Human Capital Perspective of Previous Industrial Revolutions: Review in Support of 4IR and its Possible Impacts

Globally, the industrial revolution is a concept used to capture the different periods that heralds major changes in the society due to technological advancements. Previously, there existed only three industrial revolutions however; in recent times, the possible impacts of fourth industrial revolution (4IR) through its technologies have been the centre of attention in many discussions. While some scholars raise arguments in support of the 4IR saying it will have a far-reaching impact across industries globally, others simply view it as a soon-fading fad. Sequel to the dichotomy, this study from the human capital perspective reviews the previous phases of industrial revolutions to build an argument in support of the 4IR and its possible impacts. The review reveals that as different technologies emerged in the previous phases of the industrial revolution, the nature of work, workplace and ultimately; skill-needs in those revolutions changed. Therefore, this study argues that the 4IR is indeed a revolution looking at the distinctive elements of the 4IR and the probable impacts of these 4IR elements