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Answer to Question #3177 in Economics of Enterprise for Shweta Singh

Question #3177
Name different types of revolution and how these revolution have helped in economic development.
Expert's answer
A revolution (from the Latin revolutio, "a turn around") is a fundamental change in power or organizational structures that takes place in a relatively short period of time.
There are some kinds of revolution:
- Political revolution
- Social revolution
- Economic revolution
- Cultural revolution
- Scientific and technological revolution etc.
Every revolution effects on economic development.
Political revolution leads to change of government, political system or policy of government. These changes create new ways of development for country and economy in particular.
Social revolution leads to changes in social organization in society. New organization allows using more resources or changing way of production. Appear new needs and new opportunities and that lead to economic development.
Economic revolution is characterized by changing way of production, using new sources of energy, changing in system of organization, activity and control. Economic revolution effects direct on economic growth. If results of revolution are useful, then economy grows. If results of revolution are harmful, then economy falls
Cultural revolution leads to changing in internal, moral values, changing social norms, abandonment of past traditions and transitioning to a new cultural direction. New cultural values change all lives inside the country, sometimes even way of thinking. If country goes to a new level of cultural development, then we can use new technologies, learn from other countries and improve our system of values. These steps lead to intensification of economic development in the country.
Scientific and technological revolution is characterized by creating new technologies, new ways of production, new perfect tools of production, and new sources for information transactions, and new means of communication etc. Every innovation and every new technique allows improving our production system, minimizing costs and maximizing profit. And this allows to accelerate the economic development.&

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