Laws are one of the greatest human inventions They must be upload, downloaded and embedded into the Fourth Industrial Revolution
Laws are one of the greatest human technologies ever invented.
However, they must be upload, downloaded and embedded into the Fourth Industrial Revolution for it to be a success.
The Fourth Industrial Revolution is happening, it is already here and is accelerating in pace; and in scale and in scope.
The Fourth Industrial Revolution is happening, it is already here and is accelerating in pace; and in scale and in scope. Click To Tweet
But what about the laws that govern it?
The legal framework for the Fourth Industrial Revolution is emerging albeit slowly. This is a cause for some concern given the levels of acceleration in advancement and of adoption of use of technologies such as artificial intelligence (AI) by both business and governments world wide.
The Fourth Industrial Revolution has to be regulated.
And by this I am not advocating a ‘big stick’ approach. I recognize that in some business quarters the law is often viewed, rightly or wrongly, as a impediment to business. However, it is my belief that in this instance the absence of law poses not only an impediment but a real threat to the growth of the Fourth Industrial Revolution.
Why is is so important that the Fourth Industrial Revolution be regulated?
It might be a bit trite but is worth repeating, The Fourth Industrial Revolution is happening, it is already here however:
if we don’t govern it properly then its full economic and social potential will not be realised.
It must always be remembered that the Fourth Industrial Revolution is not about machines but about humans.
The Fourth Industrial Revolution isn’t just about artificial intelligence, robots, smart machines, augmented reality or connecting them all together in an internet of things. As important as all this is, and trust me it is very important, the Fourth Industrial Revolution at the end of the day isn’t about machines but about humans – the way we live, learn, earn and play.
However, to quote Klaus Schwab (Founder and Executive Chairman, World Economic Forum):
If we are to seize the opportunities, and avoid the pitfalls, of the Fourth Industrial Revolution, we must consider carefully the questions that it raises. We must rethink our ideas about economic and social development, value creation, privacy and ownership, and even individual identity.
And so too our laws.
The law is not a shackle or is it?
I firmly believe that law can be used as a tool for economic development. The law or better put the rule of law is a critical, if not the most critical, piece of soft infrastructure that makes everything else work. No development – economic, social or environmental – can be sustained without the rule of law.
The law or better put the rule of law is a critical, if not the most critical, piece of soft infrastructure that makes everything else work. No development - economic, social or environmental - can be sustained without the rule of law. Click To Tweet“The law is not a shackle to enslave but must be seen as a tool of social engineering,” are words made famous by former Jamaican Prime Minister PJ Patterson and expresses the approach I believe should be taken in the build out of the legal architecture of the Fourth Industrial Revolution.
Laws never operate in isolation of themselves. There is always a purpose for a law, some human interaction that it is seeking to govern or regulate. In creating the laws that govern the Fourth industrial Revolution the social value ie the human importance placed on or created from these technological enabled interactions – people to people; people to things; things to things – must be front and centre.
In essence in constructing the legal framework to govern the Fourth Industrial Revolution we must answer the question: What type of society do we want to live in?
In essence in constructing the legal framework to govern the Fourth Industrial Revolution we must answer the question: What type of society do we want to live in? Click To TweetBut what can be done?
So what exactly should we do? I would like to suggest three things and these are illustrative and by no means exhaustive as there are countless other ways that the law could be used as a developmental tool within the Fourth Industrial Revolution.
In a very though revoking article on the World Economic Forum‘s website: 3 ways that regulation benefits economies the benefits of regulation, well three of them at least, is outlined.
Below I capture a few highlights that serve as a brief summary:
1. Market-creating and market-growing – “When the standard is set by regulation in a large market like the EU, the United States, or China, economies of scale kick in quickly. The virtuous circle of falling prices, quality improvements, and growing demand is thereby established.”
2. Enabling competition “– regulation facilitates a level playing field between large incumbents and new entrants, enabling innovation to take root. And by providing assurances about the safety or effectiveness of new products and services, and setting minimum mandated standards, regulation gives consumers the confidence to try something new.”
3. Protection of consumers – “A society’s welfare is not identical with the profitability of its businesses, or with the growth rate of GDP.”
Conclusion
The Fourth Industrial Revolution is happening, it is already here, what we need to do is ensure that our laws keep apace.
Upload, downloaded and embedded.
