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Rabelani dagada economical waves presentation

This document discusses the four economic waves: the primary sector of mining and agriculture (1st wave), the industrial revolution and manufacturing (2nd wave), the rise of services and information technology (3rd wave), and the emerging wave of broadband, telecommunications, and computing convergence (4th wave). It analyzes where South Africa's economy currently stands, noting it is still largely based on the 1st wave of exporting raw materials, though it has adopted some 3rd wave innovations. Barriers to transitioning to the 4th wave knowledge economy are identified as unemployment, infrastructure gaps, and lack of skills and strategy.

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Economical Waves10 March 2011Presented by Syndicate 4 during Rabelani Dagada’s Technology & Information Management Course, Wits Business School,17 March 2011
The Four Economical Waves1st Wave2nd Wave3rd Wave4th Wave
First WaveDuring the first wave economies were mining and agriculturally based, these economies are now known as the primary sector.
Second WaveThe second wave was brought on by the Industrial Revolution from the 18th to the 19th century in the United Kingdom and subsequently spread to other parts of the world.
It was a period where major changes in agriculture, manufacturing, mining, transportation, and technology.
The second wave involves a shift in the way that production took place, in which the manufacturing of goods began to involve automated processes.
During the industrial wave there was a fundamental shift in the way that people thought about the whole production process.
The industrial revolution was important in that it increased productivity by introducing large scale manufacturing.
The importance of the second wave is that it created physical infrastructure in the countries that took part in it. The infrastructural development has facilitated and made it possible for these countries move into the fourth economical wave.
The manufacturing of goods is now referred to as the secondary sector of the economy. Third WaveThis economical wave arose from the development of Information and Communications technology, as the basis for conducting business.
While the second wave is defined by geography, bricks and mortar, the third wave is defined by information and knowledge which transcends physical boundaries.
During the third wave countries began to make use of technology and information to enhance their production and remain constantly innovative and ahead of other economies.