The category of newly industrialized country ( NIC ), newly industrialized economy ( NIE) [1] or middle income country [2] is a socioeconomic classification applied to several countries around the world by political scientists and economists. They represent a subset of developing countries whose economic growth is much higher than that of other ...
Industrialisation ( UK) or industrialization ( US) is the period of social and economic change that transforms a human group from an agrarian society into an industrial society. This involves an extensive reorganisation of an economy for the purpose of manufacturing. [3] Industrialisation is associated with increase of polluting industries ...
The Industrial Revolution, sometimes divided into the First Industrial Revolution and Second Industrial Revolution, was a period of global transition of the human economy towards more widespread, efficient and stable manufacturing processes that succeeded the Agricultural Revolution. Beginning in Great Britain, the Industrial Revolution spread ...
A developed country, or advanced country, [3] [4] is a sovereign state that has a high quality of life, developed economy, and advanced technological infrastructure relative to other less industrialized nations. Most commonly, the criteria for evaluating the degree of economic development are the gross domestic product (GDP), gross national ...
The new machines helped to improve the productivity of each worker. However, industrialisation also involved the exploitation of new forms of energy. In the pre-industrial economy, most machinery was powered by human muscle, by animals, by wood-burning or by water-power. With industrialisation these sources of fuel were replaced with coal ...
Six European nations, Belgium, France, Germany, Italy, Luxembourg, and the Netherlands took a step toward economic integration with the formation of a common market of coal and steel. They formed the European Coal and Steel Community in 1951. The idea was to stream-line coal and steel production.
The development of one or more substantial manufacturing sectors with a high rate of growth; he indicates the leading sectors in the economy. Rostow regards the development of leading sectors as the 'analytical bone structure' of the stages of economic growth. There are generally three sectors of an economy: Primary Sector - Agriculture
As an upper-middle income country and member of the G20, Indonesia is classified as a newly industrialized country. [35] Indonesia nominal GDP reached 20.892 quadrillion rupiah ($1.371 trillion) in 2023, it is the 16th largest economy in the world by nominal GDP and the 7th largest in terms of GDP (PPP).