BOOK REVIEW - Shaping the Future of the Fourth Industrial Revolution

Shaping the Future of the Fourth

Industrial Revolution. By Klaus Schwab

Portfolio Penguin; Pages; 273; £14.99 

A Guide  to Building a Better World

Many are unaware of the full implications of the current Fourth Industrial Revolution (4IR). Most including businessmen and executives are underprepared to cash on the opportunities in 4IR and to prevent its formidable threats. It might come as a rude shock to them that the bugles are already sounding for the more gargantuan challenges of the   Fifth Industrial  Revolution(5IR).

Schwab has been at the forefront in sensing and monitoring the signals of the epochal changes, (both positive and negative) of the Fourth Industrial Revolution. He is the top motivator who coined the term 'Fourth Industrial Revolution'. Once you say the revolution is on the enormity is grasped. He not only spread the vitally important messages but took actions on his own, and also under the aegis of the World Economic Forum of which he is the founder and Executive Chairman.

There are now hundreds of books, papers, articles, videos on the subject. Most writers and speakers mesmerised by the magical changes like AI, IoT, 3D Xerox, self-driving cars,  space travel just describe these in informative, entertaining and interesting and exciting styles.

These revolutions have far more munificent as well as catastrophic implications:                          

(i) opportunities for realising the undreamt-of fantasies and raising the standards of living with facilities for fun, joy, ease of working, and (ii)  the threats implicit in the warning of Elon Musk: "AI can be an existential threat to the human race". Musk is not alone. Bill Gates says "I agree with Elon Musk and some others on this."

Schwab explains, rather mentors his readers and audiences in 'whats', 'hows','whys' of all the components and forces of the 4IR and also suggests actionable solutions and course corrections.

Schwab’s strengths are creativity and clarity. He very succinctly in one sentence distils the wisdom from the proliferation of research papers, writings and talks. He avers "To put it simply, the way forward in the Fourth Industrial Revolution is through a renaissance that is HUMAN-CENTERED"   (Emphasis' added)

The human-centred concept is spelt out in an egalitarian and holistic way. "the Fourth Industrial Revolution could produce systems that support healthier, longer-lived population with higher levels of economic and physical security, happily engaged in meaningful and fulfilling activities in a sustainable environmental context. This lofty objective  is indeed daunting as now "social cohesion is fragile at best, and very close to breaking down at worst."In such a delicate situation   even slight misjudgement or an error can lead to the conditions in the First Industrial Revolution described as "wealth accumulates and men decay".

Such conditions are developing in some quarters due to 'decoupling' of jobs from productivity putting up to 50% jobs at risk; Foxcom replaced 60,000 workers with robots in just 2 years. Mere palliatives like universal basic income cannot help people to live with dignity and pride.

The author deals with the essential elements of the 4IR in a way that all can understand the scope, proper perspective, repercussions and course of actions. The importance of new perspective is made clear in the following straightforward guidelines:

"Acting appropriately in this complex space requires a new perspective on technology--------.This is impossible to achieve if we continue to view emerging technologies as  "mere tools"--------Nor can we fully empower ourselves or other if we give in to the complexity and treat technologies as exogenous deterministic forces outside of our control.

"Rather, all stakeholders must internalise the fact that the outcomes of technological advancements are tied to our choices-------our collective choices  impact the  structure  of the economy and society"

And our choices are determined by the values and ethical standards we cherish or ignore. The human weakness of greed and self-interest often leads to wrong choices from social and some cases the ethical point of view;  the author  says "often it is economics that drives the choices"

It is doubtful if the present model of governance is suitable to manage the emergencies hitherto unknown and utterly unpredictable. The book suggests an agile governance model marked by 'a new leadership mindset'. Besides governmental agencies the need for 'committees of professionals' is suggested for making new dynamic policies,  rules/regulations and standards.

In this context, it is highly commendable to note from Satya Nadella's insightful 'Foreword' that Microsoft, Amazon, Google and Facebook have created a partnership on AI "to benefit people and society". However, a formal  Global Technology Organisation (GTO) on the lines of WTO/ILO alone will be able to reconcile the differing interests, philosophies and practices.

The book covers the vitally important subject authentically and comprehensively; it draws on contributions of two hundred experts, has 234 notes and over200 references. However, in the paperback edition, the charts are not clear and fonts are too tiny. A picture speaks volumes only if it is clear. It includes salient features of the following new technologies and allied topics: AI, IoT, Additive Manufacturing, Biotechnologies, Neurotechnologies, Data Ethics, New Computing Technologies, Environment and Space Technologies, Advanced Materials, Cyber Risks, Values, Arts, Culture, VR/AR.

The book lives up to the bye line: "A Guide to Building a Better World". Of course, as stated earlier the bugles are sounding for the Fifth Industrial Revolution (5IR) and perhaps a time has come for a new book as revisions cannot do justice to the new miracles around the corner.