Key industry: Difference between revisions

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{{infobox4
|list1=
<ul>
<li>[[Life cycle of technology]]</li>
<li>[[Green Tech]]</li>
<li>[[Basic industry]]</li>
<li>[[External environment]]</li>
<li>[[Economic factor]]</li>
<li>[[Price control]]</li>
<li>[[Environment]]</li>
<li>[[Cost inflation]]</li>
<li>[[Life cycle of organization]]</li>
</ul>
}}
'''Key industry''' is an [[industry]] within the economic [[system]] which impacts the whole system in direct and indirect ways
'''Key industry''' is an [[industry]] within the economic [[system]] which impacts the whole system in direct and indirect ways
<ref>Antonelli C. (2014) p.84</ref>:
<ref>Antonelli C. (2014) p.84</ref>:
Line 28: Line 11:
For example, over century ago, maritime [[transport]] was considered as the world's key industry. Then as technology changes happened, it impacted for example iron and steam sectors<ref>Harlaftis G., Valdaliso J., Tenold S. (2012), p.1-7</ref>. Nowadays telecommunication and [[information]] services are<ref>Antonelli C. (2014) p.85</ref>.  
For example, over century ago, maritime [[transport]] was considered as the world's key industry. Then as technology changes happened, it impacted for example iron and steam sectors<ref>Harlaftis G., Valdaliso J., Tenold S. (2012), p.1-7</ref>. Nowadays telecommunication and [[information]] services are<ref>Antonelli C. (2014) p.85</ref>.  


== System without key industry ==
==System without key industry==
If the [[economic system]] does not have key industry it will impact '''negatively''' the whole system, because<ref>Antonelli C. (2014) p.85</ref>:
If the [[economic system]] does not have key industry it will impact '''negatively''' the whole system, because<ref>Antonelli C. (2014) p.85</ref>:
* [[cost]] of '''importing''' duties increases,
* [[cost]] of '''importing''' duties increases,
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* adaptation of new '''knowledge''' is delayed.
* adaptation of new '''knowledge''' is delayed.


== Example of key industries development policy ==
==Example of key industries development policy==
On the example of Shaghai [[government]], there are following steps which might be taken to influence development [[strategy]] by providing policies
On the example of Shaghai [[government]], there are following steps which might be taken to influence development [[strategy]] by providing policies
<ref>Ken M., Yun C. (2010), p. 79-81</ref>:
<ref>Ken M., Yun C. (2010), p. 79-81</ref>:
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# As consequence there was observed '''rapid''' '''increase''' of development for chosen industries (in years 1995-2000).  
# As consequence there was observed '''rapid''' '''increase''' of development for chosen industries (in years 1995-2000).  


{{a|Weronika Burzawa}}
{{a|Weronika Burzawa}}  
[[Category: Economics]]
[[Category: Economics]]  


==Footnotes==
==Footnotes==
<references />  
<references />
 
{{infobox5|list1={{i5link|a=[[Life cycle of technology]]}} &mdash; {{i5link|a=[[Green Tech]]}} &mdash; {{i5link|a=[[Basic industry]]}} &mdash; {{i5link|a=[[External environment]]}} &mdash; {{i5link|a=[[Economic factor]]}} &mdash; {{i5link|a=[[Price control]]}} &mdash; {{i5link|a=[[Environment]]}} &mdash; {{i5link|a=[[Cost inflation]]}} &mdash; {{i5link|a=[[Life cycle of organization]]}} }}


== References ==
==References==
* Antonelli C. (2014), ''The [[Economics]] of [[Innovation]], New Technologies and Structural Change. Routledge Studies in Global [[Competition]]. Studies in global competition'', Routledge
* Antonelli C. (2014), ''The [[Economics]] of [[Innovation]], New Technologies and Structural Change. Routledge Studies in Global [[Competition]]. Studies in global competition'', Routledge
* DaSilva A. (2016), [https://www.trade.gov/topmarkets/pdf/Media_and_Entertainment_Top_Markets_Report.pdf   ''2016 Top Markets Report Media and Entertainment. A Market Assessment Tool for U.S. Exporters''], U.S. Department of [[Commerce]], International Trade Administration  
* DaSilva A. (2016), [https://www.trade.gov/topmarkets/pdf/Media_and_Entertainment_Top_Markets_Report.pdf ''2016 Top Markets Report Media and Entertainment. A Market Assessment Tool for U.S. Exporters''], U.S. Department of [[Commerce]], International Trade Administration  
* Gu N., London K. (2010), [https://meyar.co/wp-content/uploads/2017/02/Understanding-and-facilitating-BIM-adoption-in-the-AEC-industry.pdf     ''Automation in Construction''], in "Automation in Construction 19 (2010)", Australia
* Gu N., London K. (2010), [https://meyar.co/wp-content/uploads/2017/02/Understanding-and-facilitating-BIM-adoption-in-the-AEC-industry.pdf   ''Automation in Construction''], in "Automation in Construction 19 (2010)", Australia
* Hanle L. J. (2004), [https://www3.epa.gov/ttn/chief/conference/ei13/ghg/hanle.pdf     ''CO2 Emissions Profile of the U.S. Cement Industry''], U.S. [[Environmental]] Protection Agency
* Hanle L. J. (2004), [https://www3.epa.gov/ttn/chief/conference/ei13/ghg/hanle.pdf   ''CO2 Emissions Profile of the U.S. Cement Industry''], U.S. [[Environmental]] Protection Agency
* Harlaftis G., Valdaliso J., Tenold S. (2012), ''The World's Key Industry: History and Economics of International [[Shipping]]'', Palgrave Macmillan
* Harlaftis G., Valdaliso J., Tenold S. (2012), ''The World's Key Industry: History and Economics of International [[Shipping]]'', Palgrave Macmillan
* Ken M., Yun C. (2010), ''Transition, Regional Development And [[Globalization]]: China And Central Europe'', World Scientific
* Ken M., Yun C. (2010), ''Transition, Regional Development And [[Globalization]]: China And Central Europe'', World Scientific

Latest revision as of 00:30, 18 November 2023

Key industry is an industry within the economic system which impacts the whole system in direct and indirect ways [1]:

  • is the most strategic,
  • generates crucial inputs,
  • generates profits,
  • provides capital,
  • provides goods,
  • provides production resources,
  • affects directly rest of system by decreasing levels of average costs,
  • affects indirectly rest of the system by delivering new knowledge and driving technological developments (because by implementation of new technologies it influences also other sectors).

For example, over century ago, maritime transport was considered as the world's key industry. Then as technology changes happened, it impacted for example iron and steam sectors[2]. Nowadays telecommunication and information services are[3].

System without key industry

If the economic system does not have key industry it will impact negatively the whole system, because[4]:

  • cost of importing duties increases,
  • cost of transportation increases,
  • relative prices increase,
  • production cost increase,
  • profitability level decrease,
  • adaptation of new technologies is delayed,
  • adaptation of new knowledge is delayed.

Example of key industries development policy

On the example of Shaghai government, there are following steps which might be taken to influence development strategy by providing policies [5]:

  1. Establishing institutions responsible for economic development strategy (in 1984),
  2. Establishing purposes (goals) such as: energy savings, waste reducing, technology developments, material savings and high value added,
  3. Choosing range of industries that will have the highest impact on the chosen goals: automobile, steel, petrochemical, tyre, power plain equipment, consumer electronics,
  4. Choosing ten crucial industries that will be covered with the new policy: automobile, telecommunication, computer, equipment, chemical, petrochemical, steel, electrical machinery, consumer electronics, chemical refining, power plain equipment,
  5. Establishing relevant policies (in 1990),
  6. Developing criteria for key industries such as: market size, input-output relations, technologic intensiveness, productivity growth etc.(in 1994),
  7. As consequence there was observed rapid increase of development for chosen industries (in years 1995-2000).

Author: Weronika Burzawa

Footnotes

  1. ↑ Antonelli C. (2014) p.84
  2. ↑ Harlaftis G., Valdaliso J., Tenold S. (2012), p.1-7
  3. ↑ Antonelli C. (2014) p.85
  4. ↑ Antonelli C. (2014) p.85
  5. ↑ Ken M., Yun C. (2010), p. 79-81


Key industry — recommended articles
Life cycle of technology — Green Tech — Basic industry — External environment — Economic factor — Price control — Environment — Cost inflation — Life cycle of organization

References

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