On the return journey of Prince Ulysses and his men, they encountered a seductive enchantress named Circe, who converted all his men into pigs by giving them a magic drink. He alone was able to overcome her charms through the protection of a particular herb. It is such a herb that all seek. But this herb does not exist. Every generation thinks that it is going through unprecedented transformation.
Economic historians identify three revolutions in the last three hundred years.
The First Industrial Revolution of the eighteenth century was driven by the application of new energy sources to methods of production. The Second Industrial Revolution in the late nineteenth century saw massive changes due to railroads, telegraph, mass production and distribution systems. The Third Industrial Revolution is only 30 years old and is characterised by fractal changes in technology, global competition and open trade. Let us draw some lessons from the past, dwell on the markets in India 2010, and conclude with some significant organisational implications. In the late nineteenth century, the Bessemer process reduced the cost of steel by 80 per cent within 20 years.