The Fourth Industrial Revolution

Tankiso Moloi () and Tshilidzi Marwala ()
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Tankiso Moloi: University of Johannesburg, Johannesburg Business School
Tshilidzi Marwala: United Nations University

Chapter Chapter 2 in Enterprise Risk Management in the Fourth Industrial Revolution, 2023, pp 11-20 from Springer

Abstract: Abstract The fourth industrial revolution is essentially a series of significant shifts in how economic, political, and social value is created, exchanged, and distributed. The advantage of the fourth industrial revolution is the integration of technologies such as big data analytical tools, cloud computing, and other emerging technologies into global manufacturing supply chains. Other key technologies of the fourth industrial revolution include artificial intelligence, robotics, the Internet of Things (IoT), 3D printing, genetic engineering, and quantum computing. Of interest is that many countries have moved quickly to develop national 4IR strategies for the purpose of taking advantage of advances in technologies. The two leading countries are the People’s Republic of China (PRC) and the United States of America (USA). The PRC and the US appear to be following two distinct approaches to 4IR which could be broadly categorised as a market led approach and a state backed approach. The PRC does not look at 4IR as having to do only with competition between companies, but it seems to have a geopolitical approach to this; for instance, they see it as a catalysts which will determine the country that will lead the next revolution. The US seems to have some advantages over the PRC when it comes to the fourth industrial revolution, but for how long this advantage will persist remains a subject for further research. There are, however, concerns in Washington that the USA’s resilience, competitivenes, and security have weakened. To tame the weaknesses, and to ensure that the United States remains a leader in this revolution, suggestions are that organisational and institutional structures need to be adjusted. One of the key advantages for the United States in the fourth industrial revolution continues to be its huge culture of entrepreneurship.

Date: 2023
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DOI: 10.1007/978-981-99-6307-2_2

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