Freeman makes a distinction between five technological revolutions in the history of modern capitalism. These are outlined in Table 1, along with some characterizing features for each of them. The history starts with the Industrial Revolution, which can be dated around 1780 (all the dates are necessarily crude). Since then, five major technological revolutions pass, of which the last one - the Age of Mass Production -associated with the Automotive Industry (described in the table 1). Each of these revolutions is characterized by a small number of carrying basic innovations, together constituting a technological paradigm. Two particularly important features of these technological paradigms are given by the transport system, and the energy system to some extent.

Table 'l. Technological Revolutions Timing Revolution Transport systems Energy systems 1780-1840 Industrial Revolution: mechanization of Canals, carriages Water power textiles 13404390 Age of steam power and railways Railways Steam power 13904940 Age of electricity and steel Railways Electricity 19.40-1990 Age 0'\" mass production Motor vehicles, Airlines Fossil fuels Source: Verspagen (2000, p.62)