Abstract: The term industry is used interchangeably between manufacturing and services sectors, though in government documents it refers to manufacturing industries alone. Many lessons are to be learnt from the first and second industrial revolutions. At the heart of the first and second industrial revolutions were innovations in manufacturing that changed the economic equations. One lesson from the industrialization revolution experiences is that the transformation of raw items into valuable manufactured items changed human functionalities for the teeming mass of people making up society. These changed human functionalities generated the economic outcomes leading to wealth creation. The chapter specifically evaluates manufacturing functionalities, and their vital importance, in the context of national economic development.
Publication Year: 2012
Publication Date: 2012-05-24
Language: en
Type: book-chapter
Indexed In: ['crossref']
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