MODERN BUSINESS in Comparative Perspective (EXAM PREPARATION) Essay

MODERN BUSINESS in Comparative Perspective (EXAM PREPARATION) - Essay Example This was happened between the 17th and 18th century In the late 17th century, the United Kingdom (UK) began the industrial revolution. Before industrialization, the people used to live in the rural area practicing farming. However, the countries had distinctive advantage in the manufacturing industry, especially in textile industry. Moreover, The development of the steam engine played important roles in ensuring an improvement in the banking industry. However, the UK banking industrywas lack of intermediation. In the early 18th century, the United States (US) began the industrial revolution. After the civil war, the US industry was changed drastically. The railroads distributed goods and products everywhere; therefore, the production level was increased. Before industrialization, the organizational structure was under hierarchy structure. However, when the population in the cities increased after revolution, the country was decreased between rich and poor. Moreover, increasing in US industries improved in the banking industry. The US banking industry supported many industries along with introducing the stock markets. Both early-industrialized countries focused on invention and innovation. The UK and US were creatively used in the textile and automotive industry with adequate support of the financial institutions where started growth of economies. Moreover, the manufacturing industries were set in these countries that marked the growth in the market share. Late or newly, industrialization refers to those countries whose level of economic development is between the developing and the first world classifications (Wyatt, 2009).  This means that these countries have moved from the agriculture based economy to the industrialized urban economy. Some of the countries that are industrialized include Germany, China, and Japan. The development of the railway network fastened the transportation of goods from one place to another. In addition,