German - Economist | March 30, 1938 -
Change can be frightening, and the temptation is often to resist it. But change almost always provides opportunities - to learn new things, to rethink tired processes, and to improve the way we work.
Klaus Schwab
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The First Industrial Revolution used water and steam power to mechanize production. The Second used electric power to create mass production. The Third used electronics and information technology to automate production.
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The trends that are shaping the twenty-first-century world embody both promise and peril. Globalization, for example, has lifted hundreds of millions of people out of poverty while contributing to social fragmentation and a massive increase in inequality, not to mention serious environmental damage.
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Corporate social responsibility is measured in terms of businesses improving conditions for their employees, shareholders, communities, and environment. But moral responsibility goes further, reflecting the need for corporations to address fundamental ethical issues such as inclusion, dignity, and equality.
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Profitability, growth, and safeguards against existential risks are crucial to strengthening a company's long-term prospects. But if these three factors constitute a company's 'hard power,' firms also need 'soft power': public trust and acceptance, won by fulfilling a company's social responsibility.
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The Fourth Industrial Revolution has the potential to empower individuals and communities, as it creates new opportunities for economic, social, and personal development. But it also could lead to the marginalization of some groups, exacerbate inequality, create new security risks, and undermine human relationships.
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New technologies and approaches are merging the physical, digital, and biological worlds in ways that will fundamentally transform humankind. The extent to which that transformation is positive will depend on how we navigate the risks and opportunities that arise along the way.
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The Fourth Industrial Revolution can compromise humanity's traditional sources of meaning - work, community, family, and identity - or it can lift humanity into a new collective and moral consciousness based on a sense of shared destiny. The choice is ours.
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In Switzerland, we have a centuries-old tradition of living together in one confederation and one society. That holds us back from excesses. We are a civilized and enlightened community and, by practising multicultural tolerance, we manage to stop extreme developments from going too far.
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The concept of corporate social responsibility (CSR) has long been used as an effective lens through which to examine the actions business can take toward ensuring mutual long-term well-being and sustainability.
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One new reality is global interconnectivity and the fact that all challenges must be addressed on the basis of 'togetherness.' Thus the most crucial factor in accepting the new reality and confronting its opportunities and risks is our willingness to develop shared norms on all levels.
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As technology increasingly takes over knowledge-based work, the cognitive skills that are central to today's education systems will remain important; but behavioral and non-cognitive skills necessary for collaboration, innovation, and problem solving will become essential as well.
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