Management During the Third Industrial Revolution: Asian Tigers and Global Players

The Third Industrial Revolution from the middle of the twentieth century was the harbinger of technological change (the extensive use of microchips in such things as home computers and computer-aided design or computer-aided manufacturing and innovations in fibre optics, lasers and robotics), economic change and the globalisation of opportunity, which saw a steep trajectory in the economic fortunes of Asian economies, the companies of which achieved prominence in a multiplicity of industries and sectors. So, whilst the United States maintained its position as the largest economy in the world and continues to do so, the Third Industrial Revolution saw the growing influence of Japan, the rapid and significant economic growth in the economies of the Asian Tigers and Asian Dragons, through to the incredible growth of the Chinese economy as the second largest in the world and of India, which had become the fifth largest by 2019. In response to the new economic opportunities—from the mid-part of the twentieth century—Asian companies thrived. Their managers were able to convert strategy into actionable plans and processes, and demonstrate resilience and ability to change and introduce new management concepts, competences and language that became global over the course of a 50-year cycle.