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Third Wave Civilization. By definition, both force and wealth are the property of the strong and rich.

It is truly the revolutionary characteristics of knowledge that can be grasped by the weak and poor as well. IT has revolutionized our lives, with 165 million Internet users, which will rise to 2.5 billion by 2020; it has changed the way we think, dream and create wealth. Telecommunication is no longer a technology issue; it has now become an economic, political, cultural and social issue. Geography is fading as a long-term factor in business success. The cost of communicating between any two points on the globe is shrinking. The distinction between global and local telecommunication has diminished. The evolution of communication networking is an evolution based on accelerating development in micro-electronics, optical, wireless and software technologies. The flow of information into and out of a nation can no longer be effectively controlled by the state; the information is everywhere and freely accessible. To participate in the burgeoning economic benefits of e-commerce means adopting practices that undermine state control. It has the authority to take decisions within ones area of operations without getting approval from anyone else. It helps increase peoples participation and b reaking the bureaucratic red tape. Such congenial atmosphere encourages innovation and personal initiative of the workers. The most important of all, the digital technologies have provided new powers to an individual. In contest with the broadcast technologies that were the mark of modernism newspapers, radio and television digital technology allows anyone who is connected to send a signal and to choose which signal to receive. The message is free from the definition of the medium and the consequences are profound. The digital technologies are bringing about such cultural and social changes like distant education, telemedicine, on-line games or virtual sex, social networks, etc. Some other aspects of the Third wave are given as follows: Factors of Production. Knowledge has taken over the Second Wave factors of production, land, labor, raw materials and capital. Knowledge has revolutionized the means to reduce the labor requirements, cut inventory, save energy, save raw materials and reduce the time, space and money needed for production. Intangible Values. The value of intangible assets has increased importance of Services Sector in relation to the Manufacturing Sector. De-Massification. CAD, CAM, often robotized manufacturing systems capable of endless, cheap variation, has replaced mass production, the defining characteristic of the Second Wave economy. The revolutionary result is, in effect, the de-massification of mass production. Work. Work itself is transformed. Mass production has been taken over by diverse, complex and more efficient methods of production. The skill level of Third Wave workers has improved in relation to their lowskilled Second Wave counter parts. Innovation. This word is changing its meaning every day as the marvels of knowledge is opening new horizons and opportunities for mankind. Increase in the flow of knowledge and ideas have multiplied the

process of diffusion. At the same time this era of innovation has increased the risks and expectations, bringing in new challenges. In this journey, can we be able to conquer nature? Scale. The diverse and complex nature of products and services of the Third Wave have taken over the Second Wave systems of economies of scale . Organization. Second Wave Organizations have traditionally been mechanistically structured, with well defined boundaries between their internal and external worlds. Struggling to adapt to high speed changes, companies are racing to dismantle their bureaucratic mindsets. Industrial-era companies typically had similar tables of organization- they were pyramidal, monolithic and bureaucratic. Todays markets, technologies and consumer needs change so rapidly and put such varied pressures on the firm that bureaucratic uniformity is on its way out. System Integration. The rise of complexity and the global exploitation of markets in the Third Wave economies have increased the need for more sophisticated integration and management. Managing such complexity requires new forms of leadership and extremely high order of systemic integration. That, in turn, requires higher and higher volumes of information to pulse through the organization. Infrastructure. In order to bring together this free flow of information, rise of change and all factors explained above, billions of dollars are being poured into to create an efficient infrastructure. Acceleration. All these changes further accelerate the pace of operations and transactions. Economies of speed replace economies of scale. Competition is so intense a nd the speeds required so high, that the old time is money rule is increasingly updated to every interval of time is worth more than the one before it. Time becomes critical variable as reflected in just -in time deliveries and a pressure to reduce DIP or decision in process. Slow, sequential, step-by-step engineering is replaced by simultaneous engineering.