Owing to the emerging technologies world wide, the
world manufacturing industry has geared up and has incorporated several new technologies within it's purview. Economists consider the
World manufacturing industry as a sector which generates a lot of wealth. Generating employment, introducing latest techniques, real earnings from shipments etc., have put the world manufacturing industry in a favorable position.
With the implementation of the concept of eco friendly environment, world manufacturing industry has taken several measures to ensure that the manufacturing industries worldwide abide by the eco friendly norms. World manufacturing industry also plays an important role in the defense of a country. By manufacturing aircrafts which play a vital role in the country's defense, the aerospace manufacturing industry acts as a shield. Other industries in the manufacturing sector manufactures products which are indispensable in our daily lives. With regard to the GDP or gross domestic product, world manufacturing industry contributes to the global economy as well as the global GDP.
World manufacturing industry and type of economy:
Capitalist economy:
Manufacturing industry in a capitalist economy indulge in mass production and make them available to the customers by earning profits.
Collectivist economy:
Manufacturing industry in a collectivist economy is guided by a state run agency for making available the manufactured goods depending on the requirement.
Modern economy:
Manufacturing industry in a modern economy operates under regulations framed by the Government.
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