The First Industrial Revolution

We are currently being faced with a third industrial revolution comprised by the exponential changes in technology and digital advancement. The past two industrial revolution have created new economic opportunities and have ultimately made the global economy what it is today. Mass jobs have been created, new ideas have spread, and businesses have boomed due to the two main revolutionary advancements in history. The current problem with the technology wave is that there are far too many unanswered questions about what it will do for our economy. In the past, increased advancements have led to economic growth and development to developing and developed countries alike. Now with technology growing exponentially, the economy is at
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Revolutions infer that there is a big change coming and this may be the first industrial revolution that has dire economic consequences unless there is a drastic change in fundamental government policies. As of now, the college educated worker is struggling to find a career that was promised to them by pursuing a higher education. Technology has proven that it can and will become smarter than the average educated individual. Given this change in technological structure, only the highly skilled who can improve and benefit from this structure will be able to become successful. Robots and machines are even overqualified to do the mundane and monotonous tasks that the unskilled worker is willing to do. Unfortunately, this means that labor wages will continue to decrease and the poor will continue to get poorer. Wealth inequality in the United States will continue to be a hazardous problem and eventually the economic implications of this revolution will heavily impact a majority of the population. The government must step in and offer an economic solution to a problem that the wealthy have found benefits them and only them. The uncertainty of where technology will go is unsafe and unfair to those who do not benefit from these exponential digital advancements. Economic theories have never been able to entirely encompass the implications of what advancement in specific sectors will do. As of now, there needs to be economic and political reform to ensure that information and communication technology do not continue to increase the vast inequality in wealth and income in the world. It is both the citizens and the government’s job to step up and become more educated of what could come of the ICT

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