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Machinery. Technology. Social Well – being

Table 3:

Socio-economic characteristics of waves The number of a technological wave
I(1770-1830) II(1830-1880) III(1880-1930) IV(1930-1970) V(1970-2010)
Modes of economic regulation in the leading countries The destruction of the feudal monopolies, restriction of trade unions, free trade Freedom of trade, restriction of government intervention, the emergence of sectoral trade unions. Formation of social legislation. Expansion of state regulatory institutions. State ownership of natural monopolies, the main types of infrastructure. Development of the public institutions of social security, the military-industrial complex. Keynes’s state regulation of the economy. State regulation of strategic types of information and communication infrastructures, changes in the regulation of financial institutions and capital markets while reducing the role of the state in the economy. The decline of the trade union movement.
International modes of economic regulation British dominance in international trade finance. Political, financial and commercial dominance of the UK. Freedom of international trade. Imperialism and colonization. The end of the British rule. The economic and military dominance of the US and the USSR. International modes of economic regulation
Key economic institutions The competition of individual entrepreneurs and small firms, their union in the partnership, to ensure co-operation of individual capital The concentration of production in large organizations. The development of joint stock companies, providing capital concentration on the principles of limited liability. Merging firms, the concentration of production in the cartels and trusts. The dominance of monopolies and oligopolies. The concentration of financial capital in the banking system. Department of Property Management. Transnational Corporation, an oligopoly in the global market. Vertical integration and concentration of production. Divisional hierarchical control and domination of the technostructure in organizations. Key economic institutions
Organization of innovative activity in the leading countries The organization of scientific research in the national academies and scientific societies, local scientific and engineering societies. Individual engineering and inventive entrepreneurship and partnership. Professional training of staff, and with a margin on the job. Formation of research institutes. Accelerated professional development; education and its internationalization. Formation of national and international systems of intellectual property protection. Create in-house research, departments. The use of scientists and engineers with a university degree in manufacturing. National institutes and laboratories. Universal primary education. Specialized research and development departments in most companies. State subsidies for military research and development activities. State involvement in the sphere of civil R & D. The development of secondary, higher and vocational education. Technology transfer through licensing and investment by transnational corporations Organization of innovative activity in the leading countries
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