OBJECTIVE: EXPLAIN THE CAUSES AND EFFECTS OF THE INDUSTRIAL REVOLUTION WITH EMPHASIS ON- THE GROWTH OF INDUSTRIALIZATION AROUND THE WORLD. THE LASTING IMPACT OF INDUSTRIALIZATION

The Industrial Revolution had far- reaching and long- lasting effects. Aided by improved communication and transportation networks, trade and commerce spread new ideas from place to place.

INDUSTRIALIZATION AND THE BALANCE OF INTERNATIONAL POWER By the second half of the 20 th century, industrialization had changed the global economy. Nations that had industrialized were rich and influential; those that had not were poor and weak. Great Britain, France, Germany, Italy, Japan, Canada, and the United States became major powers. In these countries, technological innovations were accompanied by social and political reforms.

G-7 COUNTRIES

INDUSTRIALIZATION AND THE BALANCE OF INTERNATIONAL POWER Some nations in Europe (such as Russia, Spain, and Portugal) were and remain largely agricultural. Many nations in Africa, South Asia, and Latin America still lack the advantages of industrialization. Many receive economic aid form the industrialized nations.

INDUSTRIALIZATION IN THE 21 ST CENTURY The Industrial Revolution continues in the 21 st century. Many nations in Asia and Latin America that were dependent on agriculture in the 20 th century are beginning to industrialize. Some of the industrialization is driven by investments form native-born entrepreneurs. Much of it, however, come from multi-national corporations (huge businesses that operate in more than one nation).

BRIC COUNTRIES

MULTI-NATIONAL CORPORATIONS

INDUSTRIALIZATION IN THE 21 ST CENTURY Companies sometimes build new factories in developing countries to meet the higher global demand for goods. In some cases, however, they relocate factories to nations where they can pay workers less than those in industrialized nations. Today, consumer products purchased in the United States are more and more likely to be manufactured in other parts of the world.