I.

Introduction

Industry, in a general sense, the production of goods and services in an economy. The term industry also refers to a group of enterprises (private businesses or government-operated corporations) that produce a specific type of good or service—for example, the beverage industry, the gold industry, or the music industry. Some industries produce physical goods, such as lumber, steel, or textiles. Other industries—such as the airline, railroad, and trucking industries—provide services by transporting people or products from one place to another. Still other industries, such as the banking and restaurant industries, provide services such as lending money and serving food, respectively.

The word industry comes from the Latin word industria, which means “diligence,” reflecting the highly disciplined way human energy, natural resources, and technology are combined to produce goods and services in a modern economy.

While societies have always produced goods and services, large-scale production did not occur until the Industrial Revolution, a period of mechanization that began in Britain during the 18th century. Large-scale production is driven by machinery, makes use of advancing technologies, and employs a sizeable workforce unconstrained by preindustrial relationships, such as those of slavery or feudalism.

The Industrial Revolution did not occur in the United States until the first half of the 19th century. Although many countries have since developed or are beginning to develop industries in the second half of the 20th century, most of the world’s poorest countries have yet to establish a solid industrial base.