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The long economic cycles of 56 years and the 4th industrial revolution

Rasoulis Alexandros

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Summary

Long economic cycles have a duration of 56 years. The first 28 years are characterized by significant economic growth and the other 28 are characterized by stability or recession.The current economic cycle peaks in 2024 where it has been 28 years since its beginning in 1996. The previous 28 years of recession and stagnation 1968-1996, were the years where many new industries developed around IT and computing. New technologies created many new industrial sectors for the first time. When computers and cell phones penetrate every home and business, a 28-year economic boom began. These new sectors drove the growth of the 1996-2024. In the next 28 years of stagnation and recession 2024-2052 the technologies of the 4th industrial revolution will evolve.Are they going to bring the next fruitful wave of 28 years (2052-2080) of economic growth?The third industrial revolution is in saturation. Also, the advance of the internet and other inventions that are entering our lives at breakneck speed makes the conditions ideal for a disruptive change. We are at the beginning of a revolution that is fundamentally changing the way we live, work, and interact with each other. In terms of scale, complexity, and scope, the ingredients that make the fourth industrial revolution so special is that it is unlike anything humanity has experienced before.This bachelor’s thesis composes the transformation that the fourth industrial revolution brings to the economic cycles of the future. In particular, the analysis falls under the recording and separation of the new technologies that determine the passage of Industry 4.0. For example, IOT (internet of things), artificial intelligence, machine learning, autonomous vehicles, 3D printing, nanotechnology, biotechnology, energy storage and quantum computing. These technologies will create a new world with completely new data. This is also the goal of the work. That is to pinpoint the creation of the next economic cycle of industries, governments, and products. Describing the new industries but also the transformation of the economy that will arise through them as well as the abandonment of former and no longer sustainable economic models.

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