Technological revolution

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For the event sometimes called the Technological Revolution, see Second Industrial Revolution.
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Gotland, Sweden
: Iron—as a new material—initiated a dramatic revolution in technology, economy, society, warfare and politics.

A technological revolution is a period in which one or more

technological progress characterized by innovations whose rapid application and diffusion
typically cause an abrupt change in society.

Description

Spinning Mule (shown) greatly increased the productivity of thread manufacturing compared to the spinning wheel
.
A Watt steam engine—the steam engine, fuelled primarily by coal, propelled the Industrial Revolution in Great Britain and the world.
IBM Personal Computer XT in 1988—the PC was an invention that dramatically changed not only professional life, but personal life as well.

A technological revolution may involve material or ideological changes caused by the introduction of a device or system. It may potentially impact business management, education, social interactions, finance and research methodology, and is not limited to technical aspects. It has been shown to increase productivity and efficiency. A technological revolution often significantly changes the material conditions of human existence and has been seen to reshape culture.[1]

A technological revolution can be distinguished from a random collection of technology systems by two features:

1. A strong interconnectedness and interdependence of the participating systems in their technologies and markets.

2. A potential capacity to greatly affect the rest of the economy (and eventually society).[2]

On the other hand, negative consequences have also been attributed to technological revolutions. For example, the use of

linear but undulatory
. Technological revolution can be:

The concept of universal technological revolutions is a "contributing factor in the Neo-Schumpeterian theory of long economic waves/cycles",[5] according to Carlota Perez, Tessaleno Devezas, Daniel Šmihula and others.

History

Some examples of technological revolutions were the

Digital Revolution. The distinction between universal technological revolution and singular revolutions have been debated. One universal technological revolution may be composed of several sectoral technological revolutions (such as in science, industry, or transport
).

There are several universal technological revolutions during the modern era in Western culture:[6]

  1. Financial-agricultural revolution (1600–1740)
  2. Industrial Revolution (1760–1840)
  3. Technical Revolution or Second Industrial Revolution (1870–1920)
  4. Scientific-technical revolution (1940–1970)
  5. Information and telecommunications revolution, also known as the
    Digital Revolution
    or Third Industrial Revolution (1975–2021)
  6. Some say we’re on the brink of a Fourth Industrial Revolution, aka “The Technological Revolution” (2022- )

Comparable periods of well-defined technological revolutions in the pre-modern era are seen as highly speculative.[7] One such example is an attempt by Daniel Šmihulato to suggest a timeline of technological revolutions in pre-modern Europe:[8]

  1. Indo-European technological revolution (1900–1100 BC)
  2. Celtic and Greek technological revolution (700–200 BC)
  3. Germano-Slavic technological revolution (300–700 AD)
  4. Medieval technological revolution (930–1200 AD)
  5. Renaissance technological revolution (1340–1470 AD)

Structure of technological revolution

Each revolution comprises the following engines for growth:

  • New cheap inputs
  • New products
  • New processes

Technological

Iron railways, and the progression of the internet was contributed by inexpensive microelectronics for computer development.[citation needed] A combination of low-cost input and new infrastructures are at the core of each revolution to achieve their all pervasive impact.[9]

Potential future technological revolutions

Further information: Emerging technologies and Fourth Industrial Revolution

Since 2000, there has been speculations of a new technological revolution which would focus on the fields of

alternative fuel and energy systems, biotechnologies, genetic engineering, new materials technologies and so on.[10]

Industry 4.0. In 2019, at the World Economic Forum meeting in Davos, Japan promoted another round of advancements called Society 5.0.[11][12]

The phrase Fourth Industrial Revolution was first introduced by

fully autonomous vehicles.[16]

Jeremy Rifkin includes technologies like 5G, autonomous vehicles, Internet of Things, and renewable energy in the Third Industrial Revolution.[17]

Some economists do not think that technological growth will continue to the same degree it has in the past. Robert J. Gordon holds the view that today's inventions are not as radical as electricity and the internal combustion engine were. He believes that modern technology is not as innovative as others claim, and is far from creating a revolution.[18]

List of intellectual, philosophical and technological revolutions

production-possibility frontier
to shift outward and initiate economic growth.
Pre-Industrialization
Industrialization

See also

References

  1. ^ Klein, Maury (2008): The Technological Revolution, in The Newsletter of Foreign Policy Research Institute, Vol.13, No. 18. [1]
  2. ^ Perez, Carlota (2009): Technological revolutions and techno-economic paradigms., in Working Papers in Technology Governance and Economic Dynamics, Working Paper No. 20, (Norway and Tallinn University of Technology, Tallinn) [2]
  3. ISSN 2146-4553
    .
  4. ISBN 978-1-78100-532-3
    .
  5. ^ , for example, Perez, Carlota (2009): Technological revolutions and techno-economic paradigms., in Working Papers in Technology Governance and Economic Dynamics, Working Paper No. 20, (Norway and Tallinn University of Technology, Tallinn) [3]
  6. ISSN 1337-8163, pp. 50-69. [4]
  7. ^ for example: Drucker, Peter F. (1965): The First Technological Revolution and Its Lessons. [5]
  8. ISSN 1337-8163
    , pp. 50-69
  9. ISSN 0309-166X
    .
  10. ISBN 0-8330-2949-5
  11. ^ Realizing Society 5.0 (promotional paper for Japan)
  12. ^ Modern society has reached its limits. Society 5.0 will liberate us (promotional article for Japan)
  13. ^ Schwab, Klaus (2015-12-12). "The Fourth Industrial Revolution". Retrieved 2019-01-15.
  14. ^ "New Forum Center to Advance Global Cooperation on Fourth Industrial Revolution". October 10, 2016. Retrieved October 15, 2018.
  15. ^ "The Fourth Industrial Revolution: what it means and how to respond". World Economic Forum. Retrieved 2018-03-20.
  16. ^ Schwab, Klaus. "The Fourth Industrial Revolution: what it means, how to respond". World Economic Forum. Retrieved 2017-06-29. The possibilities of billions of people connected by mobile devices, with unprecedented processing power, storage capacity, and access to knowledge, are unlimited. And these possibilities will be multiplied by emerging technology breakthroughs in fields such as artificial intelligence, robotics, the Internet of Things, autonomous vehicles, 3-D printing, nanotechnology, biotechnology, materials science, energy storage, and quantum computing.
  17. ^ Jeremy Rifkin (2011). The Third Industrial Revolution: How Lateral Power is Transforming Energy, the Economy, and the World.
  18. ^ Banerjee, Abhijit (2019). Good Economics for Hard Times (PDF). Public Affairs. pp. 161–162.
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