Industries are being born, dying, or transforming from advances in the fields of artificial intelligence and machine learning, robotics, data analysis, and virtualization. Unlike previous decades, some of technology’s biggest companies are shedding the “dinosaur” stigma, taking advantage of scale and internal resources, and out-innovating previously nimble startups.
Advances are far-reaching and either are or are prepared to transform numerous elements of the global economy including labor markets, production, distribution, capital markets, consumer decisions, politics, trade, communications, social relations, and medicine. We pretty much know that. What matter here are the resulting shifts in global money flows and markets.
Because of the rapid, early, and ongoing evolution of technology and the state of global economic institutions, the effects of this big shift may be the most difficult to identify let alone quantify. Will technological advances give advanced countries an edge in manufacturing again, disrupting trade patterns? Will advances in medicine allow developed market economies to dodge the “dependency ratio” bullet? Will emerging markets economies successfully “leapfrog” into higher levels of technology without having to make the investment? Will humans find better tools to separate virtual falsehoods from reality?