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Opinion & Views

The Fourth Industrial

Revolution

rofessor Klaus Schwab was born in first, empowering them and constantly changes will bring about shifts in power,
PRavensburg, Germany in 1938. He is reminding ourselves that all of these new shifts in wealth, and knowledge. Only in
Founder and Executive Chairman of the technologies are first and foremost tools being knowledgeable about these changes
World Economic Forum, the International made by people for people.” and the speed in which this is occurring
Organization for Public-Private Learning how humankind can benefit can we ensure that advances in knowledge
Cooperation. from this revolution while addressing its and technology that reach all and benefit
Previous industrial revolutions liberated challenges is also the central aim of the all.
humankind from animal power, made World Economic Forum Annual Meeting The first industrial revolution started
mass production possible and brought 2016, which is being held under the in 1760 with the invention of the steam
digital capabilities to billions of people. theme “Mastering the Fourth Industrial engine. The steam engine allowed the
This Fourth Industrial Revolution Revolution”. transition from farming and feudal society
is, however, fundamentally different. Crowdsourcing ideas, insights and wisdom to the new manufacturing process. This
It is characterized by a range of new from the World Economic Forum’s global transition included the use of coal as the
technologies that are fusing the physical, network of top leaders from business, main energy while trains were the main
digital and biological worlds, impacting government and civil society and young means of transportation. Textile and steel
all disciplines, economies and industries, leaders, this new book looks deeply at the were the dominant industries in terms of
and even challenging ideas about what it future that is unfolding today and how employment, value of output, and capital
means to be human. we might take collective responsibility to invested.
The resulting shifts and disruptions ensure it is a positive one for all of us. The second industrial revolution began
mean that we live in a time of great The term The fourth industrial revolution, in 1900 with the invention of the internal
promise and great peril. The world has describes a world where individuals move combustion engine. This led to an era
the potential to connect billions more between digital domains and offline reality of rapid industrialization using oil and
people to digital networks, dramatically with the use of connected technology to electricity to power mass production.
improve the efficiency of organizations enable and manage their lives. The third industrial revolution started
and even manage assets in ways that can The first industrial revolution changed our in 1960 and was characterized with
help regenerate the natural environment, lives and economy from an agrarian and the implementation of electronics and
potentially undoing the damage of handicraft economy to one dominated by information technology to automate
previous industrial revolutions. industry and machine manufacturing. Oil production.
Organizations might be unable to adapt; and electricity facilitated mass production Under the old ways, making things
governments could fail to employ and in the second industrial revolution. In the involved screwing or welding lots of parts
regulate new technologies to capture third industrial revolution, information together. The fourth industrial revolution
their benefits; shifting power will create technology was used to automate now involves computer generated product
important new security concerns; production. design and three dimensional (3D)
inequality may grow; and societies Although each industrial revolution is printing, which can create solids object by
fragment. often considered a separate event, together building up successive layers of materials.
Schwab puts the most recent changes they can be better understood as a series The evidence of dramatic change is
into historical context, outlines the key of events building upon innovations of the all around us and it’s: happening at
technologies driving this revolution, previous revolution and leading to more exponential speed— Ubiquitous mobile
discusses the major impacts on advanced forms of production. super-computing, intelligent robots. Self-
governments, businesses, civil society The major features of the four industrial driving cars, Neuro-technological brain
and individuals, and suggests ways to revolutions, the opportunities of the enhancements and Genetic editing.
respond. At the heart of his analysis is fourth industrial revolution, and the - Professor Klaus Schwab, Founder and
the conviction that the Fourth Industrial challenges of the fourth industrial Executive Chairman of the World Economic
Revolution is within the control of all of us revolution. Keywords: fourth industrial Forum, has been at the centre of global
as long as we are able to collaborate across revolution, five ages of civilization, 3D affairs for over four decades. He is convinced
geographies, sectors and disciplines to printing technology, artificial intelligence, that we are at the beginning of a revolution
grasp the opportunities it presents. IoT, fusion of technology, robotics that is fundamentally changing the way we
In particular, Schwab calls for leaders The speed and measure of the changes live, work and relate to one another, which
and citizens to “together shape a future coming about by the fourth industrial he explores in his new book, The Fourth
that works for all by putting people revolution are not to be ignored. These Industrial Revolution.

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