# Evolution of Technology and Technology Governance
## 2 Theoretical Background  
### The Technological Waves Concept  
The technological transformation of the socio-economic system can be described as a series of changes in production methods and technological paradigms. Experts believe that the current economic system is determined by the transition of modern civilization from the industrial to the post-industrial stage, the beginning of this process is laid by the fifth technological paradigm (the fifth wave of technology) based on information and communication technologies [2; 3]. In general terms, technology refers to methods, systems, and devices resulting from scientific knowledge being used for practical purposes [4]. This is a very important definition, and though technologies (chemical technology, food technology, etc.) are often described as both directions of applied science and systems used to manufacture respective products, in this article we'll speak of methods, systems, and devices used in industry for practical purposes. In the 1920s, [PERSON] described a 'long wave' as a rather prolonged economic cycle emerging from the implementation of innovative (for their time) technological solutions and, thus, leading to a significant period of financial wealth and stability [5]. In fact, several European scientists put forward similar ideas nearly simultaneously: [PERSON] and [PERSON] were among the first authors to consider these wave-like movements or periods of certain dominant technological processes and industrial sectors [6; 7]. Thus, the 'long wave' concept is recognized internationally and applied to characterize the evolution of technologies (Figure 1). In modern history, at the beginning of the 1990s, [PERSON] and [PERSON] defined a 'technological paradigm' as a combination of technologies specific to a certain level of industrial  
Figure 1: Technological Waves [8]. development, and identified five paradigms already implemented by the world economic system. Each cycle begins with the introduction of manufacturers to a certain set of innovative solutions. The basis for subsequent technological paradigms is laid, as a rule, even during the heyday of the previous paradigm, and sometimes even at the time of the preceding one [9]. The fourth technological paradigm (wave) (1930-1985) was characterized by power engineering, machinery manufacturing, and new synthetic materials and communications equipment production, and contributed towards high-volume manufacturing of consumer commodities, weaponry, motor passenger vehicles and trucks, field engines, planes, and to the growing importance of computers and software products. Characteristic features of the fourth wave are still seen in all, even very advanced economies. Industrial sectors of the fourth wave are those consuming large amounts of natural resources (including energy). The fifth technological paradigm is based on computer science, microelectronics, biotechnology, new types of energy sources and energy generation, genetic engineering, materials, satellite communications and space exploration. It is also a period of migration from singular'stand-alone' companies to an intertwined electronic net of small, medium-sized and large enterprises, interacting closely in the fields of technology, product quality control, and innovation planning. A distinctive feature of the fifth wave is the enhanced role of microelectronic components. The advantage of the fifth paradigm lies in the individualization of production and consumption, an increase in production flexibility, and a strong attention to resource efficiency [10]. The origins of the sixth technological paradigm can be traced back to around 2010. Biotechnology and nanotechnology, genetic engineering, membrane and quantum technologies, photonics, micromechanics, and thermonuclear energy are becoming more and more conventional solutions.