Industrial and Economic Development Patterns and Processes

These flashcards cover key terms and concepts related to industrial and economic development, globalization, and the relevant theories and processes.

Industrial Revolution

A period of rapid industrial growth and technological innovation that began in the 18th century in Britain.

Globalization

The process by which businesses or other organizations develop international influence or operate on an international scale.

Core countries

Nations with strong, diversified economies, high levels of education, and advanced technologies.

Periphery countries

Nations with less developed economies, often reliant on agriculture and raw material extraction.

Semi-peripheral countries

Nations that fall between core and peripheral countries, showing characteristics of both.

Industrialization

The process by which economies transform from primarily agrarian to industrial, involving the growth of industries and manufacturing.

Economic activity

Activities involving the production, distribution, and consumption of goods and services.

Takeoff stage

The third stage in Rostow's stages of economic growth where industrialization and economic growth accelerate.

Dependency theory

A theory that suggests that poor countries remain poor because of their economic dependence on wealthier nations.

Commodity dependence

When a country relies heavily on one or two commodities for economic stability.

Least-cost theory

A model proposed by Alfred Weber that states industries seek to minimize costs by considering transportation, labor, and agglomeration.

Postindustrial economy

An economy that has transitioned from manufacturing-based industries to service and information industries.