Henry Maudslay is considered the father of machine tool technology for his inventions around 1800, including a metal lathe that enabled mass production with interchangeable parts. A lathe is used to machine cylindrical workpieces and consists of main parts like the bed, headstock, tailstock, carriage, and tool post. Different lathe types include engine lathes, turret lathes, and automatic lathes. The document discusses lathe parts and mechanisms in detail.