Final answer:
The primary impact of industrialization on the economy is to enhance economic growth and development but it often causes significant environmental degradation. Additionally, globalization linked with industrialization can have complex effects on local economies and social well-being, particularly in less developed countries.
Step-by-step explanation:
The impact of industrialization on the economy is predominantly seen as a boost to economic growth and development. Industrialization involves the transformation from economies based on agriculture to ones based on industry and manufacturing, leading to increased production, efficiency, and incomes. However, it often comes at a significant environmental cost, including issues like air pollution from burning fossil fuels, water contamination, soil contamination with toxic chemicals, deforestation, and loss of biodiversity. These environmental impacts not only harm ecosystems but can also have long-term negative effects on human health and the sustainability of natural resources. Moreover, industrialization can lead to job creation, but critics argue that it may reduce social well-being if labor movements are weak and social institutions to protect workers are inadequate.
On a global scale, globalization is often accompanied by industrialization and can exacerbate these issues. It can lead to economic damage in the absence of regulatory environments and introduce pressures on local economies and less developed countries that struggle to compete in a global market. Wealthy nations sometimes take advantage of weaker nations by enforcing market openness without reciprocating, further challenging the growth prospects of these economies.