The first industrial revolution happened when manual production was replaced with steam engines. At that moment the most difficult tasks in production were eliminated. The biggest changes occurred in the textile industry in production lines. With that, as independent research scientist Oded Kariti explains, the living conditions were improved, and companies developed much faster.
Cheap labor has so far been a major advantage for the Chinese production. According to Oded Kariti, Electrical Engineer and IT expert, the entire Chinese economy is based on this advantage and pretty soon it became the world’s factory. From plastic bracelets to our iPhone’s, everything is produced in China. However, this situation could soon change.
In fact this major shift in production is often being referred to as the third industrial revolution. Continue reading “Are you ready for a New Industrial Revolution?”