Five technological revolutions

• It was the industrial revolution. Mechanised cotton production and iron wrought iron and other machines. …
• The age of steam and railways. …
• Age of electricity, steel as well as heavy-engineering. …
• The age of oil, cars as well as mass-production. …
• Telecommunications and information age.

Recognizing The Technological Revolution And Preparing For The ‘Next Economy’:

Economic shifts that involve wholesale purchases are easy to identify as you look in the back of your car. The start of a shift isn’t as easy to see as it’s progressing. The pandemic that is sweeping the globe has proven successful in proving that we’re in the midst of an technological revolution. We must first rewind the clock and begin from the beginning. First, let’s look at the first Industrial Revolution. First Industrial Revolution took place over the course of around 100 years beginning in 1760s as the economy changed from an agricultural to a manufacturing society. A second revolution started in the second half of the 1800s, by introducing electric power, gas and oil. This led to improvements in transport, such as trains and cars and also led to advances in communications through Telegraphs. We further developed technology technologies in the period when Silicon Valley drove the third revolution that began in the 1970s, and culminated the advent of electronic devices advanced communications, manufacturing automation, and space exploration. While many believe that we’re still in the middle of the third revolution however, it’s possible the 3rd revolution did not last for more than 30 years and came to an end with the introduction of the internet to the market and resulted in the dotcom boom and bust approximately 10 years following the time that internet became available for public use in 1991.

The structure of technological revolution:

Every revolution includes the following engines of development:

• New cheap inputs
• New products
• New processes

Each revolution uses things that are cheap. For example in the Industrial Revolution had cheap coal to power iron steam engine which resulted in the production of iron railways. Similar to the technological revolution in which there were cheap electronic components to power computers which led to the advancement of technology and the Internet. A mix of low-cost inputs as well as new technology is at the heart of every revolution in order to create their profound impact.

Description:

 

The Spinning Jenny and Spinning Mule (shown) dramatically improved the efficiency of manufacturing threads compared to the spinning wheel . 

A Watt steam engine –the steam engine The fuel is supplied primarily by coal This accelerated the Industrial Revolution in Great Britain and around the globe. 

IBM Personal Computer XT in 1988, the PC was a breakthrough technology that altered not only the way we work but also personal life too.An technological revolution generally improves the productivity as well as effectiveness. It could involve physical or conceptual changes brought about by the invention of a device or system. A few examples of possible impact include business management and social interaction, education research methodology and finance It isn’t limited only to technical aspects. A technological revolution profoundly alters the physical circumstances of life for humans and may alter the nature of culture. It could serve as a trigger for an array of diverse and unpredictable shifts. ^[1]

What separates the technological revolution from a random assortment of technology systems and the reason for the concept of an revolution are two fundamental characteristics:

1. The interconnectedness and strength of the various systems participating with respect to each of the technologies and market.

2. The ability to fundamentally transform the entire economic system (and in the end, society)