An industry is an area of economic production which involves large amounts of upfront capital investment before any profit can be realized. The most successful industries in a given sector tend, to be either companies started with a great deal of seed money, or early innovators of some new technology brought first to market, so that a great deal of capital can be quickly raised from sales for further research into technological improvements.
Industry became a key sector of production in European and North American countries during the Industrial Revolution, which upset previous mercantile and feudal economies through many successive rapid advances in technology, such as the development of steam engines, power looms, and advances in large scale steel and coal production. Industrial countries then assumed a capitalist economic policy. Railroads and steam-powered ships began speedily integrating previously impossibly-distant world markets, enabling private companies to develop to then-unheard of size and wealth. Following the Industrial Revolution, perhaps a third of world's economic output is derived from industry - more than agriculture's share, but now less than that of the service sector. |
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