Industrial growth refers to the rapid expansion of industries and manufacturing processes within a given region or country. It involves advancements in technology, production methods, and the establishment of factories.
Related terms
Industrial Revolution: The Industrial Revolution was a period marked by significant changes in agriculture, manufacturing, mining, technology, and transportation during the 18th century. It led to widespread industrial growth globally.
Capitalism: Capitalism is an economic system characterized by private ownership of resources and means of production. It played a crucial role in fostering industrial growth through competition and profit motive.
Division of Labor: Division of labor is the specialization of tasks within a production process. It allows for increased efficiency and output, contributing to industrial growth.