Industry refers to the production of an economic good or service within an economy.

Industrial sectors

There are four key industrial economic sectors: the primary sector, largely raw material extraction industries such as mining and farming; the secondary sector, involving refining, construction, and manufacturing; the tertiary sector, which deals with services (such as law and medicine) and distribution of manufactured goods; and the quaternary sector, a relatively new type of knowledge industry focusing on technological research, design and development such as computer programming, and biochemistry. A fifth, ''quinary'', sector has been proposed encompassing nonprofit activities. The economy is also broadly separated into public sector and private sector, with industry generally categorized as private. Industries are also any business or manufacturing. Industries can be classified on the basis of raw materials,size and ownership.

Raw Materials: Industries may be agriculture based, Marine based, Mineral based, Forest based.

Size: It refers to the amount of capital invested, number of people employed and the volume of production.

Ownership: Industries can be classified into private sector, state owned or public sector, joint sector and co-operative sector

Industry in the sense of manufacturing became a key sector of production and labour in European and North American countries during the Industrial Revolution, which upset previous mercantile and feudal economies through many successive rapid advances in technology, such as the steel and coal production. It is aided by technological advances, and has continued to develop into new types and sectors to this day. Industrial countries then assumed a capitalist economic policy. Railroads and steam-powered ships began speedily establishing links with previously unreachable world markets, enabling private companies to develop to then-unheard of size and wealth. Following the Industrial Revolution, perhaps a third of the world's economic output is derived from manufacturing industries—more than agriculture's share.

Many developed countries and many developing/semi-developed countries (People's Republic of China, India etc.) depend significantly on industry. Industries, the countries they reside in, and the economies of those countries are interlinked in a complex web of interdependence.

Industry is divided into four sectors. They are:

!Sector	!Definition
Primary	This involves the extraction of resources directly from the Earth, this includes farming, mining and logging. They do not process the products at all. They send it off to factories to make a profit.
Secondary	This group is involved in the processing products from primary industries. This includes all factories—those that refine metals, produce furniture, or pack farm products such as meat.
Tertiary	This group is involved in the provision of services. They include teachers, managers and other service providers.
Quaternary	This group is involved in the research of science and technology. They include scientists.

As a country develops people move away from the primary sector to secondary and then to tertiary.

There are many other different kinds of industries, and often organized into different classes or sectors by a variety of industrial classifications.

Industry classification systems used by the government commonly divide industry into three sectors: agriculture, manufacturing, and services. The primary sector of industry is agriculture, mining and raw material extraction. The secondary sector of industry is manufacturing. The tertiary sector of industry is service production. Sometimes, one talks about a quaternary sector of industry, consisting of intellectual services such as research and development (R&D).

Market-based classification systems such as the Global Industry Classification Standard and the Industry Classification Benchmark are used in finance and market research. These classification systems commonly divide industries according to similar functions and markets and identify businesses producing related products.

Industries can also be identified by product: chemical industry, petroleum industry, automotive industry, electronic industry, meatpacking industry, hospitality industry, food industry, fish industry, software industry, paper industry, entertainment industry, semiconductor industry, cultural industry, poverty industry

labor-intensive industry - capital-intensive industry

light industry - heavy industry

Proto-industry

Industrial development

The industrial revolution led to the development of factories for large-scale production, with consequent changes in society. Originally the factories were steam-powered, but later transitioned to electricity once an electrical grid was developed. The mechanized assembly line was introduced to assemble parts in a repeatable fashion, with individual workers performing specific steps during the process. This led to significant increases in efficiency, lowering the cost of the end process. Later automation was increasingly used to replace human operators. This process has accelerated with the development of the computer and the robot.

Declining industries

Historically certain manufacturing industries have gone into a decline due to various economic factors, including the development of replacement technology or the loss of competitive advantage. An example of the former is the decline in carriage manufacturing when the automobile was mass-produced.

A recent trend has been the migration of prosperous, industrialized nations toward a post-industrial society. This is manifested by an increase in the service sector at the expense of manufacturing, and the development of an information-based economy, the so-called informational revolution. In a post-industrial society, manufacturing is relocated to economically more favourable locations through a process of off-shoring.

The major difficulty for people looking to measure manufacturing industries outputs and economic effect is finding a measurement which is stable historically. Traditionally, success has been measured in the number of jobs created. The lowering of employee numbers in the manufacturing sector has been assumed to be caused by a decline in the competitiveness of the sector. The truth however is that it has been caused by the introduction of the lean manufacturing process. Eventually, this will lead to competing product lines being managed by one of two people, as is already the case in the cigarette manufacturing industry.

Related to this change is the upgrading of the quality of the produce being manufactured. While it is easy to produce a low tech, low skill product, the ability to manufacture high quality products is limited to companies with a high skilled staff.

Society

An industrial society can be defined in many ways. Today, industry is an important part of most societies and nations. A government must have some kind of industrial policy, regulating industrial placement, industrial pollution, financing and industrial labor.

Industrial labour

In an industrial society, industry employs a major part of the population. This occurs typically in the manufacturing sector. A labor union is an organization of workers who have banded together to achieve common goals in key areas such as wages, hours, and working conditions. The trade union, through its leadership, bargains with the employer on behalf of union members (rank and file members) and negotiates labor contracts with employers. This movement first rose among industrial workers.

War

The industrial revolution changed warfare, with mass-produced weaponry and supplies, machine-powered transportation, mobilization, the total war concept and weapons of mass destruction. Early instances of industrial warfare were the Crimean War and the American Civil War, but its full potential showed during the world wars. See also military-industrial complex, arms industry, military industry and modern warfare.

ISIC

ISIC (Rev.4) stands for International Standard Industrial Classification of all economic activities, the most complete and systematic industrial classification made by United Nations Statistics Division.

ISIC Rev.4 is a standard classification of economic activities arranged so that entities can be classified according to the activity they carry out. The categories of ISIC at the most detailed level (classes) are delineated according to what is, in most countries, the customary combination of activities described in statistical units, and considers the relative importance of the activities included in these classes.

While ISIC Rev.4 continues to use criteria such as input, output and use of the products produced, more emphasis has been given to the character of the production process in defining and delineating ISIC classes.

List of countries by industrial output

+Industrial output in 2010 (Nominal)	! Rank	! Country	! Output in billions of US$
	style="text-align:left;"

+Industrial output in 2010 (PPP)	! Rank	! Country	! Output in billions of US$
	style="text-align:left;"

See also

North American Industry Classification System

North American Product Classification System

Standard Industrial Classification

Industry information

References

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Coordinates	41°52′55″N87°37′40″N
name	Low Profile
background	group_or_band
origin	Los Angeles, California, U.S.
genre	West Coast hip hop
years active	1989–1990
label	Priority
associated acts	Ice-T, WC and the Maad Circle
past members	WCDJ Aladdin
notable instruments	}}

Low Profile was originally a duo of two aspiring rappers and a DJ coming out of L.A. The groups membership consisted of WC and DJ Aladdin, who went on to pursue a career in visual art. The duo made its debut with Rhyme Syndicate Records, on a compilation album produced by Ice-T and Afrika Islam, before becoming a duo on Profile Records.

The group was a short-lived but influential West Coast hip hop duo. Together, they released one album, ''We're in This Together'' before breaking up. They also appeared on the Rhyme Syndicate compilation ''Rhyme Syndicate Comin' Through''. DJ Aladdin began working with Ice T and WC formed a group called WC and the Maad Circle which included a then-unknown rapper named Coolio.

Discography

''We're in This Together'' (1990), Priority

References

External links

Low Profile at Discogs.

Category:American hip hop groups Category:West Coast hip hop groups Category:People from California Category:Musical groups from Los Angeles, California

Coordinates	41°52′55″N87°37′40″N
name	Jeffrey Sachs
color	lightsteelblue
birth date	November 05, 1954
birth place	Detroit, Michigan
nationality	United States
alma mater	Harvard University
institution	Columbia University
field	Political economics, International Development
influences	John Maynard Keynes
opposed	William Easterly, Daron Acemoğlu, Dambisa Moyo
influenced	Nouriel Roubini, Jared Diamond
contributions	Shock therapy, Millennium Villages Project }}

Jeffrey David Sachs (; born November 5, 1954, in Detroit, Michigan) is an American economist and Director of the Earth Institute at Columbia University. One of the youngest economics professors in the history of Harvard University, Sachs became known for his role as an adviser to Eastern European and developing country governments in the implementation of so-called economic shock therapy during the transition from communism to a market system or during periods of economic crisis. Some of his recommendations have been considered controversial. Subsequently he has been known for his work on the challenges of economic development, environmental sustainability, poverty alleviation, debt cancellation, and globalization.

Sachs is the Quetelet Professor of Sustainable Development at Columbia's School of International and Public Affairs and a Professor of Health Policy and Management at Columbia's School of Public Health. He is Special Adviser to United Nations Secretary-General Ban Ki-Moon, and the founder and co-President of the Millennium Promise Alliance, a nonprofit organization dedicated to ending extreme poverty and hunger. From 2002 to 2006, he was Director of the United Nations Millennium Project's work on the Millennium Development Goals, eight internationally sanctioned objectives to reduce extreme poverty, hunger, and disease by the year 2015. Since 2010 he has also served as a Commissioner for the Broadband Commission for Digital Development, which leverages broadband technologies as a key enabler for social and economic development. He is a member of the scientific committee of the Fundacion IDEAS, Spain's Socialist Party's think tank.

He has authored numerous books, including ''The End of Poverty'' and ''Common Wealth'', both New York Times bestsellers. He has been named one of ''Time Magazine'''s "100 Most Influential People in the World" twice, in 2004 and 2005.

Biography

Academic career

Sachs was raised in Oak Park, a suburb of Detroit, Michigan, and graduated from Oak Park High School. He attended Harvard College, where he received his B.A. ''summa cum laude'' in 1976. He went on to receive his M.A. and Ph.D. in economics from Harvard, and was invited to join the Harvard Society of Fellows while still a Harvard graduate student. In 1980, he joined the Harvard faculty as an Assistant Professor and was promoted to Associate Professor in 1982. A year later, at the age of 29, Sachs became a Full Professor of economics with tenure at Harvard.

During the next 19 years at Harvard, he became the Galen L. Stone Professor of International Trade, the Director of the Harvard Institute for International Development at the Kennedy School of Government (1995–1999), and the Director of the Center for International Development (1999–2002).

After the Center for International Development failed to attract sustainable funding or broad scholarly involvement, Sachs resigned from Harvard in March 2002 to become the Director of the Earth Institute at Columbia University in New York City. He is currently the Quetelet Professor of Sustainable Development, and he is also a professor for Columbia's Department of Economics and Department of Health Policy and Management. His classes are taught at the School of International and Public Affairs, the Mailman School of Public Health, and his course "Challenges of Sustainable Development" is taught at the undergraduate level.

Work on post-communist economies

Sachs is known for his work as an economic adviser to governments in Latin America, Eastern Europe, and the former Soviet Union. A trained macroeconomist, he advised a number of national governments in the transition from communism to market economies.

In 1985, Bolivia was undergoing hyperinflation and was unable to pay back its debt to the International Monetary Fund (IMF). Sachs, an economic adviser to the Bolivian government at the time, drew up an extensive plan, later known as shock therapy, to drastically cut inflation by liberalizing the Bolivian market, ending government subsidies, eliminating quotas, and linking the Bolivian economy to the US Dollar. After Sachs' plan was implemented, inflation fell from 11,750% to 15% per year from 1985 to 1987.

In 1990, the Polish government introduced shock therapy to break from communism. Sachs and ex-IMF economist David Lipton advised the rapid conversion of all property and assets from public to private ownership. After initial economic shortages and inflation, prices in Poland eventually stabilized.

In late 1991, the Russian government invited Harvard to give advice on reproducing the Polish experience. Harvard economist Andrei Shleifer advised President Boris Yeltsin on privatization and macroeconomic issues during the early stages of Russia's reforms. Sachs resigned shortly thereafter.

Work on global economic development

More recently, Sachs has turned to global issues of economic development, poverty alleviation, health and aid policy, and environmental sustainability. He has written extensively on climate change, disease control, and globalization, and is one of the world's leading experts on sustainable development.

In his 2005 work, ''The End of Poverty'', Sachs wrote "Africa's governance is poor because Africa is poor." According to Sachs, with the right policies and key interventions, extreme poverty — defined as living on less than $1 a day — can be eradicated within 20 years. India and China serve as examples, with the latter lifting 300 million people out of extreme poverty during the last two decades. Sachs believes a key element to accomplishing this is raising aid from $65 billion in 2002 to $195 billion a year by 2015. He emphasizes the role of geography and climate, with much of Africa suffering from being landlocked and disease-prone. However, he stresses that these problems can be overcome.

Sachs suggests that with improved seeds, irrigation, and fertilizer, the crop yields in Africa and other places with subsistence farming can be increased from 1 ton/hectare to 3-5 tons/hectares. He reasons that increased harvests would significantly increase the income of subsistence farmers, thereby reducing poverty. Sachs does not believe that increased aid is the only solution. He also supports establishing credit and microloan programs, which are often lacking in impoverished areas. Sachs has also advocated the distribution of free insecticide-treated bed nets to combat malaria. The economic impact of malaria has been estimated to cost Africa US$12 billion per year. Sachs estimates that malaria can be controlled for US$3 billion per year, thus suggesting that anti-Malaria projects would be an economically justified investment.

From 2002 to 2006, Sachs was the Director of the UN Millennium Project and Special Advisor to then Secretary-General Kofi Annan on the Millennium Development Goals. Sachs founded the Millennium Villages Project, a plan dedicated to ending extreme poverty in various parts of sub-Saharan Africa through targeted agricultural, medical, and educational interventions. Along with philanthropist Ray Chambers, Sachs founded Millennium Promise, a nonprofit organization, to help the Earth Institute fund and operate the Millennium Villages Project.

Now a Special Adviser to current Secretary-General Ban Ki-moon, Sachs is still a leading advocate for the Millennium Development Goals, frequently meeting with foreign dignitaries and heads of state. He has also become a close friend of international celebrities Bono and Angelina Jolie, both of whom have traveled to Africa with Sachs to witness the progress of the Millennium Villages.

Sachs has been a consistent critic of the IMF and its policies around the world. He has blasted the international bankers for what he sees as a pattern of ineffective investment strategies.

Criticisms

One of Sachs' strongest critics is William Easterly, a professor of economics at New York University. Easterly reproached ''The End of Poverty'' in his review for ''The Washington Post'', and Easterly's 2006 book ''White Man's Burden'' is an even more thorough rebuttal of Sachs' argument that poor countries are stuck in a "poverty trap" from which there is no escape, except by massively scaled-up foreign aid, though Sachs himself has clearly emphasized the need for a complex, multi-faceted, clinical and unique approach to economic development, of which increased and responsible foreign aid is nearly always a necessary but insufficient part. Easterly presents statistical evidence that he claims proves that many emerging markets attained their higher status without large amounts of foreign aid as Sachs proposes.

Another Sachs critic is Amir Attaran, a scientist and lawyer who holds the Canada Research Chair in Law, Population Health and Global Development at the University of Ottawa. Sachs and Attaran have worked closely as colleagues, including coauthoring a famous study in ''The Lancet'' documenting the dearth of foreign aid money to fight HIV/AIDS in the 1990s, which led to the creation of the Global Fund to Fight AIDS, Tuberculosis and Malaria. However, Sachs and Attaran part company in their opinion of the Millennium Development Goals, and Attaran argued in a paper published in ''PLoS Medicine'' and an editorial in the ''New York Times'' that the United Nations has misled people by setting specific, but immeasurable, targets for the MDGs (for example, to reduce maternal mortality or malaria). Sachs dismissed that view in a reply to ''PLoS Medicine'' by saying that only a handful of the MDGs are immeasurable, but Attaran then cited the United Nations' own data analysis (which the UN subsequently blocked from public access) showing that progress on a very large majority of the MDGs is never measured.

Sachs has also been criticized by leftists for having an overly neoliberal perspective on the economy. Nancy Holmstrom and Richard Smith pointed out that, in advising implementation of his shock therapy on the collapsing Soviet Union, Sachs "supposed the transition to capitalism would be a natural, virtually automatic economic process: start by abandoning state planning, free up prices, promote private competition with state-owned industry, and sell off state industry as fast as possible…". They go on to cite the drastic decreases in industrial output over the ensuing years, a nearly halving of the country's GDP and of personal incomes, a doubling of the suicide rate, and a skyrocketing unemployment rate. ''The Lancet'' has recently reported that rapid privatization of the Soviet Union caused a 12.8% death rate increase among males in just two years, a claim that ''The Economist'' attributed to alcoholism, though ''The Lancet'' article attributed the rise in alcoholism to changes in the economy.

Accolades and affiliations

Sachs is the recipient of many awards and honors. In 2004 and 2005, he was named one of the 100 Most Influential People in the World by Time Magazine. He was also named one of the "500 Most Influential People in the Field of Foreign Policy" by the World Affairs Councils of America.

In February 2002, ''Nature Magazine'' stated that Sachs "has revitalized public health thinking since he brought his financial mind to it." In 1993 he was cited in the ''New York Times Magazine'' as "probably the most important economist in the world." In 1994, ''Time Magazine'' called him "the world's best-known economist." In 1997, the French magazine ''Le Nouvel Observateur'' cited Sachs as one of the world's 50 most important leaders on globalization.

In 2005, he received the Sargent Shriver Award for Equal Justice. In 2007, Sachs was awarded the Padma Bhushan, a high civilian honor bestowed by the Government of India. Also in 2007, he received the Cardozo Journal of Conflict Resolution International Advocate for Peace Award as well as the Centennial Medal from the Harvard Graduate School of Arts and Sciences for his contributions to society.

From 2000 to 2001, Sachs was Chairman of the Commission on Macroeconomics and Health of the World Health Organization, and from 1999 to 2000 he served as a member of the International Financial Institution Advisory Commission established by the U.S. Congress. Sachs has been an adviser to the World Bank, the Organization for Economic Cooperation and Development, the World Health Organization, the International Monetary Fund, and the United Nations Development Program. He is a member of the Institute of Medicine; the American Academy of Arts and Sciences; Harvard Society of Fellows; the Fellows of the World Econometric Society; the Brookings Panel of Economists; the National Bureau of Economic Research; and the Board of Adviser's of the Chinese Economists Society, among other international organizations.

Sachs has received honorary degrees from Connecticut College; Lehigh University; Pace University; the State University of New York; Cracow University of Economics; Ursinus College; Whitman College; the Mount Sinai School of Medicine; Ohio Wesleyan University; the College of the Atlantic; Southern Methodist University; Simon Fraser University; McGill University; Southern New Hampshire University; St. John's University; Iona College; University of St. Gallen in Switzerland; the Lingnan College of Hong Kong; and the University of Economics Varna in Bulgaria.

Sachs is first holder of the Royal Professor Ungku Aziz Chair in Poverty Studies at the Centre for Poverty and Development Studies at the University of Malaya in Kuala Lumpur, Malaysia for 2007-2009. In addition, he holds an honorary professorship at the Universidad del Pacifico in Peru. He has lectured at the London School of Economics, the University of Oxford, and Yale University, as well as in Tel Aviv and Jakarta.

In early 2007, the ''Sachs for President Draft Committee'' was formed to encourage Sachs to run for President of the United States in the 2008 election.

In September 2008, ''Vanity Fair'' magazine ranked Sachs 98th on its list of 100 members of the New Establishment.

In July 2009, Sachs became a member of the SNV Netherlands Development Organisation's International Advisory Board.

Publications

Sachs is the author of hundreds of academic articles and many books, including two New York Times bestsellers: ''The End of Poverty: Economic Possibilities for Our Time'' (Penguin, 2005) and ''Common Wealth: Economics for a Crowded Planet'' (Penguin, 2008).

He currently writes a monthly foreign affairs column for Project Syndicate, a nonprofit association of newspapers around the world that is circulated in 145 countries. He is also a frequent contributor to major publications such as the ''Financial Times'', ''Scientific American'', and ''Time Magazine''.

Sachs is a frequent contributor to ''The Huffington Post'' where he writes commentary about aid issues such as G20 outcomes, as well as addressing his critics such as Dambisa Moyo and William Easterly.

Selected works

Sachs, Jeffrey (2008). ''Common Wealth: Economics for a Crowded Planet'' Penguin Press HC ISBN 978-1-59420-127-1

Humphreys, Macartan, Sachs, Jeffrey, and Stiglitz, Joseph (eds.). "Escaping the Resource Curse" Columbia University Press ISBN 978-0-231-14196-3

Sachs, Jeffrey (2005). ''The End of Poverty: Economic Possibilities for Our Time'' Penguin Press HC ISBN 1-59420-045-9

Sachs, Jeffrey (2003). ''Macroeconomics in the Global Economy'' Westview Press ISBN 0-631-22004-6

Sachs, Jeffrey (2002). ''A New Global Effort to Control Malaria (Science)'', Vol. 298, October 4, 2002

Sachs, Jeffrey (2002). ''Resolving the Debt Crisis of Low-Income Countries (Brookings Papers on Economic Activity)'', 2002:1

Sachs, Jeffrey (2001). '' The Strategic Significance of Global Inequality (The Washington Quarterly)'', Vol. 24, No. 3, Summer 2001

Sachs, Jeffrey (1997). ''Development Economics'' Blackwell Publishers ISBN 0-8133-3314-8

Sachs, Jeffrey and Pistor, Katharina. (1997). ''The Rule of Law and Economic Reform in Russia (John M. Olin Critical Issues Series (Paper))'' Westview Press ISBN 0-8133-3314-8

Sachs, Jeffrey (1994). ''Poland's Jump to the Market Economy (Lionel Robbins Lectures)'' MIT Press ISBN 0-262-69174-4

Sachs, Jeffrey (1993). ''Macroeconomics in the Global Economy'' Prentice Hall ISBN 0-13-102252-0

Sachs, Jeffrey (ed) (1991). ''Developing Country Debt and Economic Performance, Volume 1 : The International Financial System (National Bureau of Economic Research Project Report)'' University of Chicago Press ISBN 0-226-73332-7

Sachs, Jeffrey and Warwick McKibbin'' Global Linkages: Macroeconomic Interdependence and Co-operation in the World Economy'', Brookings Institution, June, 277 pages. (ISBN 0-8157-5600-3)

Sachs, Jeffrey (ed) (1989). ''Developing Country Debt and the World Economy (National Bureau of Economic Research Project Report)'' University of Chicago Press ISBN 0-226-73338-6

Bruno, Michael and Sachs, Jeffrey (1984), "Stagflation in the World Economy"

Personal

Sachs lives in New York City with his wife Sonia Ehrlich Sachs, a pediatrician. They have three children: Lisa, Adam, and Hannah Sachs.

See also

Gro Harlem Brundtland

Millennium Development Goals

Millennium Promise Alliance

Millennium Villages Project

Shock therapy (economics)

The Earth Institute at Columbia University

United Nations Millennium Project

References

External links

Official

Earth Institute at Columbia University

Other

A Bridge for the Carmakers (Washington Post, 2008-11-16).

Podcast, University of Sydney, Economics for a Crowded Planet Public lecture, Sydney Ideas, July 14, 2008

Common Wealth: Economics for a Crowded Planet, on BUniverse, Boston University's video lecture archive.

Jeffrey Sach's Reith lectures hosted by the Royal Society in London, during April and May 2007

Article on Jeff Sachs in the Yale Economic Review

Interview on PBS' Commanding Heights

Interview on The Colbert Report, March 2006

Economics for a Crowded Planet (video)

Jeffrey Sachs ''Charlie Rose'' interviews

Audio/Video recording of Jeffrey Sachs lecture as part of the University of Chicago World Beyond the Headlines series.

Sachs addresses Harvard Law students in the ''Harvard Law Record''

Asia Society Video: Jeffrey Sachs on Water Security Issues in Asia April 17, 2009

Jeffrey Sachs Speaker Biography on the World Business Forum where Sachs is a featured speaker for the 2009 event

Audio: Jeffrey Sachs in conversation on the BBC World Service discussion show ''The Forum''

Category:1954 births Category:Living people Category:People from Detroit, Michigan Category:People from Oakland County, Michigan Category:International finance economists Category:Development economists Category:American economists Category:Harvard University alumni Category:Harvard University faculty Category:Columbia University faculty Category:American people of German descent Category:United Nations officials Category:Development specialists Category:International development Category:Recipients of the Padma Bhushan Category:Green thinkers

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