The relevance of Marx and Social Economic Policy in Addressing the Socioeconomic Disparities Emerging from the Fourth Industrial Revolution.

The fourth industrial revolution (4IR) is seen as the fourth time that a series of technological innovations will revolutionise the production and movement of goods. The prospect of a 4IR also sprouted a debate surrounding the socioeconomic implications that may come with these technological innovations. The 4IR could have grave consequences for low-skilled labourers. For example, the automation of production may result in a predicament where human labour can no longer compete with machines, which may decrease demand for low-skilled labour or make it redundant. As a result, in highly developed countries growing job insecurities may accelerate the growth of a “new dangerous class” called the precariat. This class could put pressure the political foundations of capitalist democratic societies. Moreover, in developing countries, automation of production may result in companies deciding to relocate their production back to highly developed countries where most of their consumers are...Show moreThe fourth industrial revolution (4IR) is seen as the fourth time that a series of technological innovations will revolutionise the production and movement of goods. The prospect of a 4IR also sprouted a debate surrounding the socioeconomic implications that may come with these technological innovations. The 4IR could have grave consequences for low-skilled labourers. For example, the automation of production may result in a predicament where human labour can no longer compete with machines, which may decrease demand for low-skilled labour or make it redundant. As a result, in highly developed countries growing job insecurities may accelerate the growth of a “new dangerous class” called the precariat. This class could put pressure the political foundations of capitalist democratic societies. Moreover, in developing countries, automation of production may result in companies deciding to relocate their production back to highly developed countries where most of their consumers are based. As a consequence, developing countries can no longer depend on their comparative advantage of having an abundance of cheap labour. Hence, one can argue that the development strategy of development by way of industrialisation may become unworkable. In short, the 4IR may increase the gap between rich and poor, decrease social mobility and increased labour insecurity; all of which resonate with some of the contradictions that Karl Marx thought were endemic to the capitalist economy. This thesis will investigate this predicament through an analysis of the socioeconomic effects emerging from the 4IR and relating this to Marx’s critique of capitalism. The thesis aims to add to existing literature on Marx by considering the relevance of Marx in the 21st century.Show less

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The relevance of Marx and Social Economic Policy in Addressing the Socioeconomic Disparities Emerging from the Fourth Industrial Revolution.