Industrial Revolutions

The Impact of Political Stability and Technological Innovation on Economic Growth

In the post-war period, the world witnessed significant political stability, particularly in Western countries. This stability, in turn, fostered economic growth and allowed for the exploration of new sectors that were previously unexplored. The United States and the Soviet Union, as the major world superpowers during the Cold War, played a crucial role in shaping the global political landscape.

The stable political conditions in Western countries led to post-war reconstruction and the subsequent growth of various industries. This progress gradually spread to the middle class, following the Western socio-economic model. The result was a strong push towards progress and technological innovation in numerous industrial sectors.

Market globalization further accelerated the dissemination of innovations and products, leading to rapid microeconomic and macroeconomic changes. These changes had a profound impact on the labor market and ultimately influenced the lifestyles of the Western population.

Today, with the introduction of new technologies, entire production processes can be automated, revolutionizing the way industries operate.

human assistance. Known examples of this are robots that perform programmed sequences without human intervention.

4th Industrial Revolution

We are currently implementing the Fourth Industrial Revolution. This is characterised by the application of information and communication technologies to industry and is also known as "Industry 4.0".

Industry 4.0 can pull individuals into smarter networks, with the potential of more efficient working. The digitalization of the manufacturing environment allows for more flexible methods of getting the right information to the right person at the right time.

The increasing use of digital devices inside factories and out in the field means maintenance professionals can be provided with equipment documentation and service history in a timelier manner, and at the point of use. Maintenance professionals want to be solving problems, not wasting time trying to source the technical information that they need.

In short, Industry 4.0 is a game-changer, across

industrial settings. The digitalization of manufacturing will change the way that goods are made and distributed, and how products are serviced and refined. Factories use technology such as Cloud, Big Data Analytics and IoT to enable advanced and efficient communication between different players and connected objects in a production line. This might become the industrial revolution that deviates from non-renewable energy sources and is embedded instead in smart cities powered by wind, sun and geothermal energy.

So far, the milestones of the Fourth Industrial Revolution include: large scale digitalization, the emergence of IoT networks and IIoT, machine learning, AI, predictive analyses & maintenance in industrial settings, Big Data and Cloud Computing technologies, and advanced robotics.

The easiest way to understand the Fourth Industrial Revolution is to focus on the technologies driving it. These include Artificial intelligence, blockchain, faster computer processing, virtual reality, biotechnology,

robotics, the internet of things and 3d printing. As the Fourth Industrial Revolution reshapes the future of work, businesses must prepare their people for the new world that lies ahead. This often means an increased focus on continual learning, upskilling to new types of jobs, and a commitment to diversity. "Companies need to be thinking about enabling their employees to code in new languages, but also to change their mix of soft skills,"