Digital revolution

The Digital Revolution is the change from mechanical and analogue electronic technology to digital electronics which began anywhere from the late 1950s to the late 1970s with the adoption and proliferation of digital computers and digital record keeping that continues to the present day. Implicitly, the term also refers to the sweeping changes brought about by digital computing and communication technology during (and after) the latter half of the 20th century. Analogous to the Agricultural Revolution and Industrial Revolution, the Digital Revolution marked the beginning of the Information Age.

Central to this revolution is the mass production and widespread use of digital logic circuits, and its derived technologies, including the computer, digital cellular phone, and the Internet.

The notion of the digital revolution is part of the Schumpeterian theory of socio-economic evolution, which consists of an incessant process of creative destruction that modernizes the modus operandi of society as a whole, including its economic, social, cultural, and political organization.

The motor of this incessant force of creative destruction is technological change. While the key carrier technology of the first Industrial Revolution (1770–1850) was based on water-powered mechanization, the second Kondratiev wave (1850–1900) was enabled by steam-powered technology, the third (1900–1940) was characterized by the electrification of social and productive organization, the fourth by motorization and the automated mobilization of society (1940–1970), and the most recent one by the digitization of social systems. Each one of those so-called long waves has been characterized by a sustained period of social modernization, most notably by sustained periods of increasing economic productivity. According to Carlota Perez: "this quantum jump in productivity can be seen as a technological revolution, which is made possible by the appearance in the general cost structure of a particular input that we could call the 'key factor', fulfilling the following conditions: (1) clearly perceived low-and descending-relative cost; (2) unlimited supply for all practical purposes; (3) potential all-pervasiveness; (4) a capacity to reduce the costs of capital, labour and products as well as to change them qualitatively". Digital Information and Communication Technologies fulfill those requirements and therefore represent a general purpose technology that can transform an entire economy, leading to a modern, and more developed form of socio-economic and political organization often referred to as the post-industrial society, the fifth Kondratiev, Information society, digital age, and network society, among others.

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