The Fourth Industrial Revolution: what it means, how to respond1

Abstract

We stand on the brink of a technological revolution, the Fourth Industrial Revolution, characterized by a fusion of technologies that is blurring the lines between the physical, digital, and biological spheres, which will fundamentally alter the way we live, work, and relate to one another. In its scale, scope, and complexity, the transformation will be unlike anything humankind has experienced before. The response to it must be integrated and comprehensive, involving all stakeholders of the global polity. This chapter written by the founder of the World Economic Forum, Klaus Schwab, looks at the challenges and opportunities of the Fourth Industrial Revolution, and its impacts on business (on customer expectations, on product enhancement, on collaborative innovation, and on organizational forms); on government (on policymaking, regulation, adapting to change, and national and international security); and on people (their identity, privacy, ownership, consumption, careers, relationships and health). “In the end, ” he states, “it all comes down to people and values.”