Third Industrial Revolution (~1950s to ~2000s)

A Third Industrial Revolution (~1950s to ~2000s) is an industrial revolution that was spurred by automation and digital technologies.

• AKA: Digital Revolution.
• Context:
  • It can be a historical period characterized by the transition from mechanical and analogue electronic technology to digital electronics.
  • It can largely have occurred globally, with significant developments in the United States Economy, Japanese Economy, and across Western Europe.
  • It can be associated with a Third Industrial Revolution Emergence Period (~1970s to ~1980s) (marked by the introduction of computers and early digital networks in manufacturing) and a Third Industrial Revolution Growth Period (~1980s to ~2000s) (characterized by the spread of digital technologies and the rise of the internet).
  • It can include the development of digital manufacturing techniques, computer-aided design, and significant advancements in robotics and automation.
  • It can be marked by the widespread adoption of information technology and digital communication, leading to enhanced efficiency and new business models like e-commerce.
  • It can lead to significant shifts in labor markets due to increased automation and the emergence of artificial intelligence.
  • It can present challenges such as technological unemployment, data privacy concerns, and the need for workforce re-skilling.
  • ...
• Example(s):
  • Third Industrial Revolution, ~1950, with the early use of mainframe computers in large businesses.
  • Third Industrial Revolution, ~1960, with advancements in electronics and pre-digital networking.
  • Third Industrial Revolution, ~1970, with the emergence of digital controllers and the first microprocessors.
  • Third Industrial Revolution, ~1980, with the rise of personal computing and the beginning of the automation boom.
  • Third Industrial Revolution, ~1990, with the rise of networking, the Internet, and mobile communications.
  • Third Industrial Revolution, ~2000, with the dot-com boom and the proliferation of E-Commerce platforms.
  • ...
• Counter-Example(s):
  • Second Industrial Revolution (~1870 to ~1914) – Driven by the discovery of new energy sources like petroleum and electricity.
  • Fourth Industrial Revolution (~2010s onward) – Characterized by further advancements in digital technology, including the Internet of Things and advanced artificial intelligence.
• See: Digital Manufacturing, Robotics, Artificial Intelligence, Data Privacy, Workforce Re-skilling.

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References

2023

• Web-search summary:
  • The Third Industrial Revolution (IR3), commonly referred to as the Digital Revolution, marks a pivotal era that began in the late 20th century and dramatically reshaped industries, societal structures, and economies worldwide. This transformation was driven by a shift from mechanical and analog technology to digital electronics, which unleashed unprecedented levels of automation, mobility, infrastructure improvements, and efficiency across various sectors—not just in manufacturing and production but also in communication, service delivery, and energy sources.
  • Characteristics and impacts of IR3 include:
    • The ascent of digital communications and the Internet, which has fundamentally altered the modes of interaction, business operations, and created avenues for new industries and collaborative innovation.
    • The evolution of artificial intelligence (AI), which is now ingrained as a vital component in addressing complex challenges, automating tasks, refining decision-making processes, and fostering the creation of novel products and services across diverse industries.
    • The advancement of renewable energy technologies, such as solar power and wind power, which have become more cost-effective and efficient, signaling a gradual transition away from fossil fuels and a step forward in mitigating the effects of climate change.
    • The emergence of the sharing economy, a paradigm shift in economic model driven by the internet, emphasizing shared access to goods and services over individual ownership, facilitated by trust-based platforms.
  • The collective advancement of these technologies and trends during IR3 has not only redefined contemporary society but also laid the groundwork for the Fourth Industrial Revolution (IR4), which is hallmarked by more sophisticated technologies like AI and machine learning, furthering the digitalization and interconnection of the world.

2019

• (Wikipedia, 2019) ⇒ https://en.wikipedia.org/wiki/Digital_Revolution Retrieved:2019-2-21.
  • The Digital Revolution, also known as the Third Industrial Revolution, is the shift from mechanical and analogue electronic technology to digital electronics which began anywhere from the late 1950s to the late 1970s with the adoption and proliferation of digital computers and digital record keeping that continues to the present day. Implicitly, the term also refers to the sweeping changes brought about by digital computing and communication technology during (and after) the latter half of the 20th century. Analogous to the Agricultural Revolution and Industrial Revolution, the Digital Revolution marked the beginning of the Information Age. Central to this revolution is the mass production and widespread use of digital logic circuits, and its derived technologies, including the computer, digital cellular phone, and the Internet. These technological innovations have transformed traditional production and business techniques.

2014a

• (Brynjolfsson & McAfee, 2014) ⇒ Erik Brynjolfsson, and Andrew McAfee. (2014). “The Second Machine Age: Work, Progress, and Prosperity in the Time of Brilliant Technologies." W W Norton & Company. ISBN:0393239357
  • QUOTE: Now comes the second machine age. Computers and other digital advances are doing for mental power — the ability to use our brains to understand and shape our environments — what the steam engine and its descendants did for muscle power. They’re allowing us to blow past previous limitations and taking us into new territory. How exactly this transition will play out remains unknown, but whether or not the new machine age bends the curve as dramatically as Watt’s steam engine, it is a very big deal indeed. This book explains how and why.

2014b

• (Roubini, 2014) ⇒ Nouriel Roubini. (2014). “Where Will All the Workers Go?”.
  • QUOTE: Technology innovators and CEOs seem positively giddy nowadays about what the future will bring. New manufacturing technologies have generated feverish excitement about what some see as a Third Industrial Revolution. In the years ahead, technological improvements in robotics and automation will boost productivity and efficiency, implying significant economic gains for companies. But, unless the proper policies to nurture job growth are put in place, it remains uncertain whether demand for labor will continue to grow as technology marches forward.

    ... Recent technological advances have three biases: They tend to be capital-intensive (thus favoring those who already have financial resources); skill-intensive (thus favoring those who already have a high level of technical proficiency); and labor-saving (thus reducing the total number of unskilled and semi-skilled jobs in the economy). The risk is that robotics and automation will displace workers in blue-collar manufacturing jobs before the dust of the Third Industrial Revolution settles. ...

    As we begin to seek enlightened solutions to the challenges that the Third Industrial Revolution presents, one overall theme looms large: The gains from technology must be channeled to a broader base of the population than has benefited so far. That requires a major educational component. In order to create broad-based prosperity, workers need the skills to participate in the brave new world implied by a digital economy.

2014c

• (Rifkin, 2014) ⇒ Jeremy Rifkin. (2014). “The Zero Marginal Cost Society: The Internet of Things, the Collaborative Commons, and the Eclipse of Capitalism." Palgrave Macmillan. ISBN:1137278463

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