Industry

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Historical photo of a factory in Lodz (Poland), probably taken 1877 or 1878.

In economics, different kinds of manufacturing and services are broken down into groups called industries.[1] The word comes from a Latin word meaning "working diligently at a task". There are many different industries, like mining, farming and logging. The industrial revolution made new industries.

An industy produces goods or services which are of a common set of qualities and which are indistinguishable (called homogeneous, in economics). It uses standardised processes for production, mass production and divison of labor.

History[change | change source]

Slavery[change | change source]

Slavery, which is forcing people to make goods[2][not in the source given] and services, has happened since ancient times throughout the world as a way to have low-cost production. It usually produces goods for which profit depends on economies of scale.[3] International law has declared slavery illegal.[4]

Industrial Revolution[change | change source]

The industrial revolution (from the mid-18th century to the mid-19th century) saw the development and popularization of using machines to make goods instead of using hands.[5] The industrial revolution played a role in the abolition of slavery in Europe and in North America.[6]

References[change | change source]

  1. industry - Definitions from Dictionary.com
  2. "Slavery in the 21st Century". newint.org. Archived from the original on 8 May 2002. Retrieved 2018-07-15.
  3. Compare: Lagerlöf, Nils-Petter (2006-08-30). "Slavery and other property rights" (PDF). Some argue that slavery died out due to the rise of industrial production modes, involving a larger number of work tasks, thus making slavery more costly in terms of supervision. Cite journal requires |journal= (help)
  4. United Nations. "Universal Declaration on Human Rights." General Assembly of the United Nations. 1948.
  5. Compare: "Industrial Revolution - Facts & Summary - HISTORY.com". HISTORY.com. Retrieved 2018-07-04. Before the advent of the Industrial Revolution, [...] [m]ost manufacturing was done in homes or small, rural shops, using hand tools or simple machines.
  6. Compare:Harley, Charles (September 2011). "Slavery, the British Atlantic Economy and the Industrial Revolution" (PDF). Working Paper: 7–8. As the Industrial Revolution proceeded, the main focus of economic attention shifted to the new industries created by Britain's technological prominence. These industries looked not for protection but for an opening of export markets. As the political economy shifted, the West Indian interest became vulnerable to their opponents. The slave trade was abolished in 1807 and slavery eventually abolished in 1833.