The fifth technological revolution: context and background

Abstract This chapter offers a discussion on technology, technological progress, and the successive technological revolutions of modern history. In addition, it explains the main ideas behind the concept of techno-economic paradigms. It introduces the term ‘Fifth Technological Revolution’ and explains why new information and communication technologies can be treated as general purpose technologies. This chapter also shows the Digital Revolution in the context of past technological waves, delineating why this Fifth Technological wave is different. It underscores the major points underlying the advantages of information and communication technologies over ‘old’ technological solutions. It also explains the several unique features of new information and communication technologies.