This refers to an economic system characterized by the prevalence of manufacturing industries and mass production. It signifies a shift from agrarian societies where agriculture is the primary economic activity, to a system where mechanized production, factories, and a large workforce employed in industrial sectors dominate economic output. This framework fundamentally relies on technological advancements, especially in machinery and power sources, to increase efficiency and productivity. An example is the economic transformation experienced by Great Britain during the 18th and 19th centuries, marked by the rise of textile mills and coal-powered machinery.
The significance lies in its capacity to generate substantial economic growth and improve living standards. It facilitates increased availability of goods and services, fostering consumption and driving further economic expansion. Historically, it has contributed to urbanization as populations migrate to industrial centers seeking employment. This economic arrangement also fosters innovation and technological development as businesses strive for efficiency and competitive advantage. Furthermore, it creates a complex and interconnected global market through trade and investment, although it also presents challenges related to resource depletion and environmental impact.
