INDUSTRIAL REVOLUTION
Living in the IT Era (Lecture)
BS Accountancy 1 I PROF. I SEM 1 2022
INDUSTRIAL REVOLUTION
- a period of development in the latter half
of the 18th century, where there is change
from one economy to another.
Invention
- the discovery of new products
processes.
Innovation
- the commercialization and improvement of
existing products.
FIRST INDUSTRIAL REVOLUTION – (1765)
It started in England during the 18th century,
concentrated in Britain and initially focused on
textile manufacturing.
 Significant evolutions – Cort’s
puddling; rolling process for making iron,
Crompton’s mule for spinning cotton, Watt
steam engine
 Products / Services – Vegetables, Coal,
Iron, Discovery of chemicals
 Transportation – Railroads, Basic farming
 Production System – Manual Labor to
mechanical
 Communication - Printed materials
and
SECOND INDUSTRIAL REVOLUTION – (1870)
 Significant evolutions – Development of
electricity, Internal-combustion engine,
Railway, Chemical industry
 Products / Services – Electricity,
Chemicals, Petroleum, Steel
 Transportation – Automobiles, Aircrafts
 Production System – Machine-aided
Equipment
 Communication – Telephone, Telegraph
THIRD INDUSTRIAL REVOLUTION – (1969)
It started with the development of transistors and
the rise of electronics and digital technology.
 Products / Services – Internet, rise of
electronics, source of energy: nuclear
power
 Production System - Automation
FOURTH INDUSTRIAL REVOLUTION
IT and Productivity
- Economists interested in the pervasive
effects of technological change in different
industrial revolutions have devised the
concept of a General-Purpose Technology
(GPT). It is a technology of wide
application used in various industries and
whose impact is strong on their
functioning.
INDUSTRIAL REVOLUTION
Living in the IT Era (Lecture)
BS Accountancy 1 I PROF. I SEM 1 2022

INDUSTRY LIFE CYCLE

The industry structure refers to the

characteristics of an industry, such as the number
of firms operating in it, the distribution of power
between them (whether some are very large and
others very small, or whether they are all very
large), and the degree to which new firms find it
easy to enter the industry).
Mechanisms affecting industry structure
include the dynamics of entry/exit, technological
change and falling prices. 

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