The First Industrial Revolution saw massive changes to manufacturing processes from the mid 18th to the mid 19th century in the UK and the USA in particular. Initial responses from the population to these massive changes were negative. Yet, those changes led to rapid population growth, dramatic improvements in the wider economy, and paid employment for many who would have otherwise lived in extreme poverty. Indeed, the Industrial Revolution is now viewed by historians as the most important, positive and significant event since humans moved from hunting to agriculture.
Despite its massive impact, few had predicted the Industrial Revolution and many of those who did were naysayers, highlighting its potentially catastrophic impact. Only a small minority foresaw its potential benefits, planned accordingly, and so benefited directly from it. Sounds familiar?
The COVID-19 pandemic has brought to the fore the vulnerability of millions of employees and businesses across the globe. Between April-June 2020, the world lost almost 400 million full-time jobs due to the pandemic, according to statistics released by the International Labor Organization (ILO).
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