New technologies like steam engines, railroads, and telegraphs made communication and transportation easier. The ability to source and transport materials across the country with ease turned many local businesses into national companies. Workplace innovations, such as the assembly-line method of production, allowed these companies to produce goods on a mass scale. Expert Answers saintfester Certified Educator During the second half of the 19th century, a new wave of industrialization spread throughout the U.
There are mainly two types of determinants factors which influence the economic development of a country. A Economic Factors in Economic Development: The stock of capital and the rate of capital accumulation in most cases settle the question whether at a juven point of time a country will grow or not.
There are a few other economic factors which also have some bearing on development but their importance is hardly comparable to that of capital formation.
The surplus of foodgrains output available to support urban population, foreign trade conditions and the nature of economic system are some such factors whose role in economic development has to be analyzed: The strategic role of capital in raising the level of production has traditionally been acknowledged in economics.
It is now universally admitted that a country which wants to accelerate the pace of growth, has m choice but to save a high ratio-of its income, with the objective of raising the level of investment. Great reliance on foreign aid is highly risky, and thus has to be avoided. Economists rightly assert that lack of capital is the principal obstacle to growth and no developmental plan will succeed unless adequate supply of capital is forthcoming.
Whatever be the economic system, a country cannot hope to achieve economic progress unless a certain minimum rate of capital accumulation is realized.
However, if some country wishes to make spectacular strides, it will have to raise its rate of capital formation still higher. The principal factor affecting the development of an economy is the natural resources. Among the natural resources, the land area and the quality of the soil, forest wealth, good river system, minerals and oil-resources, good and bracing climate, etc.
For economic growth, the existence of natural resources in abundance is essential. A country deficient in natural resources may not be in a position to develop rapidly. In fact, natural resources are a necessary condition for economic growth but not a sufficient one.
Japan and India are the two contradictory examples. In less developed countries, natural resources are unutilized, under-utilized or mis- utilized. This is one of the reasons of their backwardness. This is due to economic backwardness and lack of technological factors.
Japan is one such country which is deficient in natural resources but it is one of the advanced countries of the world because it has been able to discover new use for limited resources. Increase in agricultural production accompanied by a rise in productivity is important from the point of view of the development of a country.
But what is more important is that the marketable surplus of agriculture increases. The importance of the marketable surplus in a developing economy emanates from the fact that the urban industrial population subsists on it.
With the development of an economy, the ratio of the urban population increases and increasing demands are made on agriculture for foodgrains. These demands must be met adequately; otherwise the consequent scarcity of food in urban areas will arrest growth.
In case a country fails to produce a sufficient marketable surplus, it will be left with no choice except to import foodgrains which may cause a balance of payments problem. UntilIndia was faced with this problem precisely.
In most of the years during the earlier planning period, market arrivals of foodgrains were not adequate to support the urban population. If some country wants to step-up the tempo of industrialization, it must not allow its agriculture to lag behind. The supply of the farm products particularly foodgrains, must increase, as the setting-up of industries in cities attracts a steady flow of population from the countryside.Chapter 18 RC.
important factor for Europe and agricultural productivity being quite important for the European settled countries. Other important factors are found to be, trade, total population, topography, and form of . The principal factor affecting the development of an economy is the natural resources. Among the natural resources, the land area and the quality of the soil, forest wealth, good river system, minerals and oil-resources, good and bracing climate, etc., are included. The principal factor affecting the development of an economy is the natural resources. Among the natural resources, the land area and the quality of the soil, forest wealth, good river system, minerals and oil-resources, good and bracing climate, etc., are included.
STUDY. The most important advances in industrialization. came in the last third of the nineteenth century.
How did the American government affect industrial growth? The most important development in the communications system in nineteenth-century America was the.
Another important factor to consider is the emission of Carbon Dioxide during manufacturing processes. Emissions have decreased over the past decade in many countries but the pace of decline has. Why are the factors of production important to economic growth?
The third factor, Find out why industrialization can be considered the most important economic transition in history. The development of the stationary steam engine was an important element of the Industrial Revolution; however, during the early period of the Industrial Revolution, most industrial power was supplied by water and wind.
In Britain by an estimated 10, horsepower was being supplied by steam. The Industrial Revolution began in Britan due to the sudden population growth.
Because Britain's population was very high at the time. Firstly, at the time period, agriculture in Britain was more. important factor for Europe and agricultural productivity being quite important for the European settled countries. Other important factors are found to be, trade, total population, topography, and form of .