Tax Glossary Definition
Industrialisation – Industrialisation refers to the process through which an economy transforms from primarily agrarian and manual labour-based to one dominated by industry and manufacturing. This transformation is marked by technological advancements, increased mechanisation, and the growth of factories and urban centres. It not only boosts economic productivity and employment but also drives major social, cultural, and environmental changes, including urbanisation and improvements in infrastructure and living standards.
Example: The Industrial Revolution in 18th-century Britain marked the beginning of global industrialisation, with innovations like the steam engine and textile machinery revolutionising production and trade
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