The Fourth Industrial Revolution could bring mass global unemployment

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On Friday, Treasury Secretary Steve Mnuchin said he’s “not worried at all” about artificial intelligence replacing human workers because it’s “50-100 more years” off. In reality, data shows this is already happening — with an estimated 38 percent of existing U.S. jobs at risk of being turned over to machines by 2030, according research from PwC. Another study put out by the University of Oxford last year had similar estimates: The researchers found that 47 percent of US jobs were at risk of automation in the next two decades.

But despite justified fears of obsolescence in the West, it is actually developing economies that are poised to be hit the hardest by fourth Industrial Revolution, or “Industry 4.0,” where machines are networked together in “smart factories” that have little need for human input.

Continued: The Fourth Industrial Revolution could bring mass global unemployment

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