The Strength Of A Nation s Industrial Base Essay

The strength of a nation’s industrial base is often a harbinger of the extent of its social, economic, and political progress. Industrialization paves the way for greater economic opportunity by creating more jobs and more revenue by adding value to indigenous raw materials, and allows developing nations to equalize its footing with developed nations. In the wake of industrialization, comes a higher standard of living, modern conveniences, better healthcare and education. However, these benefits are experienced to a much lesser extent in developing countries, as they have not yet been fully industrialized. Some of these nations, progressing along the track of industrialization, instead get derailed enroute through premature deindustrialization. Premature deindustrialization, a term coined in a paper by economist for the International Labor Organization Sukti Dasgupta, and economic advisor at the University of Cambridge Ajit Singh, is defined as â€Å"jobless growth of manufacturing in the formal sector, and faster growth of services than of manufacturing† (Dasgupta and Singh). This phrase characterizes the economic situation of many developing countries, in which the manufacturing-based section of the economy declines while services expand, depriving the country of an opportunity to properly industrialize, become wealthier, and perhaps attain a first-world status. 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