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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 ...
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 ...
Industrialisation also means the mechanisation of traditionally manual economic sectors such as agriculture. Factories, refineries, mines, and agribusiness are all elements of industrialisation. Industrialisation ( UK) or industrialization ( US) is the period of social and economic change that transforms a human group from an agrarian society ...
Society makes such terms as it will with the requirements of modern efficient production, balancing off the new against the older values and institutions, or revising the latter in such ways as to support rather than to retard the growth process. The drive to maturity refers to the need for the economy to diversify.
One outcome of this was an increase in the overall amount of energy consumed within the economy, a trend which has continued in all industrialised nations to the present-day. The accumulation of capital allowed investments in the scientific conception and application of new technologies, enabling the industrialisation process to continue to ...
By 900 AD in Europe, developments in iron smelting allowed for increased production, leading to developments in the production of farm tools such as ploughs, hand tools and horse shoes. The plough was significantly improved, developing into the mouldboard plough, capable of turning over the heavy, wet soils of northern Europe.
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).
Reindustrialization. Reindustrialization is the economic, social, and political process of organizing national resources for the purpose of re-establishing industries. The process proceeds as a result of a need to reinvigorate national economies.