Have you ever considered what the global economy might look like down the road? I mean, after the geopolitical conflicts like Russia-Ukraine and Israel-Hamas fizzle out and inflation gets under control? With the rise of the digital age, we're in for some major shifts that we can't even fully grasp yet. The rise of AI, Quantum Computing, and Blockchain is set to kick off a fresh financial era. AI will replace a ton of jobs, while Quantum Computing is gonna take the lead in automating tasks and even finding cures for new illnesses thanks to its crazy power. On top of that, Blockchain will make tracking global supply chains super straightforward, manage CBDCs, and do a lot more.
Most folks might just get by on a basic income from the government, known as Universal Basic Income, while AI does all the heavy lifting. Elon Musk has talked about UBI, and Bill Gates thinks AI will outdo humans in many job sectors in the future. The global population is expected to shrink in the next 10-20 years because of declining birth rates. We might end up in a reality where owning things is a thing of the past, as companies could control what you use and when kind of like renting everything. With Real World Assets (RWAs) and NFTs emerging, we’re inching closer to that future.
What are your thoughts on how the global economy could shift in the years to come? Do you think the ongoing geopolitical issues and economic instability are gonna push us towards these big changes like AI and Quantum Computing? How long do you reckon it'll take for these transformations to actually take shape?
I’d really like to hear your thoughts. Thanks!
I don't think a time will come when geopolitical conflict will end... We are humans and humans will always have something to fight about because we have wants that cannot be satisfied....
This will make it harder for the inflation levels to be stabilized. I have thought about it and discovered that the world economy can never really be united even with the emergence if Blockchain and quantum.computing..even if it is possible, it will not be achieved in the next 3 centuries
If the WEF (World Economic Forum) has their way we will all be governed by them. We will own nothing & supposedly be happy. OP mentions everybody earning a basic universal income which I think will happen if the WEF has their way. They will force us to have social credit scores, a CBDC will be implemented. They will limit travel & probably cars. Buy Bitcoin so at least you control your finances, we might desperately need it in the future, even more than now.
Change is what is constant in the world and as the world is aging, that is how humans knowledge is going vast and technology is at its best right now because modern technology have made or will make everything easy for humans. Well, no matter how we feel about our personal lives and controlling most of the things that happens around us, i still think that we are all slaves to the government because they own the money and will decide when and how to give it to people even though we work to own this money but it is not completely ours since we still give it to the government to protect for us.
Now, coming back to the topic of discussion which is the global economy, what you have to know is that global wars and conflicts will still continue because countries will always disagree with each other which will lead to a conflict so as one country is ending their war with the other that is how other countries are starting their own war. Just look at the case of Russia and Ukraine, when the war was subsiding a bit before we know Israel and Hamas started their own war.
It is true that we can't really control what we own again if AI takes over human jobs but if the government can be able to make provision for shelter while paying her citizens, it won't be that of a problem to me. It will take a years to reach that stage but it will surely be a reality some day but i don't think there's any need for panic. When we get to the bridge we will certainly find a way to cross it.
We just have to accept the change. If AI ends up taking over some jobs, there are still many others that can be done.
Take agriculture, for example. Many countries are facing food shortages and rely on imports. Maybe people can start focusing more on that sector and use AI to learn how to succeed in it. Thats what comes to mind for me right now, especially when I think about the current situation in our country.
Many people fear that as AI develops, it will replace and take over most jobs and leave many people unemployed. But I don't think so, just like when computers, cameras, email or the internet were born, many people said that it would cause mass unemployment like typists, postmen, artists...But then, humans figured out how to adapt to everything.
Similarly, many people are having negative thoughts about AI but soon when it replaces humans in some jobs, it will create many new jobs for humans. Because after all, AI or the internet...everything is created by humans.
I really think that UBI gonna be a real thing in the future robot has reached certain point where automation is more possible than ever and the most efficient way for a company to keep their spending down.
The problem is, each country has different level of wealth that can be generated from AI to sustain the UBI.
It seems only developed country can do UBI while the 3rd world country gonna have difficult time.
Geopolitical tensions and economic uncertainty are probably constant. There will most probably never be a time in the future when the world won't have them. But I don't agree that they are the reasons that "force" us into AI, QC, blockchain, and whatnot. Technological progress doesn't stop.
I see a future when professions have changed a lot. A more brilliant version of AI alone is probably enough to make chemists, programmers, designers, and many others irrelevant. The global economy is basically founded upon the abilities and productivity of robots and artificial intelligence and powerful computers.
It is now impossible to predict what the future economy will be like. The financial system will most likely not be based on debt, which allows for endless issuance and lending to consumers. That is, consumer demand will not be taken from the future. This means that there will be no mass production, no middle class, and no consumer society.
Either there will be a globalist option, which the OP describes, or simply a radical reduction in the world's population by several times, for example, as a result of the World War or an epidemic. Then the birth rate will be controlled and even the abilities of newborns will be programmed using genetic engineering.
In other words, the future of the planet is sparsely populated territories without mass production, only with high-tech robotic production for specific tasks. No business, no competition, no free trade, no freedom of choice. Personality as an element of a system with a specific purpose and controlled by AI through an implanted chip. Although in such a society, underground resistance will eventually arise.
I'm actually not anticipating a situation where all the trade wars and global insurgencies that's having a toll on the world economy will slow down. With every passage of time, new issues keeps unfolding and other ones that have been sorted out still finds a way of showing up again which will continue to have effect on the world economy.
From taking a view of the grassroot economy and how that over time, it seems to be getting worse, we can still speculate a similar case almost happening in the global scenario. Rather than considering a larger picture of the global economy, I love to rather look at how to better position myself to suit whatever comes up in the future. From an individual point of view, it's easy to predict the future and make necessary adjustments based things you can control but for the global economy that's already messed up by politics and international interest, we can only hope that things gets better.
The world is constantly going through churn, conflict and reconstruction, evolution in technology and improvements in infrastructure. If humanity is to survive however, we do need to get out into space because we have been so lucky to avoid any asteroid hits so far, but let's not forget it wiped out the dinosaurs and could take us all out just as easily, plus it would unlock more resources and potentially allow opposing groups to stay far away from each other. The danger along the way is authoritarian governments overpowering democratic governments, but they have a tendency to self implode due to the big ego of certain leaders - there may be a danger that technology could make a power imbalance too great to overcome. Which also leads to another point, AI is progressing in leaps and bounds, but many people saw the terminator films with skynet growing up, let's hope that it does not become self aware and autonomous as that could destroy us too. These are all possibilities, but I am more hopeful looking at a world where people have found solutions to all adversity in history and will continue to do so.
These are mere predictions, what if the geopolitics conflict happens and the reaction is far from what your predicting. What if the conflict doesn't continue as some persons have predicted. Currently AI is in use, we are using it side by side with human activities, a war doesn't need to occur for we to use some of this advancement human beings have discovered, same thing with Blockchain technology. My point is that, all of the discoveries can be used side by side with human beings and not one edging the other out, some of these discoveries are meant to assist the human existence not making it look like there will be reduction in birth rate and high level of unpredictability of some sort. Some of this soothsaying might not come out exactly how you see it.
We wouldn't blame anyone that thinks in the direction of AI taking over jobs from humans reason being that at a time the developers of this machine were sounding as if humana will go into extinction and machines will take over, it was as if there's such plan on ground, a world here available works is not enough for existing humans, we are talking about AI doing must jobs, for me am not against any technology infact as a matter of clarity I love technology somuch because it has become a tool for making some problems that seems very difficult simple but that doesn't mean that humans should be threatened because of their existence, lets not forget that the builders of those technology did it to solve problems at the same time to make money for themselves, I agree that it may create more job opportunities no doubt but in the other way round it might also reduce some works force in some areas so it is a two way thing.
Imagine an artist writes a song and gives it to AI to compose the the song for the artist, so AI brings out the tone and sing the song perfectly for the artist, then the artist learns and practice his song composed by AI to be able to perform on stage, whose work is it? AI or Humans
The truth about these is that, AI can't do everything and human can't do everything also, this work done has to be bridge between the two parties to finally be successful.
Computation power is not the bottleneck here. The problem is that AI is not actually intelligence in my opinion which is why it is not capable of discovery or innovation. It can only produce what it is programmed to produce!
In any case, the world is definitely changing and these major changes are becoming faster so the distance between them is becoming shorter. It is like experiencing the industrial revolution that came with the steam engine every decade! That itself will create a lot of chaos and can lead to more conflicts.
Artificial intelligence is really starting to take over the market from ordinary people. And this is like low-skilled professions, when people have to, for example, monitor the level of some material in carriages, and machine vision is great at doing this much more accurately. By the way, this applies to X-rays and the work of doctors. I also know that programmers have begun to widely use artificial intelligence to write snippets, and it does this incredibly accurately, but at the same time, completely artificial intelligence will not be able to replace people in engineering professions, for example. I know that artificial intelligence does not understand engineering drawings at all and will not understand them better in the near future. It will not understand them, because there are too many variables and they need to be arranged in their own way.
Unfortunately, geopolitical conflicts will always exist and it is difficult to see them end. because if the conflict between country A and country B ends then another conflict will always arise between different countries. In fact, recently what worries me is the conflict between India and Pakistan which is feared to be really getting hotter. Even though I hope that these two countries can live peacefully side by side, it seems that there are big differences between the two which means that the conflict between these two countries could indeed be prolonged. It's just that it would be better if the existing conflict did not involve military attacks and so on. I prefer trade wars to military wars.
But I am sure that one day the global economy will slowly improve. And that's when we will truly feel all the sophistication that exists in this digital era more fully regarding its benefits in social life. Especially AI. I see AI really being a solution to many problems. Even so, there will always be positive and negative sides.
The world is designed in such a way that geopolitical conflicts are unlikely to ever end: it will stop in some locations and start in others.
The inflation rate will never stabilize, because inflation is integrated into the modern world economic model as a "bonus". There is no way to get rid of this either.
It is normal that the economy changes. This is how it should happen. Only the digital economy will regulate trade and economic models between people even "more strictly".
Welcome to the "bright new future". And there will also be this feature: the government will be able to influence the level of spending of its citizens. For example, it will be able to force them to spend more money, which will stimulate the economy. For example, by turning on the timer of the "expiration date of money", after which it will be burned. Those who didn't have time - are left with nothing. Enjoy.
The changes will be so radical that we can't even imagine. It will happen very soon, because technologies have accelerated very much recently.
Geopolitical conflicts, military wars or trade...all come from the greed of politicians and as long as greed exists in people, those things will never disappear. And with the rapid development of technology today, don't expect these conflicts to become less serious.
In my opinion, whether the economy and the world become better and more stable or not, it all depends on the politicians. But honestly, I'm not optimistic about that because they are becoming more and more decadent and authoritarian.
The visions laid down are quite enticing and a little unsettling reasons being that so many of the discussion is already unfolding.
1. AI is now very active in white-collar jobs, outside factory work. They now involve in legal writing, code generating, or logistics management.
2.Quantum computing, though very much early has great potentialcoming from fields like weather prediction, cryptography and drug discovery.
3. Blockchain and tokenization of real-world assets (RWAs) are presently being tried by commercial sectors (banks) and governments, and we're witnessing CBDCs (Central Bank Digital Currencies) being rolled out or piloted by many countries.
You talked about Universal Basic Income (UBI), now is turning out to be realistic and job displacement skyrockets. With Musk and Gates advocating for it as possible solution, it might end up being the best way forward.
The matter of geopolitical conflicts and inflation are speeding up the changes instead of delaying them. When economies are stressed, there's more wellness to try new system. Like COVID-19 did with remote work and digital payments. Ongoing wars, trade tensions and energy issues might do same for AI, automation, and decentralized systems.
We are heading to a world where technology is not just supporting the economyit has become the economy.