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The Fourth Industrial Revolution

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Publisher	Crown Currency
ISBN 13	9781524758868
ISBN 10	9781524758868
Author	Klaus Schwab

Language	English
About the Author	PROFESSOR KLAUS SCHWAB is Founder and Executive Chairman of the World Economic Forum, the International Organization for Public-Private Cooperation. In 1998, he created the Schwab Foundation for Social Entrepreneurship. Schwab holds doctorates in economics (summa cum laude) from the University of Fribourg and in engineering from the Swiss Federal Institute of Technology, and a Master in Public Administration from the Kennedy School of Government at Harvard University. He has received numerous international and national honors. Excerpt. © Reprinted by permission. All rights reserved. 1. The Fourth Industrial Revolution 1.1 Historical ContextThe word “revolution” denotes abrupt and radical change. Revolutions have occurred throughout history when new technologies and novel ways of perceiving the world trigger a profound change in economic systems and social structures. Given that history is used as a frame of reference, the abruptness of these changes may take years to unfold. The first profound shift in our way of living―the transition from foraging to farming―happened around 10,000 years ago and was made possible by the domestication of animals. The agrarian revolution combined the efforts of animals with those of humans for the purpose of production, transportation and communication. Little by little, food production improved, spurring population growth and enabling larger human settlements. This eventually led to urbanization and the rise of cities. The agrarian revolution was followed by a series of industrial revolutions that began in the second half of the 18th century. These marked the transition from muscle power to mechanical power, evolving to where today, with the fourth industrial revolution, enhanced cognitive power is augmenting human production. The first industrial revolution spanned from about 1760 to around 1840. Triggered by the construction of railroads and the invention of the steam engine, it ushered in mechanical production. The second industrial revolution, which started in the late 19th century and into the early 20th century, made mass production possible, fostered by the advent of electricity and the assembly line. The third industrial revolution began in the 1960s. It is usually called the computer or digital revolution because it was catalyzed by the development of semiconductors, mainframe computing (1960s), personal computing (1970s and ’80s) and the internet (1990s). Mindful of the various definitions and academic arguments used to describe the first three industrial revolutions, I believe that today we are at the beginning of a fourth industrial revolution. It began at the turn of this century and builds on the digital revolution. It is characterized by a much more ubiquitous and mobile internet, by smaller and more powerful sensors that have become cheaper, and by artificial intelligence and machine learning. Digital technologies that have computer hardware, software and networks at their core are not new, but in a break with the third industrial revolution, they are becoming more sophisticated and integrated and are, as a result, transforming societies and the global economy. This is the reason why Massachusetts Institute of Technology (MIT) professors Erik Brynjolfsson and Andrew McAfee have famously referred to this period as “the second machine age,”2 the title of their 2014 book, stating that the world is at an inflection point where the effect of these digital technologies will manifest with “full force” through automation and and the making of “unprecedented things.”In Germany, there are discussions about “Industry 4.0,” a term coined at the Hannover Fair in 2011 to describe how this will revolutionize the organization of global value chains. By enabling “smart factories,” the fourth industrial revolution creates a world in which virtual and physical systems of manufacturing globally cooperate with each other in a flexible way.
Publication Date	3 January 2017
Number of Pages	192 pages

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