The technological revolution is a period in which one or more technologies is replaced by one another, novel technology in a short amount of time. It is an era of accelerated technological progress characterized by new innovations which rapid application and diffusion typically cause an abrupt change in the society.
A revolution in technology generally increases productivity and efficiency. It may involve ideological changes caused by the introduction of a device. Some examples of its potential impact are business management, education, social interactions; it is not limited strictly to technical aspects. The technological revolution rewrites the material conditions of human existence and can reshape our culture. It can play a role as a trigger of a chain of various unpredictable changes:[1]
What distinguishes a technological revolution from a random collection of technology systems and justifies conceptualizing it as a revolution are two basic features:
1. The strong interconnectedness and interdependence of the participation of systems in their technologies and in markets.
2. The capacity to transform profoundly the remaining of the economy.
The consequences of the technological revolution are not necessarily positive. An example, innovations, such as the use of coal as an energy source, could have negative environmental impact and cause technological unemployment in the society. Schumpeter described the contradictory nature of technological revolution. The concept of technological revolution is based on the idea of technological progress that is not linear, but it is adulatory. Technological revolution can be:
1. Relation revolution
2. Sectoral revolution
3. Universal interconnected radical changes in more sectors, For example:Second Industrial Revolution
The concept of universal technological revolutions is the important key factor for the Neo-Schumpeterian theory of long economic waves
Each revolution comprises the following engines for growth:
*New cheap inputs
*New products
*New processes
Every revolution utilizes something which is cheap. For instance, the Industrial Revolution used cheap coal for iron steam engines, which led to production of good Iron railways. The same applied in the technological revolution where there was cheap microelectronics used for computers:, which thus progressed on the internet. A combination of low-cost input and new infrastructures are the core of each revolution to achieve their all pervasive impact.
Pre-Industrialization:
The Upper Paleolithic Revolution:
*The emergence of "high culture", new technologies and regionally distinct cultures (50,000–40,000 years ago).
*The Neolithic Revolution (perhaps 13,000 years ago), which formed the basis for development of human civilization
*The Renaissance technological revolution: The set of inventions during the Renaissance period, (roughly the 14th through the 16th century).
The Commercial Revolution: A period of European economic expansion, colonialism which lasted from approximately the 16th century until the early 18th century.
The Price Revolution: A series of economic events from the second half of the 15th century to the first half of the 17th century.
The Scientific Revolution: A fundamental transformation in scientific ideas around the 16th century.
The British Agricultural Revolution (18th century), which spurred urbanization and constantly helped for launch of Industrial Revolution.
Industrialization
The First Industrial Revolution: the major shift of technological, socioeconomic and cultural conditions in the late 18th century and early 19th century that began in Britain and spread worldwide.
The Market Revolution: a drastic change in the manual labor system, originating in the South of the United States (about 1800–1900).
The Second Industrial Revolution (1871–1914).
The Green Revolution (1945–1975): the use of industrial fertilizers and new crops greatly increased the world's agricultural output.
The Third Industrial Revolution: The sweeping changes brought by computing and communication technology, starting from circa 1950 along with the creation of the first general-purpose electronic computers.
The Information Revolution: The massive social, economical and technological changes resulting from the Digital Revolution (after 1960).
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