| Industry
: Industry is the
segment of economy concerned with production of goods. Industry
began in its present form during the 1800s, aided by technological
advances, and it has continued to develop to this day. Many "developed"
countries (The U.S., the UK, Canada) depend significantly on industry.
Industries, the countries they reside in, and the economies of those
countries are interlinked in a complex web that may be hard to understand
at first glance.
Industry in the second sense became a key sector of production in
European and North American countries during the Industrial Revolution,
which upset previous mercantile and feudal economies through many
successive rapid advances in technology, such as the development
of steam engines, power looms, and advances in large scale steel
and coal production. Industrial countries then assumed a capitalist
economic policy. Railroads and steam-powered ships began speedily
establishing links with previously unreachable world markets, enabling
private companies to develop to then-unheard of size and wealth.
Manufacturing is a wealth producing sector in an economy. Following
the Industrial Revolution, perhaps a third of the world's economic
output is derived from manufacturing industries—more than
agriculture's share.
In economics and urban planning, industrial is a type of land use
and economic activity involved with manufacturing and production.
|