Source: Adam Smith Institute
by Madsen Pirie
“The first [Industrial Revolution] is reckoned to be the application of controlled power to production. The big leap came as water and then steam replaced men, horses and oxen as sources of energy. … The Second Industrial Revolution is reckoned to include the development of railroad and telegraph networks, allowing faster movement of people and the rapid spread of ideas, as well as electricity, which allowed factories to develop the modern production line. The Third one has been the recent shift to an economy centered on information technology …. Some claim that the Fourth Industrial Revolution is happening today. It combines Artificial Intelligence with a huge shift in the speed at which existing industries are impacted upon in a large number of sectors.” (03/05/25)
https://www.adamsmith.org/blog/50meisye3biu7jeqi8vhv6zpukmz77