KAWA MULTIMEDIA PUBLICATIONS
Benefits of industrialisation.
Wherever it has occurred,' industrialisation has comes along with several benefits which include:
Manufacturing improves a country's balance of trade through the exportation of processed commodities which command higher prices in the outside markets. It also reduces the volume of imports into the country's markets.
Manufacturing industries provide employment to the nationals. This is more important with the ever-increasing world population especially m the developing countries where it may not be easy to employ all people on the land and in the service sector.
It encourages diversification of a country's economy and eliminates all the risks of relying on a few primary products whose prices are ever fluctuating in the world markets.
Manufacturing leads to self-sufficiency in manufactured goods, especially of the consumer type. Therefore, a country overcomes problems of depending on its foreign suppliers, such as reduced volume of goods and raised prices which may arise from adverse economic conditions and political crises.
It encourages efficient and maximum use of the available home resources like minerals, timberlands and water resources. It also provides market for agricultural raw materials.
Industrialisation raises the standards of living since the urban industrial workers have higher and more reliable incomes than farmers. They can thus demand a greater volume of consumer goods thereby stimulating more production.
It also stimulates the development of infrastructure and social services. Industrialisation stimulates the construction of roads, railways and other communication lines, which are indispensably necessary for the distribution of both raw materials and finished products.
The greater volume of taxes collected also enables the provision of education, medical services, water supplies and other social services.
The growth and development of industrial regions and districts stimulates the production of specialised farm products like market garden crops, dairy products and poultry products. Generally, industrialisation encourages the development of intensive commercial agriculture.
Manufacturing improves a country's balance of trade through the exportation of processed commodities which command higher prices in the outside markets. It also reduces the volume of imports into the country's markets.
Manufacturing industries provide employment to the nationals. This is more important with the ever-increasing world population especially m the developing countries where it may not be easy to employ all people on the land and in the service sector.
It encourages diversification of a country's economy and eliminates all the risks of relying on a few primary products whose prices are ever fluctuating in the world markets.
Manufacturing leads to self-sufficiency in manufactured goods, especially of the consumer type. Therefore, a country overcomes problems of depending on its foreign suppliers, such as reduced volume of goods and raised prices which may arise from adverse economic conditions and political crises.
It encourages efficient and maximum use of the available home resources like minerals, timberlands and water resources. It also provides market for agricultural raw materials.
Industrialisation raises the standards of living since the urban industrial workers have higher and more reliable incomes than farmers. They can thus demand a greater volume of consumer goods thereby stimulating more production.
It also stimulates the development of infrastructure and social services. Industrialisation stimulates the construction of roads, railways and other communication lines, which are indispensably necessary for the distribution of both raw materials and finished products.
The greater volume of taxes collected also enables the provision of education, medical services, water supplies and other social services.
The growth and development of industrial regions and districts stimulates the production of specialised farm products like market garden crops, dairy products and poultry products. Generally, industrialisation encourages the development of intensive commercial agriculture.