What has the government done to encourage Industrialisation?
Government has done the following to encourage Industrialization: (i) A reasonable level of infrastructure is evident in Nigeria :- There are better systems of road networks, especially the express roads, efficient telecommunications, electricity and water supply systems.
Government has a variety of policy tools for increasing the rate of return for new technology and encouraging its development, including: direct government funding of R&D, tax incentives for R&D, protection of intellectual property, and forming cooperative relationships between universities and the private sector.
The governments of market economies, which have effectively industrialized, helped in accelerating industrial growth by establishing clear rules of the game, contributing judiciously to the construction of an industrial infrastructure and otherwise by intervening sparingly and carefully.
The government can promote industrial development through by ensuring there is low taxation and giving subsidies to promote investment and build good transportation network to promote economic growth.
Factors that influence industrialization include natural resources, capital, workers, technology, consumers, transportation systems, and a cooperative government.
- Natural resources. Become goods, Raw materials.
- Capital. needed to pay for the production of goods, Stable currency.
- Labor supply. Used to make goods, High birth rate.
- Technology. Better ways to make more and better goods, Electricity = more production power.
- Consumers. ...
- Transportation. ...
- Government support.
Government has a variety of policy tools for increasing the rate of return for new technology and encouraging its development, including: direct government funding of R&D, tax incentives for R&D, protection of intellectual property, and forming cooperative relationships between universities and the private sector.
Governments in many countries directly support scientific and technical research, for example, through grant-providing agencies (like the National Science Foundation in the United States) or through tax incentives (like the R&D tax credit).
A government can try to influence the rate of economic growth through demand-side and supply-side policies, Expansionary fiscal policy – cutting taxes to increase disposable income and encourage spending. However, lower taxes will increase the budget deficit and will lead to higher borrowing.
As a result, the government passed The Factory Act of 1833. It regulated excessive child labor and set limits on how many hours per day children could work. This was the first British government regulation of the industrial workplace. By the 1880s the government made education mandatory for all children ages 5 to 10.
What is the role of Industrialisation?
It comprises the development of industry, trade, transport, power, agriculture and mining etc. It leads to spectacular progress of all-round and raising the level of living. In a way, real progress of an economy depends largely on industrialization.
Industrialization is the process by which an economy moves from primarily agrarian production to mass-produced and technologically advanced goods and services. This phase is characterized by exponential leaps in productivity, shifts from rural to urban labor, and increased standards of living.
Possible solutions to the problems of industrialization. - The government to give incentives such as tax exemptions to investors in order to establish industries. -Local financial institutions should assist by giving long term loans at affordable loans. -Supplementing local raw materials with imported raw materials.
Policy-makers should prioritise access to ICT goods and services, fostering innovation and research, and updating laws on data localisation, protection and intellectual property rights. It is also important to increase market access for African firms through development of e-commerce.
The Industrial Development Corporation (IDC) of South Africa Limited was established in 1940 through an Act of Parliament (Industrial Development Corporation Act, 22 of 1940) and is fully owned by the South African Government.
Examples of industrialization are manufacturing (1900s), mining (1930s), transportation (1950s), and retailing (1970s).
- Industrialization brought us the current import-export market. ...
- It allows us to become more productive. ...
- Industrialization makes goods and services more affordable. ...
- It improves the quality of life for each person and household. ...
- Industrialization enhanced our medical care.
Industrialization has brought economic prosperity; additionally it has resulted in more population, urbanization, obvious stress on the basic life supporting systems while pushing the environmental impacts closer to the threshold limits of tolerance.
The Industrial Revolution began in Great Britain, and many of the technological and architectural innovations were of British origin. By the mid-18th century, Britain was the world's leading commercial nation, controlling a global trading empire with colonies in North America and the Caribbean.
Industrialization is the process by which an economy is transformed from a primarily agricultural one to one based on the manufacturing of goods. Individual manual labor is often replaced by mechanized mass production, and craftsmen are replaced by assembly lines.
How did industrialization impact society?
The Industrial Revolution brought rapid urbanization or the movement of people to cities. Changes in farming, soaring population growth, and an ever-increasing demand for workers led masses of people to migrate from farms to cities. Almost overnight, small towns around coal or iron mines mushroomed into cities.
- Lower Interest Rates. ...
- Give Tax Incentives. ...
- Friendly Trade Policies. ...
- Providing Contract Work to Private Companies. ...
- Grants, Loans and Disbursem*nts.
Government policies pertaining to science and technology
Related policies—with respect to educating the public, issuing patents, and developing human capital by nurturing a new generation of professionals and scientist with energy expertise—also have a critical role to play.
To maintain a strong economy, the federal government seeks to accomplish three policy goals: stable prices, full employment, and economic growth. In addition to these three policy goals, the federal government has other objectives to maintain sound economic policy.
Government has roles all along the innovation pathway, designing and implementing policy to create market mechanisms that facilitate deployment. Nearly all market mechanisms and policy tools are appropriate under some circ*mstance.
- Tax Cuts and Tax Rebates.
- Stimulating the Economy With Deregulation.
- Using Infrastructure to Spur Economic Growth.
The federal government refers to this policy as the research and experimentation (R&E) tax credit. According to the Treasury Department: “. . . the R&E Credit is also a cost-effective policy for stimulating additional private sector investment.
As well, the British government was open to the ideas of laissez-faire capitalism which were necessary for industrialization to occur. For example, the British government promoted free trade policies with its neighbouring countries which helped create markets for British produced goods.
The industrialisation strategies have created two distinct economic sectors, the import substitution sector and the export oriented sector.
Digitalisation is one way African countries can leverage the AfCFTA, boost manufacturing and create more productive jobs. By lowering the unit costs of production, information exchange and transactions, digital technologies can help African economies to develop new value chains, as well as strengthen existing ones.
How does industrial development benefit Liberia?
Diversification of the economy to include more industrial activities can reduce Liberia's dependence on natural resources, which can in turn insulate the Liberian economy from fluctuating commodity prices, as well as provide the foundation for more sustainable development not dependent on extraction of finite resources ...
