60908 Science and Industrialisation

Description

The impact of science on economic growth and society is the major focus of this subject. Science has been intimately involved in the development and implementation of new technologies that have transformed the economics and lifestyles of citizens. The early adoption of new technology has often had a major impact on national and global economies. In this subject, there is an examination of several case studies that estimate the cost of a new development in terms of the background science that has been funded in order to establish a new product or process. The importance of mergers and acquisitions in certain industries, e.g. pharmaceuticals, are shown to be necessary to ensure a sufficient capital base for the huge investment in bringing new product to market. There are also case studies that show that development of new processes gave nations a considerable economic advantage for a time. A further issue is the legacy of old large-scale manufacturing processes that were environmentally damaging and the continuing impact that has on society.