What are the economic and economic factors affecting industrialization?

Answer 1

Economic factors affect industrialization as production input resources of capital,labour,interprise and land,however non economic factors of social and political intervention to direct the choices of consumption in production of goods and services,allocation of resources as a tool of capitalist hegemony in the doctrine of general equilibrium. It assumes that the normal condition of society is for the state to play as little a role in economic life as possible, because the market is part of human nature and the most efficient form of economic organization. The theory, therefore, has a role in legitimizing capitalist hegemony. The socialist economy in industrialization stresses on planning in allocation of resources for production of goods & services for the welfare & well being of the people.

Answer 2

tthere are many factors that effect the industrialization.

• unsufficient raw material
• not having enough machinery
• unskilled labour

its the main problems in the under develop countries which effect the industrialization.

Answer 3

Non economic Factors are those which are non-quantfiable and in general are not amenable to traditional tools of economic analysis. They are either not factored in economic theories and models or assumed as given.Examples are -political, social, cultural, religious and institutional aspects and may also include some elements of environmental concerns.