4th Industrial Revolution and Reality of Industrialisation in Bangladesh
3 Pages Posted: 2 Feb 2019
Date Written: January 21, 2019
Currently 4th Industrial Revolution (4IR) is one of the most discussed issues in Bangladesh. Seminars, conferences and round table discussions are being organised by different stakeholders on 4IR and its problems and prospects. Scholars are trying to make stakeholders aware about 4IR concept and inspiring entrepreneurs to adopt newer technologies to get advantages out of it. They are reminding that businesses are to adopt 4th and 5th generation technologies to remain them up-to-date with concurrent market demands. Let’s try to have a look at the history of industrial revolution from its very beginning. Before 17th century world economy was mainly agriculture dependent. Agriculture production was the prime mover of world GDP. Till then people used to made products in their homes by using handmade tools or by bear hand. 1st Industrial Revolution (1st IR) took place in Europe and North America in 17th Century with invention of steam engine. 1st industrial sector i.e. textiles and iron industry begin journey in Europe. Handmade textile industry started to be mechanized. Starting in 1765 first industrial revolution lasted till the beginning of 19th century. Initiation of mechanisation, introduction of industrial base based on agriculture crops, advancement of mining industry especially iron and coal extraction and invention of steam engine were the success stories of the 1st IR.
Keywords: 4th Industrial Revolution, IR 4.0, 4th IR, Industrial Revolution in Bangladesh
JEL Classification: L16
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