In Industrialized Modern Society, incomes vary enormously with the US and Canada having the most unequal distributions. The highest earning 20% of households receive 2.7 times the share of the lowest earning 40% in the US, and 2.3 times their share in Canada. Nonetheless, incomes in industrial societies, including the US and Canada, are more equal than in contemporary nonindustrial societies (328).In the infant stage of development, almost all the people lives in rural areas, depending on agriculture directly or indirectly. Therefore, if industrialization is promoted with neglecting agricultural sector, the income level of the majority of people remained stagnated at a low level, so that they cannot purchase manufactured goods which may be supplied from the domestic industrial sector. Because of the limited outlet market for their product, industrialization will fail soon.
Subject: Economics | Topics: Lecture