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| History of technology |
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A technological revolution is a period in which one or more technologies is replaced by another novel technology in a short amount of time. It is a time of accelerated technological progress characterized by innovations whose rapid application and diffusion typically cause an abrupt change in society.
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 coal as an energy source have negative environmental impacts, including being a contributing factor to climate change and the increase of greenhouse gases [3] in the atmosphere, and have caused technological unemployment. Joseph Schumpeter described this contradictory nature of technological revolution as creative destruction. [4] The concept of technological revolution is based on the idea that technological progress is not 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.
Some examples of technological revolutions were the Industrial Revolution in the 19th century, the scientific-technical revolution about 1950–1960, the Neolithic Revolution, and 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]
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]
Each revolution comprises the following engines for growth:
Technological revolutions has historically been seen to focus on cost reduction. For instance, the accessbility of coal at a low cost during the Industrial Revolution allowed for iron steam engines which led to production of 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]
Since 2000, there has been speculations of a new technological revolution which would focus on the fields of nanotechnologies, alternative fuel and energy systems, biotechnologies, genetic engineering, new materials technologies and so on. [10]
The Second Machine Age is the term adopted in a 2014 book by Erik Brynjolfsson and Andrew McAfee. The industrial development plan of Germany began promoting the term 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 Klaus Schwab, the executive chairman of the World Economic Forum, in a 2015 article in Foreign Affairs. [13] Following the publication of the article, the theme of the World Economic Forum Annual Meeting 2016 in Davos-Klosters, Switzerland was "Mastering the Fourth Industrial Revolution". On October 10, 2016, the Forum announced the opening of its Centre for the Fourth Industrial Revolution in San Francisco. [14] According to Schwab, fourth era technologies includes technologies that combine hardware, software, and biology (cyber-physical systems), [15] and which will put an emphases on advances in communication and connectivity. Schwab expects this era to be marked by breakthroughs in emerging technologies in fields such as robotics, artificial intelligence, nanotechnology, quantum computing, biotechnology, the internet of things, the industrial internet of things (IIoT), decentralized consensus, fifth-generation wireless technologies (5G), 3D printing and 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]
In economics, Kondratiev waves are hypothesized cycle-like phenomena in the modern world economy. The phenomenon is closely connected with the technology life cycle.
Technology is the application of conceptual knowledge for achieving practical goals, especially in a reproducible way. The word technology can also mean the products resulting from such efforts, including both tangible tools such as utensils or machines, and intangible ones such as software. Technology plays a critical role in science, engineering, and everyday life.
An information society is a society or subculture where the usage, creation, distribution, manipulation and integration of information is a significant activity. Its main drivers are information and communication technologies, which have resulted in rapid growth of a variety of forms of information. Proponents of this theory posit that these technologies are impacting most important forms of social organization, including education, economy, health, government, warfare, and levels of democracy. The people who are able to partake in this form of society are sometimes called either computer users or even digital citizens, defined by K. Mossberger as “Those who use the Internet regularly and effectively”. This is one of many dozen internet terms that have been identified to suggest that humans are entering a new and different phase of society.
Technological utopianism is any ideology based on the premise that advances in science and technology could and should bring about a utopia, or at least help to fulfill one or another utopian ideal.
Post Fordism is a term used to describe the growth of new production methods defined by flexible production, the individualization of labor relations and fragmentation of markets into distinct segments, after the demise of Fordist production. It was widely advocated by French Marxist economists and American labor economists in the 1970s and 1980s. Definitions of the nature and scope of post-Fordism vary considerably and are a matter of debate among scholars.
Neo-feudalism or new feudalism is a theorized contemporary rebirth of policies of governance, economy, and public life, reminiscent of those which were present in many feudal societies. Such aspects include, but are not limited to: Unequal rights and legal protections for common people and for nobility, dominance of societies by a small and powerful elite, a lack of social mobility, and relations of lordship and serfdom between the elite and the people, where the former are rich and the latter poor.
The history of technology is the history of the invention of tools and techniques and is one of the categories of world history. Technology can refer to methods ranging from as simple as stone tools to the complex genetic engineering and information technology that has emerged since the 1980s. The term technology comes from the Greek word techne, meaning art and craft, and the word logos, meaning word and speech. It was first used to describe applied arts, but it is now used to describe advancements and changes which affect the environment around us.
Technology governance means the governance, i.e., the steering between the different sectors—state, business, and NGOs—of the development of technology. It is the idea of governance within technology and its use, as well as the practices behind them. The concept is based on the notion of innovation and of techno-economic paradigm shifts according to the theories by scholars such as Joseph A. Schumpeter, Christopher Freeman, and Carlota Perez.
Carlota Perez is a British-Venezuelan scholar specialized in technology and socio-economic development. She researches the concept of Techno-Economic Paradigm Shifts and the theory of great surges, a further development of Schumpeter's work on Kondratieff waves. In 2012 she was awarded the Silver Kondratieff Medal by the International N. D. Kondratieff Foundation and in 2021 she was awarded an Honorary Doctorate by Utrecht University.
Klaus Martin Schwab is a German mechanical engineer, economist, and founder of the World Economic Forum (WEF). He has acted as the WEF's chairman since founding the organisation in 1971.
The modern era or the modern period, also known as modern history or modern times, is the period of human history that succeeds the post-classical era, which ended around 1500 AD, up to the present. This terminology is a historical periodization that is applied primarily to European and Western history.
The following outline is provided as an overview of and topical guide to technology:
W. Patrick McCray is a historian at the University of California, Santa Barbara. He researches, writes about, and teaches the history of science and the history of technology.
Innovation economics is new, and growing field of economic theory and applied/experimental economics that emphasizes innovation and entrepreneurship. It comprises both the application of any type of innovations, especially technological, but not only, into economic use. In classical economics this is the application of customer new technology into economic use; but also it could refer to the field of innovation and experimental economics that refers the new economic science developments that may be considered innovative. In his 1942 book Capitalism, Socialism and Democracy, economist Joseph Schumpeter introduced the notion of an innovation economy. He argued that evolving institutions, entrepreneurs and technological changes were at the heart of economic growth. However, it is only in recent years that "innovation economy," grounded in Schumpeter's ideas, has become a mainstream concept".
Technological unemployment is the loss of jobs caused by technological change. It is a key type of structural unemployment. Technological change typically includes the introduction of labour-saving "mechanical-muscle" machines or more efficient "mechanical-mind" processes (automation), and humans' role in these processes are minimized. Just as horses were gradually made obsolete as transport by the automobile and as labourer by the tractor, humans' jobs have also been affected throughout modern history. Historical examples include artisan weavers reduced to poverty after the introduction of mechanized looms. During World War II, Alan Turing's bombe machine compressed and decoded thousands of man-years worth of encrypted data in a matter of hours. A contemporary example of technological unemployment is the displacement of retail cashiers by self-service tills and cashierless stores.
Technological transitions (TT) can best be described as a collection of theories regarding how technological innovations occur, the driving forces behind them, and how they are incorporated into society. TT draws on a number of fields, including history of science, technology studies, and evolutionary economics. Alongside the technological advancement, TT considers wider societal changes such as "user practices, regulation, industrial networks, infrastructure, and symbolic meaning or culture". Hughes refers to the 'seamless web' where physical artifacts, organizations, scientific communities, and social practices combine. A technological transition occurs when there is a major shift in these socio-technical configurations.
Smihula waves are long-term waves of technological progress which are reflected also in long-term economic waves. They are a crucial notion of Daniel Šmihula's theory of technological progress.
"Fourth Industrial Revolution", "4IR", or "Industry 4.0" is a buzzword and neologism describing rapid technological advancement in the 21st century. The term was popularised in 2016 by Klaus Schwab, the World Economic Forum founder and executive chairman, who says that the changes show a significant shift in industrial capitalism.
Technological Revolutions and Financial Capital: The Dynamics of Bubbles and Golden Ages is an academic book by Carlota Perez that seeks to describe the connection between technological development and financial bubbles as seen in the emergence of long term technology trends. The model described by Carlota Perez shows repeated surges of technological development over the past three centuries with examples such as: the age of steam and railways, the age of steel and electricity, mass production and the automobile and the current information/knowledge society.
The Great Reset Initiative is an economic recovery plan drawn up by the World Economic Forum (WEF) in response to the COVID-19 pandemic. The project was launched in June 2020, with a video featuring the then-Prince of Wales Charles released to mark its launch. The initiative's stated aim is to facilitate rebuilding from the global COVID-19 crisis in a way that prioritizes sustainable development.
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.
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