The Fifth Industrial Revolution is Happening - Is it Time to Reshape Our Future? | Summit 2018

Summary

The speaker argues that we are at a pivotal moment in history where smart green growth is essential for both environmental and social sustainability. Drawing from historical examples of technological revolutions, the speaker highlights that we are midway through the current digital revolution, with the opportunity to shape the future. The speech emphasizes the importance of new lifestyles, government action, and the need for socially equitable, green innovations that can lead to a global golden age. The key message is that change is possible but requires collective effort from business, government, and society.

Takeaways

• 🌍 We are living in challenging times, but these challenges offer a unique opportunity to make real changes.
• 📈 Smart green growth is the best option for a socially and environmentally sustainable future.
• ⏳ We are at a critical juncture in history, where technological revolutions allow us to shape the future in profound ways.
• 🔄 The world has experienced five major technological revolutions, and we are currently halfway through the fifth—focused on information technology and telecommunications.
• 🚀 Each technological revolution brings a leap in productivity across all industries, including raw materials, manufacturing, and services.
• ⚖️ Historically, there is a pattern: first finance leads, then production, followed by a golden age of growth. We are at the turning point between finance and production.
• 💰 A golden age of sustainable growth is possible, but it requires strong governance, state intervention, and a shift in market priorities from finance to production.
• 🏙️ Technological revolutions not only drive economic changes but also bring about new ways of life, such as the suburban lifestyle in the mass-production era.
• 💡 Smart green growth involves de-materializing GDP, focusing on services over products, and improving natural resource efficiency.
• 💼 A shift in lifestyle towards green living will create new jobs and industries, but this change must be driven by aspiration, not guilt or fear.

Q & A

What is the speaker's main argument in the transcript?

The speaker argues that we are at a pivotal moment in history, a rare opportunity for shaping the future through 'smart green growth,' which is not only environmentally sustainable but also socially sustainable.

Why does the speaker believe now is the right time for change?

The speaker believes the current time is ripe for change because historical patterns show that after technological revolutions, there comes a 'turning point' where production can shift towards creating a sustainable and prosperous future.

What are the five technological revolutions mentioned by the speaker?

The five technological revolutions mentioned are: (1) the Industrial Revolution, (2) the Age of Steam, Coal, Iron, and Railways, (3) the Age of Steel and Heavy Engineering, (4) the Age of Automobiles, Oil, Plastics, and Mass Production, and (5) the current Age of Information Technology and Telecommunications.

What does the speaker mean by 'smart green growth'?

'Smart green growth' refers to a type of economic growth that uses information and communication technologies (ICT) to boost productivity while also being environmentally sustainable, with a focus on reducing inequality and improving social sustainability.

What historical patterns does the speaker use to explain the current moment?

The speaker explains that technological revolutions follow a pattern: an initial 'installation' period, followed by a financial bubble, a recession, and then a 'golden age' of prosperity. The speaker believes we are currently at the turning point between finance-led growth and production-led growth.

Why is the state important in achieving a golden age, according to the speaker?

The speaker argues that the state is crucial in tilting the playing field toward social good. The state must actively shape markets so they align with business and societal needs, rather than relying solely on markets to self-regulate.

What parallels does the speaker draw between the present day and the 1930s?

The speaker draws parallels with the 1930s, noting similar challenges like structural unemployment, inequality, low investment, social unrest, populist leaders, and economic stagnation, all of which signal the need for a major societal and economic shift.

How does the speaker view the role of new lifestyles in economic growth?

The speaker believes that new lifestyles are essential to creating demand for new products and services, which in turn drives job creation and economic growth. Each technological revolution has historically led to the emergence of new lifestyles that reshape economies.

Why does the speaker oppose the concept of 'degrowth'?

The speaker opposes 'degrowth' because they believe that stopping economic growth is not a solution to inequality or environmental issues. Instead, they advocate for 'green growth' that shifts towards sustainable industries and services while addressing the needs of the global population.

How can 'smart green growth' provide solutions to both environmental and social challenges?

'Smart green growth' can solve both environmental and social challenges by promoting innovation that enhances productivity, reduces resource use, and provides a good quality of life for all. It encourages green technologies, sustainable industries, and services that align with global aspirations for a better, more equal society.