Abstract
The dawn of the new industrial era (Fourth Industrial Revolution or 4 IR, Industry 4.0, “McLuhan” stage) characterised by IT-based modern technologies and global value chains has regained the Asian economic strength. Overarching impact of 4 IR is expected on the physical, digital and biological world. Several Asian countries have maintained high growth and have displayed true globalization by possessing elements and desiderata of the 4 IR. Asia has also displayed its innovative strength in many determinants of 4 IR. Although a gradual transition from labour to capital to talent is slated to happen, Asia will have its own amalgam of the three case-by-case. For example, some Asian countries have demographic assets to use labour in low-skill jobs and they will continue to compete as low-cost manufacturing hubs for a substantially long period despite high proportion of ageing people and less birth rate. Human talent-intensive services like healthcare and education stand to benefit from 4 IR by way of cost-reduction but concerted efforts of public and private sectors are needed in these areas. Unemployment and inequality may rise initially but may be offset to a sizeable extent by new jobs and engagements and also by reorientation of knowledge, skill and attitude, the three realms of education, through continuous training, skill upgradation and self-renewal. There could be eugenic effects such as defect-rectification at early developmental stages and ultimately moving towards designer human beings in the long long run. Significant role of the state, policy and mode of governance was observed in bringing about the 4 IR. It is hoped that while thriving on the fruits of 4 IR, all stakeholders would also unite for maintaining a vigil and holding up the human values like conscience, creativity and empathy to mar the possible ill-effects of the 4IR that could be dreaded in its most dehumanized form in the long run.
Highlights
Consequent upon the initial Industrial Revolution of the 18th century, the Fourth Industrial Revolution (Schwab 2016 et seq) or 4 IR has commenced and has come to stay and expand
The first industrial revolution in the late 18th and early 19th century focused on the benefits of mechanization where for the first time some animal or human labor could be substituted by mechanical power to bring about new forms of manufacturing activities concerning steel, textiles, tools, etc
The second industrial revolution in the late 19th and early 20th century relied on the mass production along assembly lines that scaled up product manufacturing through a combination of labor and machines
Summary
Urbanisation is the expected outcome of growth and development in and around manufacturing and supply hubs. With an estimated migrated worker population of 277 million, according to China Labor Bulletin, has already announced expanding urban ‘hukou’ or residency permits to 100 million migrant workers by 2020 for building a highly urbanized consumer-driven economy. In particular, as the result of anti-natalist policy in vogue for 36 years (1979 to 2015), is distinguishable by features namely, (i) 222 million people aged 60 or above (about 16% of the total population) and out of these, 143.9 million (about 10% of the total population) were 65 or above at the end of the year 2015, (ii) reduced fertility rate which is presently estimated to be between 1.5 to 1.6, well below 2.1 i.e. the rate needed to maintain a stable population, and (iii) growing scarcity of females. The revival measures are being taken and the workforce, shrinking, will still have a sizable number available till the situation improves
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