Summary: Industrial revolutions reshaped the world. But during the long pause of tech progress since WWII, we forgot what they do to society. Here is a reminder. A timely one, since a new revolution has begun.

For the world is changing: I feel it in the water, I feel it in the earth, and I smell it in the air. Treebeard the Ent in Tolkiens The Return of the King.

Technological progress slowed so much after WWII that we no longer remember what rapid change looks like. Compare two lives to see what it was like.

Bat Masterson was born on a farm in 1853, amidst people living hard lives with only simple machines. Women drew water from wells, making them old before their times. He became a gunfighter in the tech boom known as the Wild West. He was a sportswriter for the New York Morning Telegraph when he died in 1921 in a city of cars, telephones, electricity, and a powerful public health infrastructure. If we transported his mother through the Time Tunnel from her 1853 home to his 1921 home, how quickly could she adapt? Everything would be different, with a thousand advances beyond her imagination.

June Cleaver was a mother in the 1957 sitcom Leave it to Beaver

Another example: imagine if we shifted General Pershing one hundred years into the future from 1918 WWI to command a modern Army division. He would recognize all the major new tools: aircraft (fighters and bombers), submarines, rockets, radio, and tanks. But if we shifted the Duke of Wellington from the Battle of Waterloo (1815) to WWI (1917), the Duke would be lost amidst the new tech.

The specific dates of the previous industrial revolution are arbitrary, depending on whether one looks at the laboratory breakthroughs or when engineers build them. Whatever the dates, it reshaped the world.

The Singularity has happened; we call it the industrial revolution or the long nineteenth century. It was over by the close of 1918. Exponential yet basically unpredictable growth of technology, rendering long-term extrapolation impossible (even when attempted by geniuses) Check. Massive, profoundly dis-orienting transformation in the life of humanity, extending to our ecology, mentality and social organization? Check. Annihilation of the age-old constraints of space and time? Check.

The Singularity in Our Past Light-Cone by Cosma Shalizi (Assoc. Prof of Statistics at Carnegie Mellon).

The revolution gave per capita GDP in the developed nations a boost that lasted through the 1960s. But few noticed its ending. In the 1960s, people believed in a future of rapid technological progress. But all we got was the manned space program (an expensive trip to nowhere) and the supersonic transport (a premature technology) and radical changes in the narrow fields of communications and computing. So technological progress slowed, as did economic growth.

Now a new revolution might have begun.

The most obvious wave coming is more automation from the combination of semi-intelligent machines, better algorithms, improved cheap sensors, and better manipulators.

Algorithms have already changed the workplace. In the days of yore, for example, every bank had credit officers who personally approved each loan; now algorithms do so faster, better, and cheaper for most consumer loans and mortgages.

As the revolution begins, we have credit cards with chips (replacement for cash), self-driving cars with Star Trek-like sensors and computers, retail kiosks, and facial recognition systems. All have the ability to reshape the workplace. For example, fast-food ordering kiosks provide faster and cheaper service and customers prefer them.

An industrial revolution differs from the narrow advances in the past few generations by its breath. Drones, solar power, gigabyte broadband, smart machines, 3-D printing, re-usable spaceships these and a host of other new technologies are already reshaping our world.

Coming are far greater advances, such as guard robots, computer-generated actors and models, sexbots, and wonders as yet seen only in science fiction tales. They will have a Richter 10 impact on society.

{The arrival of sexbots} will blow up the world. It will make crack cocaine look like decaffeinated coffee. Anonymous (source here).

The pace of progress appears to be accelerating towards greater breakthrough technologies.Here are three candidates from a long list. Only a few need succeed to change everything.

All this is great news for our descendants, as we move to the wonderful world predicted by Lord Keynes in 1930. Revolutions do not solve problems so much as make them irrelevant. But rapid growth creates its own problems. Look at 1880s London in this slightly altered quotation from William Manchesters biography The Last Lion: Winston Spencer Churchill, Visions of Glory.

The city itself is overwhelmed, engulfed by changes with which it has not learned to cope, and which are scarcely understood. Some were inherent in the trebling of the population, some consequences of industrialization. Particles of grime from the factory smokestacks produce impenetrable smog which reduces visibility to a few feet.

Much of the city stinks. The citys sewage system is at best inadequate and in the poorer of neighborhoods nonexistent. Buildings elsewhere are often constructed over cesspools which, however, have grown so vast that they form ponds, surrounding homes with moats of effluvia.

And the narrow, twisted streets are neither sealed nor asphalted. People lock their windows, even in summer, but they have a lot to keep out: odors, dust.

And then there was the manure from the horses (in 1880, NYC had 180 thousand) Nobody saw this coming, and so people had to react instead of prepare. Lets do better this time.

Among the biggest economic disruptions will be from big companies unable to ride these waves. Such as Xerox who dominated the copier business and invented most of the key elements of personal computing. Such as Kodak inventor of the digital camera (1975) and organic LEDs (1987), the one-time leader in digital radiography and blood testing equipment (history here). Such as GE whose serial screw-ups are legion (e.g., see Fast Heat: How Korea Won the Microwave War by Ira C. Magaziner and Mark Patinkin in the Harvard Business Review, January-February 1989).

The social and political problems from an industrial revolution will be even more difficult for investors to manage. Two can be foreseen. First, the struggle to share the fruits of increased productivity between labor and owners. This can be solved with a little wisdom, but often a little wisdom is more than a people have on tape. Failure at this could make burying gold in the backyard a winning strategy.

Second, coping with widespread unemployment. Many remain in denial about this. In their 2004 book, The New Division of Labor: How Computers Are Creating the Next Job Market, Frank Levy and Richard Murnane discuss fields where computerization should have little effect on the percentage of the workforce engaged in these tasks. They list truck driving as one such field. Only 16 years later that prediction looks foolish. Imagine what another 16 years will bring. Discussing the coming job apocalypse is beyond the scope of this article. I will write about it if there is any demand.

So far we prepare for these things by closing our eyes. I doubt that will prove successful, and it squanders our lead time.

Risk and reward. Greed and fear. Booms and busts. Industrial revolutions do not change their natures, but make all of these larger. Understanding the economic regime of our time can inform your decision-making in all aspects of life.

Just as the date is vague when the previous revolution began, so will the start of the next one. There are no milestones for such things. But if you look for it, you will see the signals.

Ideas!For some shopping ideas see my recommended books and filmsat Amazon. Also, see a story about our future: Ultra Violence: Tales from Venus.

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By Ray Kurzweil. See his website.

From the publisher

At the onset of the twenty-first century, humanity stands on the verge of the most transforming and the most thrilling period in its history. It will be an era in which the very nature of what it means to be human will be both enriched and challenged, as our species breaks the shackles of its genetic legacy and achieves inconceivable heights of intelligence, material progress, and longevity.

For over three decades, the great inventor and futurist Ray Kurzweil has been one of the most respected and provocative advocates of the role of technology in our future. In his classic The Age of Spiritual Machines: When Computers Exceed Human Intelligence

That merging is the essence of the Singularity, an era in which our intelligence will become increasingly nonbiological and trillions of times more powerful than it is today the dawning of a new civilization that will enable us to transcend our biological limitations and amplify our creativity. In this new world, there will be no clear distinction between human and machine, real reality and virtual reality. We will be able to assume different bodies and take on a range of personae at will. In practical terms, human aging and illness will be reversed; pollution will be stopped; world hunger and poverty will be solved. Nanotechnology will make it possible to create virtually any physical product using inexpensive information processes and will ultimately turn even death into a soluble problem.

While the social and philosophical ramifications of these changes will be profound, and the threats they pose considerable, The Singularity Is Near maintains a radically optimistic view of the future course of human development. As such, it offers a view of the coming age that is both a dramatic culmination of centuries of technological ingenuity and a genuinely inspiring vision of our ultimate destiny.

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The new industrial revolution will change everything - Fabius Maximus journal