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Early Industrialization

Definition

Early industrialization refers to the initial phase of industrial development when societies started transitioning from agrarian-based economies to ones focused on manufacturing and factory production.

Analogy

Think of early industrialization as starting a new factory that produces goods on a large scale. Just like how this transition revolutionized production methods during its time period, early industrialization marked significant changes in economic processes.

Related terms

Factory System: The factory system is an economic arrangement where goods are produced on a large scale within centralized facilities using specialized machinery and labor.

Capitalism: Capitalism is an economic system based on private ownership of resources with profit generation through market competition.

Division of Labor: The division of labor is an organizational concept where tasks are divided among different individuals or groups based on their skills or expertise.