Industrial Location Theories Fetter Renner Rawstron YouTube Lecture Handouts
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3 Industrial Location Theories - Fetter, Renner and Rawstron
Industrial Location Theories Fetter, Renner & Rawstron
Dr. Manishika Jain explains the industrial location theory by Fetter, Renner and Rawstron. The details of the theory - Basis, formulation, assumption, criticism are explained candidly in the video.
Fetter՚s Theory
The idea was location of industry is governed by demand and consumption. He undertook production cost and transportation cost as one of the major reasons.
Renner՚s Theory
His work is written in book “World Economic Geography: An Introduction to Geonomics”
He identified six factors for the location of industries:
- Capital
- Transport
- Raw material
- Market
- Power
- Labour
He explained role of each factor and localization of industry
He also explained Disjunctive symbiosis, and Conjunctive symbiosis.
Rawstron՚s Theory
His theory was based on geographical elements
He emphasized minimum cost as a major factor to determine location of industry
He calculated the expenditure on each element and then determined location at point of maximum profit
His two major principles were:
- Principle of Physical Restriction
- Principle of Economic Restriction
All industrial location theories are important as they provide a ground framework for the establishment of new industries and are also useful in locational analysis
✍ Manishika