What is Path Dependence Model

The economic history is full of technical disruptive innovations, which have changed the markets and the ways of living and business. The innovations, starting from steam power, electricity, telegraphs, internal combustion engine, and continuing with mainframes, PCs, the internet, and mobile/social networking, have changed the business world. Still, new disruptive technologies are developing, and new innovations are emerging. This study maps the drivers of industrial revolution and considers the promising contemporary potentially disruptive innovations, such as blockchain technology and cybernetics. This article suggests the existence of two (or even more) industrial revolutions at the same time.