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Class : 11
Unit : Business

Explain the evolution of industry.

Ans : In the early stage of civilization, human beings lived in caves and fulfilled their needs through hunting and other natural foods. Industry includes all those activities that produce goods or services by the use of human and mechanical power. Agriculture development contributed a lot to develop the industry up to the present stage. The development of industry can be started through five stages are: i) Handicraft stage:- This is the beginning stage of evolution of industry. The process of production was simple and many machines were not used. The used local materials to produce the handicraft production. At that time family was the unit of industrial organization. At this stage, there was no system of institutional development and division of labors. ii) Guild system:- Guild system may be introduced as organized groups of craftsmen and artisans 0f traders. In this stage, craftsmen, artisan, living in a region untied themselves in guild to protect the profession and commercial interest. iii) Domestic system:- The concept of guild was gradually declined and many artisans were started their production in their home. As a result, many skilled artisians became rich and a new class of entrepreneurship emerged. He sells the product at the profit for his risk factor and investment. This is the beginning stage of the factor of production. iv) Industrial revolution:- The industrial revolution is started in the 18th century from England. This revolution replaces the domestic system of production by large scale factory system. The major inventions of this stage were textile machine, transportation system etc. This had made large scale production easier. v) Present stage:- The present stage of industrial evolution is categorized by industrialization and globalization. It is categorized by an introduction of automatic machine, computer, communication, wire and internet etc. The scientific invention and discoveries have brought many changes in industrial production, distribution. At this stage, products produce in one corner of the world is available in all countries.
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