Main causes behind industrialisation” according to Allen, 2011;
North, 1991; Pomeranz, 2000; Acemoglu et at 2005...
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Main causes behind industrialisation” according to Allen, 2011;North, 1991; Pomeranz, 2000; Acemoglu et at 2005 articles. Explainthe most important factors that led to industrialization.discussing institutions and the great divergence; what was the roleof institutions for explaining the great divergence?
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Industrialisation is the process of transformation of aprimarily agricultural economy into one based on manufacturing ofgoods leading to overall replacement of individual manual labour bymechanised and mass production activity with craftsmen beingreplaced by assembly lines For any economy to make a successfultransition in its basic foundation requires existence of strongfactors which propel and necessitate this transition prosperitywith availability of resources and disposable capital becoming themain factors which lead to Rapid increase in needs and desireswithin an economy creating a gap which was successfully exploitedby Business organisations setting up manufacturing units to fulfillthe greatly increased requirements which were diverse and differentfrom earlier once leading to innovation in production of goodsThis required to be facilitated with the backing of a stablepolitical environment to provide confidence by minimising risk froman political instability with expectations of growth becomingincreasingly optimistic greater the prosperity and incomes of thecitizens within the economy Another factor leading toindustrialization was a growth in population with individualslooking for more innovative and satisfying work options as comparedto agriculture which was facing saturation leading to fulfillmentof the requirement
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