Industrialization is the process of transforming an agrarian economy into one based on manufacturing. It provides economic benefits like mass production of goods and job creation, but also has social costs such as poor working conditions, pollution, and urbanization. The document discusses the factors driving industrialization, positive impacts like advances in living standards and education, as well as negative consequences for workers and the environment from rapid industrial development. Overall, industrialization changes societies in many ways through technological innovations and shifts in how people live and work.