Evolution of Industrial Revolutions: A Review

Abstract

The new economy has seen tremendous strides since its early appearance at the onset of the industrial revolution in the 18th century. For decades, much of the items, including guns, tools, food, clothes, and homes, have been crafted or used from work by animals. This improved in the late 18th century with the introduction of the industrial methods. Industry 1.0's development was then a quick uphill climb leading up to the next manufacturing age – fourth Era. The summary of this evolution will be discussed here. This article takes a theoretical approach to looking at Business 4.0 as the Fourth generation. The study identifies three key elements of each transformation to deepen understanding of the phenomenon: technological, economic and demographic changes. In Business 4.0, Public Use Technology (PUT), Extreme competition and ageing demographics will allow the expansion quicker and broader. Although advances in Business 4.0 are more evaluative than transformative, their mixture and the context in which they develop forecast significant economic and social impacts that will in turn constitute a revolution.