01 Aug, 2023
How did the adoption of General-Purpose Technologies (GPTs) during the industrial revolution lead to significant unemployment? How did the rise of internal combustion engines and assembly lines in the 19th century impact employment levels? In the era of AI and the fourth industrial revolution, what are the potential consequences of automation and the widespread use of AI in terms of unemployment and job displacement?
The Rise of General-Purpose Technologies (GPTs)
The adoption of General-Purpose Technology (GPT) and mechanisation during the first phase of the industrial revolution had a remarkable impact on the social economy of Europe between 1700 and 1800. The availability of coal, advancements in new technologies, the growth of the commercial bourgeoisie, and the rise of a free-market economy boosted industrialization. Consequently, the application of GPTs in business became common during this initial phase of the revolution.
Watt steam engine at Science Museum, London
Here are some illustrations:
- The steam engine: Powered machines in factories and propelled ships.
- The spinning jenny: Enabled mass production of thread.
- The cotton gin: Processed cotton much more quickly.
- The power loom: Facilitated mass production of cloth.
Mr. E. P. Thompson, an English historian, writer, and social worker addressed this social economy in his book "The Making of the English Working Class." He emphasised that millions of labourers were displaced from their traditional occupation in cultivation and textiles. In Great Britain, it is estimated that the textile industry only required fifty per cent of the workforce it previously needed.
Industrial Revolution 2.0: The Advent of Internal Combustion Engines
The same things happened between 1870 to 1914, millions of workers lost their occupations due to the adoption of internal combustion engines, electricity, and the assembly line in business. Again, society witnessed an immense number of unemployed fellows and poverty. GPTs replaced human labour and rapidly increased productivity per global demands.
The Digital Revolution: A Mutual Platform for Idea Sharing
Earlier, people were unable to share their ideas on widely-used platforms due to limitations in print media. The development of computer technology, the Internet and telecommunications, offer a mutual platform to share their ideas and visions. Yet, similar tensions arose in the social economy once again, as described by John H. Goldthorpe in his book "Automation and Unemployment: Technological Change, Income Distribution, and the Level of Employment."
The Emergence of AI: Powering the Fourth Industrial Revolution
And now, we find ourselves amid the fourth industrial revolution, where once again, we are faced with the same challenges. This time, the major player is Artificial Intelligence (AI). Take a look at your surroundings and observe how AI, such as GPTs, is revolutionising the service sector. It's just the beginning, and the impact of AI is bound to grow exponentially.
AI powered female robot Sara introduced by Saudi Arabia
Google is developing AI doctors through its numerous research projects. Boston Dynamics is developing robots for multipurpose such as research, military and commercial, iRobots manufactures robots for domestic purposes. Fetch Robotics developed autonomous robots for logistics and warehouse applications. Rethink Robots developed cobots that can work with humans in a variety of areas. Blue robots are developed robots for marine research.
In our daily life calculator, google predictions in browsing, auto-corrections, virtual assistance, data analysis, self-driving cars, optimising traffic flow, analysing social media data, and filtering spam, everything is functioning based on AI & ML.
And nobody can’t exclude AI-based technologies, it’s not optional, it’s an integrated part of our daily life. The McKinsey Global Institute says that AI could replace human labour by up to 45%, moreover, AI has the potential to generate 95 million new opportunities within 2030. We can’t interrupt the growth of the AI&ML industry, but we can learn and earn from AI & ML and ensure a secure career.
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