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Post-industrial Economy
A post-industrial economy is a period of growth within an industrialized economy or nation in which the relative importance of manufacturing reduces and that of services, information, and research grows. Such economies are often marked by a declining manufacturing sector, resulting in de-industrialization, and a large service sector as well as an increase in the amount of information technology, often leading to an "Information Age"; information, knowledge, and creativity are the new raw materials of such an economy. The industry aspect of a post-industrial economy is sent into less developed nations which manufacture what is needed at lower costs through outsourcing. This occurrence is typical of nations that industrialized in the past such as the United Kingdom (first industrialised nation), most of Western Europe and the United States. See also * Post-industrial society * Tertiary sector of the economy References Economy An economy is an area of the Production ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Industrialized
Industrialisation ( UK) or industrialization ( US) is the period of social and economic change that transforms a human group from an agrarian society into an industrial society. This involves an extensive reorganisation of an economy for the purpose of manufacturing. Industrialisation is associated with increase of polluting industries heavily dependent on fossil fuels. With the increasing focus on sustainable development and green industrial policy practices, industrialisation increasingly includes technological leapfrogging, with direct investment in more advanced, cleaner technologies. The reorganisation of the economy has many unintended consequences both economically and socially. As industrial workers' incomes rise, markets for consumer goods and services of all kinds tend to expand and provide a further stimulus to industrial investment and economic growth. Moreover, family structures tend to shift as extended families tend to no longer live together in one househol ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Outsourcing
Outsourcing is a business practice in which companies use external providers to carry out business processes that would otherwise be handled internally. Outsourcing sometimes involves transferring employees and assets from one firm to another. The term ''outsourcing'', which came from the phrase ''outside resourcing'', originated no later than 1981 at a time when industrial jobs in the United States were being moved overseas, contributing to the economic and cultural collapse of small, industrial towns. In some contexts, the term smartsourcing is also used. The concept, which ''The Economist'' says has "made its presence felt since the time of the Second World War", often involves the contracting out of a business process (e.g., payroll processing, claims processing), operational, and/or non-core functions, such as manufacturing, facility management, call center/call center support. The practice of handing over control of public services to private enterprises ( privatiz ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Globalization
Economic globalization is one of the three main dimensions of globalization commonly found in academic literature, with the two others being political globalization and cultural globalization, as well as the general term of globalization. Economic globalization refers to the widespread international movement of goods, capital, services, technology and information. It is the increasing economic integration and interdependence of national, regional, and local economies across the world through an intensification of cross-border movement of goods, services, technologies and capital. Economic globalization primarily comprises the globalization of production, finance, markets, technology, organizational regimes, institutions, corporations, and people.James et al., vols. 1–4 (2007) While economic globalization has been expanding since the emergence of trans-national trade, it has grown at an increased rate due to improvements in the efficiency of long-distance transportation, adva ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Systems
An economic system, or economic order, is a system of production, resource allocation and distribution of goods and services within an economy. It includes the combination of the various institutions, agencies, entities, decision-making processes, and patterns of consumption that comprise the economic structure of a given community. An economic system is a type of social system. The mode of production is a related concept. All economic systems must confront and solve the four fundamental economic problems: * What kinds and quantities of goods shall be produced: This fundamental economic problem is anchored on the theory of pricing. The theory of pricing, in this context, has to do with the economic decision-making between the production of capital goods and consumer goods in the economy in the face of scarce resources. In this regard, the critical evaluation of the needs of the society based on population distribution in terms of age, sex, occupation, and geography is very ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Postindustrial Society
In sociology, the post-industrial society is the stage of society's development when the service sector generates more wealth than the manufacturing sector of the economy. The term was originated by Alain Touraine and is closely related to similar sociological theoretical concepts such as post-Fordism, information society, knowledge economy, post-industrial economy, liquid modernity, and network society. They all can be used in economics or social science disciplines as a general theoretical backdrop in research design. As the term has been used, a few common themes, including the ones below have begun to emerge. # The economy undergoes a transition from the production of goods to the provision of services. # Knowledge becomes a valued form of capital; see Human capital. # Producing ideas is the main way to grow the economy. # Through processes of globalization and automation, the value and importance to the economy of blue-collar, unionized work, including manual labo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tertiary Sector Of The Economy
The tertiary sector of the economy, generally known as the service sector, is the third of the three economic sectors in the three-sector model (also known as the economic cycle). The others are the primary sector (raw materials) and the secondary sector (manufacturing). The tertiary sector consists of the provision of Service (economics), services instead of Product (business), end products. Services (also known as "Intangible good, intangible goods") include attention, advice, access, experience and affective labour. The tertiary sector involves the provision of services to other businesses as well as to final consumers. Services may involve the transport, distribution (economics), distribution and sale of goods from a producer to a consumer, as may happen in wholesaler, wholesaling and retailer, retailing, pest control or financial services. The goods may be transformed in the process of providing the service, as happens in the restaurant industry. However, the focus is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Post-industrial Society
In sociology, the post-industrial society is the stage of society's development when the service sector generates more wealth than the manufacturing sector of the economy. The term was originated by Alain Touraine and is closely related to similar sociological theoretical concepts such as post-Fordism, information society, knowledge economy, post-industrial economy, liquid modernity, and network society. They all can be used in economics or social science disciplines as a general theoretical backdrop in research design. As the term has been used, a few common themes, including the ones below have begun to emerge. # The economy undergoes a transition from the production of goods to the provision of services. # Knowledge becomes a valued form of capital; see Human capital. # Producing ideas is the main way to grow the economy. # Through processes of globalization and automation, the value and importance to the economy of blue-collar, unionized work, including manual lab ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States
The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 contiguous states border Canada to the north and Mexico to the south, with the semi-exclave of Alaska in the northwest and the archipelago of Hawaii in the Pacific Ocean. The United States asserts sovereignty over five Territories of the United States, major island territories and United States Minor Outlying Islands, various uninhabited islands in Oceania and the Caribbean. It is a megadiverse country, with the world's List of countries and dependencies by area, third-largest land area and List of countries and dependencies by population, third-largest population, exceeding 340 million. Its three Metropolitan statistical areas by population, largest metropolitan areas are New York metropolitan area, New York, Greater Los Angeles, Los Angel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Western Europe
Western Europe is the western region of Europe. The region's extent varies depending on context. The concept of "the West" appeared in Europe in juxtaposition to "the East" and originally applied to the Western half of the ancient Mediterranean world, the Latin West of the Roman Empire, and "Western Christendom". Beginning with the Renaissance and the Age of Discovery, roughly from the 15th century, the concept of ''Europe'' as "the Western world, West" slowly became distinguished from and eventually replaced the dominant use of "Christendom" as the preferred endonym within the area. By the Age of Enlightenment and the Industrial Revolution, the concepts of "Eastern Europe" and "Western Europe" were more regularly used. The distinctiveness of Western Europe became most apparent during the Cold War, when Europe was divided for 40 years by the Iron Curtain into the Western Bloc and Eastern Bloc, each characterised by distinct political and economical systems. Historical divisions ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Kingdom
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Northwestern Europe, off the coast of European mainland, the continental mainland. It comprises England, Scotland, Wales and Northern Ireland. The UK includes the island of Great Britain, the north-eastern part of the island of Ireland, and most of List of islands of the United Kingdom, the smaller islands within the British Isles, covering . Northern Ireland shares Republic of Ireland–United Kingdom border, a land border with the Republic of Ireland; otherwise, the UK is surrounded by the Atlantic Ocean, the North Sea, the English Channel, the Celtic Sea and the Irish Sea. It maintains sovereignty over the British Overseas Territories, which are located across various oceans and seas globally. The UK had an estimated population of over 68.2 million people in 2023. The capital and largest city of both England and the UK is London. The cities o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Raw Material
A raw material, also known as a feedstock, unprocessed material, or primary commodity, is a basic material that is used to produce goods, finished goods, energy, or intermediate materials/Intermediate goods that are feedstock for future finished products. As feedstock, the term connotes these materials are bottleneck assets and are required to produce other products. The term raw material denotes materials in unprocessed or minimally processed states such as raw latex, crude oil, cotton, coal, raw biomass, iron ore, plastic, air, lumber, logs, and water. The term secondary raw material denotes waste material which has been recycled and injected back into use as productive material. Raw material in supply chain Supply chains typically begin with the acquisition or extraction of raw materials. For example, the European Commission notes that food supply chains commence in the agricultural phase of food production. A 2022 report on changes affecting international trade noted that ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economy
An economy is an area of the Production (economics), production, Distribution (economics), distribution and trade, as well as Consumption (economics), consumption of Goods (economics), goods and Service (economics), services. In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the production, use, and management of resources. A given economy is a set of processes that involves its culture, values, education, technological evolution, history, social organization, political structure, legal systems, and natural resources as main factors. These factors give context, content, and set the conditions and parameters in which an economy functions. In other words, the economic domain is a social domain of interrelated human practices and transactions that does not stand alone. Economic agents can be individuals, businesses, organizations, or governments. Economic transactions occur when two groups or parties agr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
