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The next economic revolution?

By Keith Suter - posted Friday, 16 April 2021


These are straws in the wind. I am looking for the faint signals of change.

Economic change does not suddenly burst upon us. We use "1750" as the date of the British Industrial Revolution that went on to transform the world. But no one in 1750 got out of bed one morning and said to themselves that they would transform the world that day. It is only by looking back we can how changes have occurred.

That Industrial Revolution was not driven by the British Government. On the contrary, most politicians were conservative landowners who saw prime farmland being potentially threatened in the quest for coal mines, railway lines, canals and factories.

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Instead the changes were local and spontaneous, with individuals coming up with new ideas for technology. The political heart of the UK was (and remains) in London; this Revolution began a long way away in the Midlands and the North.

I suggest we need to monitor the overall impact of the low-cost economy on the future of work. It is very easy to get bogged down in the details of the changes, such as the working conditions under which an Uber driver is employed.

We also need to focus on the big picture. How, for example, are Australians going to be employed? How will we generate economic activity for people, in turn, to spend money to keep other people employed? Should everyone receive a Universal Basic Income (UBI)?

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About the Author

Dr Keith Suter is a futurist, thought leader and media personality in the areas of social policy and foreign affairs. He is a prolific and well-respected writer and social commentator appearing on radio and television most weeks.

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