Economic Development
Much of modern economics has been dedicated to the importance of building an economy through industrialization. Industrialization brings more trade, more trade brings higher GDP, higher GDP = good. The view of developing countries is that they are the same as developed countries fundamentally, only they are poor. With outside help these developing countries can become industrialized.
In modern economics the goal of growth in an economy is to build up revenue to the point where there is surplus revenue. That surplus revenue becomes savings, and the savings can become investment. To many economists investment goes hand and hand with growth. A steady growth rate consists of a constant per capita output/income, coupled with investment. In order to achieve these goals set forth for an economy, key industry must spring up.
The idea that industrialization is the most important factor to nurse a growing economy is an idea that is shared by many modern economists. Industrialization is......
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