The third industrial revolution is known as the revolution of digitalization in the world. This industrial revolution started in the 20th century especially in the 1950s with computer technologies and information technologies and is still going on, though the fourth industrial revolution, which is based on the third industrial revolution, has in the meantime begun with some of its components in some industrialist countries in the world with more automation by a fusion of technologies that is blurring the lines between the physical, digital, and biological spheres. No doubt, the third industrial revolution has enormously affected in terms of economic development, educational opportunities and many other aspects across countries around the world by making the world more connected and other means.
Notably, the third industrial revolution, which differs from two earlier industrial revolutions such as the first industrial revolution and the second industrial revolution, is a more sophisticated development of industrial activities. The first industrial revolution that commenced in Britain in the late 18th century with the mechanization of the textile industry (caused by a variety of reasons including capitalism, European imperialism, minding of resources, agricultural revolution and scientific and technological revolution and political influence) resulted in the mechanization of production with steam and water power and the initiation of the factory. But the second industrial revolution that came in the early 20th century, especially when Henry Ford mastered the moving assembly line, led to the beginning of the age of mass production with electricity resulting in increased supplies.
No doubt, the third industrial revolution has been playing very significant roles in the improvement of economic, social and other conditions by bringing forth the rise of electronics, telecommunications and computers, providing scope of using nuclear energy, generating substantial gains in productivity, providing more economic opportunities, providing more opportunities for social connections and political expressions and providing some other ways. But there is an underutilization of the opportunities and benefits of the third industrial revolution in economic activities and other terms. Indeed, many countries have not yet desirably utilized opportunities for economic benefits including gains in productivity and energy problems have remained a significant problem in different countries. Moreover, many have not yet connected to internet facilities. But these are especially the cases for less developed countries.
Moreover, there are many economic, social, environmental and other negative outcomes of the third industrial revolution. Economically it brings out economic inequality. Socially, it increases social crimes including kidnappings and bullying especially cyber bullying. Indeed, internet and mobile technologies not only helped to improve economic, social and other aspects with greater opportunities but also facilitated committing crimes in many countries. In environmental terms, the third industrial revolution resulted in increased air pollution, biodiversity reduction, water pollution, habitat destruction, greenhouse gas emissions, global warming and climate change, Besides, the third industrial revolution facilitates the dissemination of wrong information with an intention to create chaos, though it also helps to take quick steps to deal with such problems.
No doubt, there are many policy-based, structural, economic, social, cultural and other challenges to getting the desired outcomes of the third industrial revolution. One of the most important reasons is limited policy support by governments for the desirable use of opportunities. A lack of economic resources also puts significant hindrances at the national, group or individual level. Consequently, many governments fail to provide needed support and many people do not afford to utilize opportunities. Besides, there is a lack of human resources and user capability in many areas needed for the utilization of opportunities and generating benefits. Obstacles are more in developing and less developed countries. Moreover, there is a lack of understanding among many on the beneficial use and outcomes of information technologies in economic and other terms.
Thus, some measures are needed to make sure that the opportunities and benefits of the third industrial revolution are desirably utilized around the world. In this respect, policy-based, structural and resources based constraints need to be well-addressed by governments. Moreover, some incentivized programs can be helpful, especially in less resourceful countries, with financial support from donor countries and organizations. Internet facilities need to be made available and affordable everywhere. But it is also important to reduce social and other negative outcomes of the third industrial revolution with some measures including the optimization of environmentally sustainable production and manufacturing and the reduction of cyber bullying and other crimes.
