chapter  12
14 Pages

Industrialization

WithRashed Al Mahmud Titumir

The process of industrialization has been taking place in Bangladesh with a dawdling rate of transition from agriculture to a sustainable manufacturing base. The process of industrialization generally takes place in an economy through the transformation of a traditional agrarian society into an industrial one that fosters the growth of a manufacturing sector. The concept of industrialization can be understood with regard to such ideas of classical political economy as the division of labor, which renders both organization and intellectual aid in the production process. Import-substituting industrialization, which encourages the local production of industrial products, was advocated with a view to expanding infant industry and fostering industrialization at the national level. Export promotion considered as an outward-looking concept of industrialization was billed as an alternative to import-substituting industrialization, and several countries, namely Hong Kong, Taiwan, Singapore and Korea, were offered as examples.