Economies and civilizations in the previous decade were swept up by the industrial revolution. Today, data is the new gold, and computing power is increasing exponentially. The new technologies that have restored Asia's economic strength include robotics, artificial intelligence, additive manufacturing, materials engineering, and synthetic biology.
In recent years, these technologies have infiltrated the physical, digital, and biological worlds, and have introduced the Fourth Industrial Revolution (fourth industrial revolution). Many Asian nations have continued to grow and have exhibited true globalization by exhibiting 4 IR desiderata and elements.
Asia has extensively lauded the economic potential of many of the determinants of 4IR. Despite the radical shift in the economic landscape from labor to capital to talent, Asia will have its own amalgamation of the three.
Automation and artificial intelligence have caused widespread concern about job losses. In spite of this, change is unavoidable, and it is clear that these technologies are completely reshaping industries beyond manufacturing, such as healthcare, transportation, and agriculture.
Asian countries, despite having a high ratio of elderly people and a low birth rate, can use labor for low-skilled jobs because of their demographic assets. For a long time to come, they will remain competitive as low-cost manufacturing centers.
The empowerment of 4IR will benefit the economy first and foremost in human talent-intensive sectors such as health care and education in terms of cutting costs, only if significant public-private efforts are made in these sectors. By contrast, 4IR technologies could lead to higher unemployment and inequality, but this can be offset if new jobs are created through increased productivity, which raises incomes. The
three spheres of education, through continual training, skill up-gradation, and self-renewal, can help mitigate these effects through new jobs, engagements, and reorientation of knowledge, skills, and attitudes - the three aspects of education.
In the latter half of the twentieth century, manufacturing processes were automated so that repetitive actions could be sequenced with predetermined parameters and minimal monitoring. As a result of trade liberalization, globalization occurred concurrently, allowing developing economies to join by providing a cheaper labor force in a mechanized world. The fourth industrial revolution is well underway, and it is largely driven by robotization and supported by the IT infrastructure.
Summing Up the Societal Effects And 4IR Desiderata
While we progress, let us not forget to bring delight. There is an increase in anxiety among individuals, despite the fact that the world has improved in general. Technology enhances capitalism by somewhere facilitating creative destruction. Even so, the very birth of disruption is dependent on creative endeavors and social connections that artificial intelligence will never be able to match. These oases protect human values by triumphing over technology.
Siddhartha Paul Tiwari is an experienced, well-versed, dynamic partner desk manager for Google Play working at Google Asia Pacific, Singapore. Before this, he led a dedicated learning and development team for Google in Asia Pacific Japan. Siddhartha is known for his utmost dedication, pioneering work in e-governance, industry 4.0 insights, digital intervention strategies, and information and communication technologies (ICT). He is a widely recognized subject matter expert for his leadership and success in the internet business. He has delivered a wide range of invited speaking engagements at various conferences, events, and educational institutes.
Siddhartha has been an integral part of World Renewable Energy Technology Congress (WRETC) and Lal Bahadur Shastri National Academy of Administration (LBSNAA). He was a guest of honor at the World Renewable Energy Technology Congress & Expo in 2010 at The Le Meridien, New Delhi. He also delivered the keynote address at the IT Summit 2017 of the Lal Bahadur Shastri National Academy of Administration.