"Deficit Problem with the Fourth Industrial Revolution "

Abstract

The Fourth Industrial Revolution, defined by Klaus Schwab, founder and CEO of the Future Economic Forum, envisions a world in which people travel between digital domains and offline reality by using technology linked in order to allow and control their life. The first industrial revolution transformed our lifestyle and economy from an agricultural and artisanal economy to one dominated by industry and machinery. In the second industrial revolution, oil and electricity enabled mass manufacturing. In the third industrial revolution, IT was utilized to automate manufacturing. Every industrial revolution is typically seen as a distinct event, but collectively they may be better viewed as a sequence of events based on inventions of the previous revolution and progressing to improved forms of production. The main characteristics of the four industrial revolutions, the possibilities of the 4th industrial revolution and the difficulties of the 4th industrial revolution are discussed in this paper. It is described in this opinion piece, which is centered on the opinions of some consultants, the most sensitive publications submitted to and discussed at the Davos World Economic Forum in 2016 upon that subject of this popular uprising, and some predictions about the negative consequences of a few really of the most short tenure in global industrialization.