THE FOURTH IN­DUS­TRIAL REV­O­LU­TION

Oil and Gas - - BOOK CORNER - BY KLAUS SCH­WAB

World-renowned economist Klaus Sch­wab, Founder and Ex­ec­u­tive Chair­man of the World Eco­nomic Fo­rum, ex­plains that we have an op­por­tu­nity to shape the fourth in­dus­trial rev­olu­tion, which will fun­da­men­tally al­ter how we live and work.Sch­wab ar­gues that this rev­o­lu­tion is dif­fer­ent in scale, scope and com­plex­ity from any that have come be­fore. Char­ac­ter­ized by a range of new tech­nolo­gies that are fus­ing the phys­i­cal, dig­i­tal and bi­o­log­i­cal worlds, the de­vel­op­ments are af­fect­ing all dis­ci­plines, economies, in­dus­tries and gov­ern­ments, and even chal­leng­ing ideas about what it means to be hu­man.

The fourth in­dus­trial rev­o­lu­tion, says Sch­wab, is more sig­nif­i­cant, and its ram­i­fi­ca­tions more pro­found, than in any prior pe­riod of hu­man his­tory. He out­lines the key tech­nolo­gies driv­ing this rev­o­lu­tion and dis­cusses the ma­jor im­pacts ex­pected on gov­ern­ment, busi­ness, civil so­ci­ety and in­di­vidu­als. Sch­wab also of­fers bold ideas on how to har­ness these changes and shape a bet­ter fu­ture—one in which tech­nol­ogy em­pow­ers peo­ple rather than re­places them; progress serves so­ci­ety rather than dis­rupts it; and in which in­no­va­tors re­spect moral and eth­i­cal bound­aries rather than cross them. We all have the op­por­tu­nity to con­trib­ute to de­vel­op­ing new frame­works that ad­vance progress.

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