Third Industrial Revolution Brings Global Development

Mohajan, Haradhan (2021): Third Industrial Revolution Brings Global Development. Published in: Journal of Social Sciences and Humanities , Vol. 7, No. 4 (6 December 2021): pp. 239-251.

Abstract

During the first industrial revolution (IR1) human and animal labor technology converted into machinery, such as the steam engine, the spinning jenny, puddling and rolling processes for making iron, coke smelting, etc. During the second industrial revolution (IR2) electricity, internal combustion engine, indoor plumbing, chemical industries, etc. technologies are developed. The third industrial revolution (IR3) began in the 1950s that is considered as the move from mechanical and analogue electronic technology to digital electronics. Nano, bio, and IT technologies, 3D printing, artificial intelligence, robotics, etc. are the most important driver of the IR3. During the IR1&2s only Western Europe and the USA were developed but during the IR3 the world becomes about 10 times wealthier, and development spreads almost every part of the world. In the IR3 there have been developed thousands of businesses organizations and millions of jobs globally. Major modern inventions are happened in the IR3. Economic development, development of transportation, development of 3D printing, robotics technologies, fab lab, etc. are extraordinary activities during the IR3. In the IR3 standard of living and life expectancy of every nation has increased than that of the IR1&2s. The IR3 has also some negative impacts, such as air pollution, biodiversity reduction, water pollution, habitat destruction, greenhouse gas emissions, global warming and climate change, etc. This study has tried to discuss various aspects of IR3 in some details.

• Item Type: MPRA Paper
• Language: English
• Keywords: Digital Revolution, 3D Printing, Economic Development, Industrial Revolution, Renewable Energy, Robotics
• Subjects: B - History of Economic Thought, Methodology, and Heterodox Approaches > B1 - History of Economic Thought through 1925 > B15 - Historical ; Institutional ; Evolutionary; B - History of Economic Thought, Methodology, and Heterodox Approaches > B3 - History of Economic Thought: Individuals; D - Microeconomics > D6 - Welfare Economics; I - Health, Education, and Welfare > I3 - Welfare, Well-Being, and Poverty; N - Economic History > N1 - Macroeconomics and Monetary Economics ; Industrial Structure ; Growth ; Fluctuations; O - Economic Development, Innovation, Technological Change, and Growth > O1 - Economic Development; Q - Agricultural and Natural Resource Economics ; Environmental and Ecological Economics > Q5 - Environmental Economics

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