Research of School of Business

Authors : Wimalarathane Wijitapure | TB Dewanarayana

Publication date : 2021/6

Journal : INTERNATIONAL JOURNAL OF INNOVATION AND INDUSTRIAL REVOLUTION

Description : Industrial revolutions are considered as turning points in the manufacturing sector making changes to production processors and products while making a huge impact to the lifestyle across the world. Industrial revolutions, among many others, redefined the trajectory of product specialization of every individual economy in the world paying the way for new division of the factors of production including the labour. The global division of labour and specialization were redefined as industrialized countries and primary product exporting countries. The global trade diversion and the creation were visible along with the industrial revolutions. New value chains emerged, some of the old value chains either the disappeared or replaced with new/amended chains reflecting the changing global economic contours. Along the timeline of industrialization backed by industrial revolutions, the final industrial product is a result of an assembled object from the components of different.

International product competitiveness of a country is mainly decided by the relative cost of production. The relative cost is again decided by the productivity, availability of quality resources including labour, cost of doing business, favourable macroeconomic factors and institutional factors. The historical global case studies suggest that the degree of global competitiveness in terms of manufacturing value additive (MVA) was shifting from the west to the east of the world in the past. This will continue further, and the Asian continent is going to be the economic powerhouse in the middle of this century, so that they are suggesting this would be the Asian Century in the world…

View Article : http://www.ijirev.com/PDF/IJIREV-2021-07-06-03.pdf