Four Industrial Revolutions: History and Prospects

Four Industrial Revolutions: History and Prospects

According to the World Economic Forum, we are now in the fourth industrial revolution. According to Klaus Schwab, the Founder and Executive Chairman, World Economic Forum, “the First Industrial Revolution used water and steam power to mechanize production. The Second used electric power to create mass production. The Third used electronics and information technology to automate production. Now a Fourth Industrial Revolution is building on the Third, the digital revolution that has been occurring since the middle of the last century. It is characterized
by a fusion of technologies that is blurring the lines between the physical, digital, and biological spheres.”
For this paper, describe the key elements of each of these revolutions. How did they emerge? What came about that prompted a shift to the next revolution? What did they accomplish? What problems did they cause? What things contributed to conditions of non-stationarity? Now that we are in the fourth industrial revolution, what benefits are we receiving and what problems are we facing? What is the prognosis for the future?
The link below provides a link to the World Economic Forum paper. See https://www.weforum.org/agenda/2016/01/the-fourth-industrialrevolution-what-it-means-and-how-to-respond/
Learning Objectives: Learn about the formation of the four industrial revolutions and their impacts. Understand the characteristics of the revolutions and their importance to economic growth. Understand the problems created and prognosis.