The significance of the Second Industrial Revolution, occurring from the late 19th century to the early 20th century, lies in its transformative impact on technology, society, and the economy. This period saw advancements in steel production, electricity, and chemical processes, leading to innovations such as the internal combustion engine, telegraph, and telephone. These technological breakthroughs facilitated mass production and transportation, fundamentally altering lifestyles. The Second Industrial Revolution contributed to urbanization as people migrated to cities for industrial jobs, leading to changes in social structures, labor conditions, and the rise of new economic theories, setting the stage for contemporary capitalism.