1979•Unpublished venueRequires access
Industrialization
Clarence Zuvekas
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Abstract
Industrialization may be defined as the process of transforming raw materials, with the aid of human resources and capital goods, into (1) consumer goods, (2) new capital goods which permit more consumer goods ( including food) to be produced with the same human resources, and (3) social overhead capital, which together with human resources provides new services to both individuals and businesses. If the new goods and services created by industrialization are not widely distributed among the population, it may be said that only economic growth is taking place. But if they are the types of goods and services that are used to satisfy the basic human needs of a large percentage of the population, then industrial growth is being accompanied by development.