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Industrialization based on machinery, already referred to as a characteristic of our age, is but one aspect of the revolution that is being wrought by technology.

Industrialization starts with the formation of capital - it does not matter how. It can be created by saving, by the state enforcing its will on the people, by the very rich themselves.

We all know that China is industrializing at a growth rate of 8 to 10 percent per year. China is on track to pass the U.S. as the largest economy in the world in 20 to 25 years, and China is determined to give its people a chance at this high standard of living that we enjoy.

The Industrial Revolution caused a centuries-long shift in power to the West; globalization is now shifting the balance again.

The U.S. is becoming an industrial heartland again.

Societies advance through innovation every bit as much as economies do.

All over the world, we're seeing access to food, clean water, education and healthcare improve; as a result, global innovation is rising as well.

Factories not what they used to be - they're all extremely high-tech.

Globalisation has powered economic growth in developing countries such as China. Global logistics, low domestic production costs, and strong consumer demand have let the country develop strong export-based manufacturing, making the country the workshop of the world.

Some countries were able to turn their manufacturing operations into advanced technology areas. South Korea is a great example of this, and manufacturing there is done using advanced technological methods.