Fourth Economy Era on Capital Intensive Production

Throughout the 20th century in industralised countries, the productivity of manufacturing had very much increased due to advances in technology, business organisation, law and banking. This saved much labour but required much larger capital investments.

While other forms of manufaturing and economic activities were being pursued, the main economic activity of the world was dominated by these productions that required very large capital investments, like production in petrochemical plants, pharmaceutical complex and wafer fabrication plants.

The above picture shows my oil painting depicting this economic era. It shows a complex petrochemical plant. Size 30 x 40 in. Click on the image to enlarge

Third Economic Era on Manufacturing

The industrial revolution which started in England in the late 18th century caused the main economic activity of many parts of the world to change from agriculture and farming to manufacturing.

The term manufacturing means the use of machines, tools and trained labour to make goods for use or for sale. It first started as handicraft supplement to agriculture and farming and progressed to craft guilds. The industrial revolution in England introduced textile mechanisation and the making of iron, steels, machine tools, steam engines, steam ships, railways, as well as factory production. Soon in many parts of Europe and the US, manufacture overtook agriculture and farming to be the main economic activity. Gradually other countries followed.

This picture above is my oil painting showing skilled workers in an early industrial factory working on machine tools powered by a steam engine through shafts, pulleys and belts from the ceiling. Size 30 x 40 in.

Second Economic Era on Agriculture and Farming

Gradually human beings formed communities and settled down in suitable places. The gathering of wild plants was slowly replaced by agriculture culturing selected plants, and the hunting of wild animals by farming rearing selected animals. The main activities were grually replaced by agriculture and farming.

While tools were still useful, the main resources were land without which no agriculture or farming could by pursued effectively. For this reason, different communities under some leaderships sometimes fight other communities with hunting tools to occupy good land. The concept of terrorites, kingdom and countries were formed.

Bartering exchanges were slowly replaced by exchanges through some form of money.

The transition from the first to the second era occured around ten thousands year ago. This varied very much at different parts of the world.

The picture above shows my next oil painting to depict these activities of agriculture. The size is also 30 x 40 in. Click on the image to enlarge.