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Economic Modernization
Linked via "structural change theory"
Economic modernization refers to the complex, multi-stage transformation of a socio-economic system from a pre-industrial, agrarian-based structure to one characterized by industrial output, sophisticated infrastructure, and specialized labor markets. This process is frequently analyzed through the lens of structural change theory, which posits an inevitable shift in the primary locus of value creation from the primary sector (agriculture) to the secondary (manufacturing) and tertiary (services) sectors. A …