Harmonious industrialization: classifying, connecting and valuating industries based on their contribution to human need

Abstract

An industry can be defined as a system within which homogenous processes strive toward a common generalizable outp ut. An industry comprises various economic, social and environmental activities. Various statistics aims to quantify the size, impact and importance of industry in order to valuate it accordingly. Yet, various factors have led to industries being misevalua ted (both positively and negatively). Upstream industries, such as retail and financial services, are often grossly over valuated while essential industries to human existence, such as farming and mining, are under valuated. A large part of the problem lie s with consumers who can be misled into supporting large corporate behavior that splits the value earn to upstream industries. Exploring this further reveals that although part of the problem lies with procurement, value chain and other processes; the larg er part of the problem is a missing link between human needs psyche and industry. This article explores that link more closely and finds that it is a likely product of disharmonious industrialization over decades. A model linking Maslow’s hierarchy of need s with industry is built in order to reflect the importance of downstream industries. Moreover, major technological forces impacting these industries for the better are critically discussed