კონფერენცია

∘ Giorgi Sanadze ∘
THE IMPORTANCE OF INDUSTRIALIZATION AFTER THE GLOBAL FINANCIAL AND ECONOMIC CRISIS

Summary

The following article clarifies the key concepts of industrialization especially after the different global and financial crises. It should be mentioned that Industrialization itself covers all of the social and economic parts closely related to the transformation processes from an agrarian economy into an economy where modern technologies play a crucial role.

In terms of industrialization, we strongly figure out the processes closely related to various demands for products and services erected in different types of social groups.

In the article, the financial and economic crisis is defined mainly as a social-based. But in some cases, the crisis might be caused by a pandemic situation.

The empirical observation on industrialization's impact on society began at the First Industrial Revolution. However, in order to study the effect of industrialization, great importance was attached to the geographical area of its distribution and the cultural characteristics of the society existed in certain the area.

Industrialization itself implies a global characterization. In the article, the two other phenomena closely related to industrialization is defined. They are commonly called deindustrialization and reindustrialization. The article includes a detailed characterization of both above-mentioned phenomena. It should be noted that deindustrialization as well reindustrialization strongly influence the wellness of society.

The term deindustrialization means the distribution of industrial processes in the countries with relatively poor economies where the labor cost and other taxes are definitely low (in other words – developing countries).

Recently, especially in post-crisis time, there has been a gradually growing interest in industrialization. The process by which the role of industrialization is still growing. It could be called the reindustrialization. The reindustrialization focuses on strategic importance in some developed countries and is considered to be the main means of GDP growth and, consequently, economic growth. When we talk about reindustrialization, first of all, we are going to define the widespread introduction of innovative approaches in industrial processes.

As it has been already mentioned above, the different types of economic crisis are referred in the following article, including recently raised COVID 19 Coronavirus pandemic processes. Due to COVID 19 has been caused by the non-economic matters, a demand on new methodological approaches became more and more important in order to better characterize the occurred situation and find out relevant ways to solve COVID 19 based problems in an effective manner. Therefore, a new term – Coronomics has been issued, which was combined through the merging of two words “Corona” and “Economics”. The economic processes unveiled additional new demands on innovative and high-tech products and services including different online applications, web-based platforms, and new business models.

Ivane Javakhishvili Tbilisi State University Paata Gugushvili Institute of Economics International Scientific C O N F E R E N C E S "ECONOMY – XXI CENTURY"

E ISSN 2587 - 4691	∘ Giorgi Sanadze ∘ THE IMPORTANCE OF INDUSTRIALIZATION AFTER THE GLOBAL FINANCIAL AND ECONOMIC CRISIS Summary The following article clarifies the key concepts of industrialization especially after the different global and financial crises. It should be mentioned that Industrialization itself covers all of the social and economic parts closely related to the transformation processes from an agrarian economy into an economy where modern technologies play a crucial role. In terms of industrialization, we strongly figure out the processes closely related to various demands for products and services erected in different types of social groups. In the article, the financial and economic crisis is defined mainly as a social-based. But in some cases, the crisis might be caused by a pandemic situation. The empirical observation on industrialization's impact on society began at the First Industrial Revolution. However, in order to study the effect of industrialization, great importance was attached to the geographical area of its distribution and the cultural characteristics of the society existed in certain the area. Industrialization itself implies a global characterization. In the article, the two other phenomena closely related to industrialization is defined. They are commonly called deindustrialization and reindustrialization. The article includes a detailed characterization of both above-mentioned phenomena. It should be noted that deindustrialization as well reindustrialization strongly influence the wellness of society. The term deindustrialization means the distribution of industrial processes in the countries with relatively poor economies where the labor cost and other taxes are definitely low (in other words – developing countries). Recently, especially in post-crisis time, there has been a gradually growing interest in industrialization. The process by which the role of industrialization is still growing. It could be called the reindustrialization. The reindustrialization focuses on strategic importance in some developed countries and is considered to be the main means of GDP growth and, consequently, economic growth. When we talk about reindustrialization, first of all, we are going to define the widespread introduction of innovative approaches in industrial processes. As it has been already mentioned above, the different types of economic crisis are referred in the following article, including recently raised COVID 19 Coronavirus pandemic processes. Due to COVID 19 has been caused by the non-economic matters, a demand on new methodological approaches became more and more important in order to better characterize the occurred situation and find out relevant ways to solve COVID 19 based problems in an effective manner. Therefore, a new term – Coronomics has been issued, which was combined through the merging of two words “Corona” and “Economics”. The economic processes unveiled additional new demands on innovative and high-tech products and services including different online applications, web-based platforms, and new business models.