Few events have transformed society as profoundly as the Industrial Revolution. The introduction of the factory system not only revolutionized the production landscape but also reshaped the social and economic contours of nations. This transformation was marked by the birth of industries such as textiles, iron, and glass-making, which catapulted productivity and altered every facet of daily life, setting the stage for modern civilization. However, the bastions of industrialization are not impervious to change. Jostein Hauge is a political economist and Assistant Professor in Development Studies at the University of Cambridge, based at the Centre of Development Studies and the Department of Politics and International Studies. In a new book – The Future of the Factory: How Megatrends are Changing Industrialization – he advocates for adaptive, forward-looking industrial strategies that are attuned to the realities of the 21st century. He argues that the current era is characterized by four 'megatrends' or significant shifts in technology, economy, society, and ecology that are collectively redefining the essence and trajectory of industrialization. These trends are challenging the conventional wisdom of manufacturing-led growth and industrial strategies. From the rise of service economies and digital automation to the complex web of global production networks and the pressing imperatives of ecological sustainability, these megatrends demand a reevaluation of the future of factories and the very notion of industrial development. @haugejosteinTo ensure you never miss an episode of In Pursuit of Development, please make sure to subscribe to our podcast, rate us to support the show, and share this episode within your networks. Your engagement helps us bring more insightful content to you and keeps the conversation going. Key highlightsIntroduction – 00:24Industrialization, factories, and wellbeing – 03:56Labor conditions in global production networks – 09:27Devising a good industrial strategy – 14:01The role of manufacturing – 24:14Automation and the fear of mass unemployment – 29:35Global governance and leveling the playing field – 38:03Industrial strategies in an age of ecological breakdown – 41:53
HostProfessor Dan Banik (@danbanik @GlobalDevPod)Apple Google Spotify YouTubeSubscribe: https://globaldevpod.substack.com/