Artificial Intelligence Technology can Create a Wonderful World
The way we work is changing rapidly, and the evolving labor market can make jobs more challenging to fill. Swift technological breakthroughs enable companies and their employees to do more with less and with greater speed and efficacy. In the span of just three decades, we have seen the ideas of the future — global trade, robotic automation, generative artificial intelligence, remote work — become present strategies for companies.
Artificial intelligence is experiencing a breakout moment, and the butterfly effects of this stunning technology will reverberate throughout our entire economy.
Curious about the technology, I recently ran my own experiment with the generative AI-powered chat bot ChatGPT. I asked it to ‘define inclusive capitalism in the voice of Lynn Forester de Rothschild.’ As you read its full response given below, you can see that it did a remarkable job capturing the essence of our movement in mere seconds.
We asked ChatGPT…
“Define inclusive capitalism in the voice of Lynn Forester de Rothschild.” Here’s what it wrote back to us:
“Inclusive capitalism is a call for a more equitable and sustainable economic system. A system that goes beyond the pursuit of profit to include the well-being of all stakeholders, not just shareholders. It’s capitalism, but with a moral compass.
“In this system, corporations recognize that their success is intrinsically tied to the success of the society in which they operate. It means businesses taking responsibility for the social and environmental impact of their actions.
“Inclusive capitalism is about rewarding hard work and innovation, but also about ensuring that wealth doesn’t concentrate at the top. It’s about fostering economic growth that benefits everyone, not just the privileged few.
“In essence, it’s a vision for a fairer, more resilient, and sustainable form of capitalism that benefits society as a whole. A system where businesses, government, and individuals work together towards a common purpose, creating a virtuous circle of prosperity for all.”
At a time when computers can generate such wisdom with the push of button, we must show equal wisdom to leverage it responsibly for the good of all people. This moment is an opportunity. If our leaders in the public and private sectors can come together in commitment to the common good, AI technology can herald a New Enlightenment and bring greater prosperity for all.
While there is a global trend to introduce AI guardrails through a swirl of policy frameworks centrally concerned with the safety risks of AI, this is not enough. In fact, perversely, if this were done without a clear commitment to the common good, fully embraced by public and private sectors, AI is likely to exacerbate the levers of inequality and social division that plague our world today.
AI-powered tools are already boosting workers to do more with less and with greater speed and efficacy. This will inevitably mean a loss of employment in some areas. In a global survey about workers’ attitudes toward AI conducted by BCG earlier this year, more than a third of respondents believe the new technology will eliminate their job.
Automating rote tasks ought to free up human labor for more skilled and nuanced work. Job functions that don’t yet exist will be a necessity within the decade. In the BCG survey, nearly half of those who hold leadership positions at their company said they had received training to sharpen their skills and stay relevant. Only 14 percent of front-line employees reported the same. And yet, an overwhelming 86 percent of the respondents believe they will need to learn new skills to remain competitive.
Investing in workers’ skills is not only the right thing to do to support the people temporarily displaced by technological innovation, it can become a competitive market advantage. A McKinsey analysis of 1,800 large companies across sectors in 15 countries showed that companies with upskill or reskill efforts achieved more consistent productivity and have greater earnings resilience. Workplace learning and opportunities for career advancement have positive impacts on employee retention. Deloitte in its 2023 Human Capital Trends insights finds that companies that organize work around skills rather than fixed job titles are better able to train and pivot rapidly to take advantage of market opportunities.
The AI Age undoubtedly brings the awesome power to improve lives and multifaceted policy challenges. Considerations for privacy, security, social manipulation, and skills development are now in front of the world’s leaders. In times of great industrial change, our challenge is to embrace the profound impact of technology and societal advancement, while creating a more inclusive form of capitalism as envisioned by Adam Smith himself.
That is why I am calling for a root and branch reform of capitalism itself. I believe it’s vital to the future of the world that we’re going to live in that will be undoubtedly powered by AI in everything that we do. With a sincere and meaningful compact between the private and public sectors, the AI Age could redress the structural deficiencies of our current capitalist model and make our economy work for all, not just the few.