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Third Industrial Revolution Brings Global Development

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  • Mohajan, Haradhan

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.

Suggested Citation

  • Mohajan, Haradhan, 2021. "Third Industrial Revolution Brings Global Development," MPRA Paper 110972, University Library of Munich, Germany, revised 28 Sep 2021.
    • Handle: RePEc:pra:mprapa:110972
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    References listed on IDEAS

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    11. Mohajan, Haradhan, 2019. "The First Industrial Revolution: Creation of a New Global Human Era," MPRA Paper 96644, University Library of Munich, Germany, revised 17 Jul 2019.
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    Citations

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    Cited by:

    1. Mohajan, Devajit & Mohajan, Haradhan, 2023. "Economic Aspects of Profit Maximization if Cost of Principal Raw Material Increases," MPRA Paper 117453, University Library of Munich, Germany, revised 22 Mar 2023.
    2. Mohajan, Devajit & Mohajan, Haradhan, 2023. "The Responses of an Organization for the Increase in Wage Rates: Profit Maximization Cases," MPRA Paper 118238, University Library of Munich, Germany, revised 10 Jun 2023.
    3. Mohajan, Devajit & Mohajan, Haradhan, 2023. "Economic Investigation of Lagrange Multiplier if Cost of Inputs and Budget Size of a Firm Increase: A Profit Maximization Endeavor," MPRA Paper 117993, University Library of Munich, Germany, revised 07 May 2023.
    4. Mohajan, Devajit & Mohajan, Haradhan, 2023. "Mathematical Model for Nonlinear Budget Constraint: Economic Activities on Increased Budget," MPRA Paper 117299, University Library of Munich, Germany, revised 17 Mar 2023.
    5. Mohajan, Devajit & Mohajan, Haradhan, 2023. "Various Problems Arise in Industrial Economics If Wage Rate Increases: A Study for Nonlinear Budget Constraint," MPRA Paper 117553, University Library of Munich, Germany, revised 04 Apr 2023.
    6. Mohajan, Devajit & Mohajan, Haradhan, 2023. "A Study on Nonlinear Budget Constraint of a Local Industrial Firm of Bangladesh: A Profit Maximization Investigation," MPRA Paper 117324, University Library of Munich, Germany, revised 27 Mar 2023.
    7. Mohajan, Devajit & Mohajan, Haradhan, 2023. "Sensitivity Analysis for Utility Maximization: A Study on Lagrange Multipliers and Commodity Coupons," MPRA Paper 117077, University Library of Munich, Germany, revised 06 Jan 2023.
    8. Mohajan, Devajit & Mohajan, Haradhan, 2023. "Effects of Various Inputs for Increased Interest Rate of Capital: A Nonlinear Budget Constraint Consideration," MPRA Paper 118134, University Library of Munich, Germany, revised 06 May 2023.
    9. Mohajan, Devajit & Mohajan, Haradhan, 2023. "Sensitivity Analysis of Inputs of an Organization: A Profit Maximization Exploration," MPRA Paper 117121, University Library of Munich, Germany, revised 12 Mar 2023.
    10. Mohajan, Devajit & Mohajan, Haradhan, 2023. "An Economical Study When Cost of Irregular Raw Materials of an Industry Increases for Nonlinear Budget Constraint," MPRA Paper 118176, University Library of Munich, Germany, revised 05 May 2023.
    11. Matolwandile Mtotywa & Smilo P Manqele & Thulani J Manqele & Mankodi Moitse & Modjadji A. Seabi & Nontando Mthethwa, 2022. "The perceived societal impact of the fourth industrial revolution in South Africa," International Journal of Research in Business and Social Science (2147-4478), Center for the Strategic Studies in Business and Finance, vol. 11(9), pages 265-279, December.
    12. Mohajan, Devajit & Mohajan, Haradhan, 2023. "A Study on Body Fat Percentage for Physical Fitness and Prevention of Obesity: A Two Compartment Model," MPRA Paper 117158, University Library of Munich, Germany, revised Feb 2023.
    13. Mohajan, Devajit & Mohajan, Haradhan, 2023. "Bulimia Nervosa: A Psychiatric Problem of Disorder," MPRA Paper 117258, University Library of Munich, Germany, revised 17 Mar 2023.

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    More about this item

    Keywords

    Digital Revolution; 3D Printing; Economic Development; Industrial Revolution; Renewable Energy; Robotics;
    All these keywords.

    JEL classification:

    • B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary
    • B3 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals
    • D6 - Microeconomics - - Welfare Economics
    • I3 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty
    • N1 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • Q5 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics

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