This article aims to compare the first industrial revolution of the 17th and 18th centuries and the second industrial revolution of the mid-18th and 19th centuries. It will highlight the transformation from the first revolution to the second revolution, focusing on the presence of giant corporations and the role of science and technology in economic activities. Additionally, it will feature the two world philosophers Karl Marx and Adam Smith on these issues. The Industrial Revolution of the 17th and 18th centuries saw the transformation of Britain from a Neolithic to an industrious nation. However, this revolution spread quickly across the world, ushering in the modernization of agriculture, revolution of power and textile manufacturing. This revolution brought a huge wave of success in terms of economic and technical progress. The first revolution focused largely on the production of new textile machinery, improved methods of coal production, ironmaking, and agricultural techniques. However, during the Second Industrial Revolution, a cluster of industrial inventions centered on steel, railways, and agricultural machinery resulted in a great boom in industry and the economy. (Heilbroner and Milberg 2009,54) The revolution of the 18th and 19th centuries saw an immense transformation in science, technology and our economy, hence the transformation from a Neolithic economy to an industrial economy. The revolution had a socio-economic impact in terms of research and industrial development. Before the revolution, labor was virile manual force, but the first revolution saw the materialization of machines. For example, the introduction of steam engines provided electrical power used as a replacement for manual labor, so...... middle of article...... Works CitedP. Dean. (1969). Structural change. In: Carlo M.Cipolla The Fontana Economic History of Europe The Industrial Revolution in England 1700-1914. London: p.Deane. 41-43Whitehead, A.N. (2009). The industrial revolution and the role of science and technology in the development of technical education. Available: http://technicaleducationmatters.org/page/14/. Last accessed January 2, 2014. Bronwyn and Rosenberg, N (2010). Handbook of the economics of innovation. Available: http://books.google.co.uk/books?id=4nZTCD_zjN4C&dq=Mowery+and+Rosenberg,+1989+the+second+industrial+revolution&source=gbs_navlinks_s. Last accessed January 2, 2014. Milberg, Wand Heilbroner, RL (2009). The creation of economic society. 12th ed. United States: Pearson International Publishing. 54-62 Hammond, JL and Hammond, B (1937). The rise of modern industry. London: Methuen & Co. 162.Auerbach (2013