Question

Throw light on the concept of the deindustrialization​

Answer 1

Answer:

Deindustrialization- the process of social and economic change caused by the removal or reduction of industrial capacity or activity in a country or region, especially of heavy industry or manufacturing industry is known as deindustrialization. It is the opposite of industrialization, and therefore sometimes represents a step backward in the growth of a society's economy. The main reason for deindustrialization is the faster growth of productivity in manufacturing than in services. The process of de-industrialisation is an economic change in which employment in the manufacturing sector declines due to various economic or political reasons. The decline in employment in manufacturing is also followed by the fall in the share of manufacturing value added in GDP. It involves involves a decrease in the relative size and importance of the industrial sector in an economy. It may involve a decrease in the absolute size of industry or it might just mean that manufacturing/industry takes a smaller share of GDP and employs a smaller percent of the workforce.