The Fourth Industrial Revolution

Kuo Chuen LEE David, Joseph Lim, Kok Fai Phoon and Yu Wang

Chapter 12 in Foundations for Fintech, 2021, pp 223-241 from World Scientific Publishing Co. Pte. Ltd.

Abstract: The technological revolution has been changing the way we live, work, and connect, at the scale, scope, and complexity that is unlike anything humankind has ever experienced before. Briefly, the First Industrial Revolution leveraged water and steam power to mechanize production. The Second harnessed electric power for mass production. The Third used electronics and information technology to automate production. Building on the Third, the Fourth Industrial Revolution is characterized by a fusion of advanced technologies that disrupt almost every industry in every economy (Guan et al., 2020). The term “Fourth Industrial Revolution” is coined by Klaus Schwab of the World Economic Forum (WEF). It is an era of human–machine symbiosis where human capabilities are enhanced by machines, and machines acquire human-like characteristics. The WEF used the term “cyber-physical systems” to describe this phenomenon (Moyland, 2020). The Fourth Industrial Revolution, like its predecessors, will result in unemployment (widely forecasted as a temporary one) but will eventually bring about a higher quality of life as humans begin to think about human values.

Keywords: Financial Technology; Finance; Financial Innovation; Statistics; Quantitative Methods; Ethics; Governance; Emerging Technology; Data Science (search for similar items in EconPapers)
JEL-codes: G2 O33 (search for similar items in EconPapers)
Date: 2021
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