The Fourth Industrial Revolution

Swiss Bank UBS has released a report (to which I am unable to find a direct link) saying that the move to automation is the “fourth industrial revolution,” and will drive considerable gains to the already wealthy, and increase income inequality.

The richest stand to gain more from the introduction of new technology than those in poorer sections of society, according to a report which warns that policymakers may be required to intervene to tackle the widening inequality.

The so-called fourth industrial revolution, following on from the introduction of steam power, electricity and electronics, will have less of an impact on developed economies, such as Switzerland, Singapore and the UK. Emerging markets – notably in parts of Latin America and India – will suffer when artificial intelligence and robots become widely used, reducing the competitive advantage of their cheap labour.

Here’s the link the the Guardian article about the report.