With the advancement of AI, FinTech and augmented reality, we are currently living in the fourth industrial revolution that is rapidly shifting the structure and pace of our economies. Within the context of a capitalist society, the benefits of technology also entail the exploitation of resources and the disenfranchisement of vulnerable communities. We’ve arrived at the crossroads of our time where we are forced to ask ourselves: how can we rethink the ways in which technology and capitalism intersect and affect one another? The Buchanan Institute, Prosper Social Finance, FreshSight Ltd., and Economics for Change Society joined forces on January 23rd 2020 to host a Buchanan annual series: Rethinking Capitalism 2020. The evening featured a panel discussion where we openly spoke about and critically evaluated these issues that so greatly affect our ways of life.
The panel, compromised of the Deputy Director Economic Policy at the Scottish Government, Uzma Khan, the CEO of Fintech Scotland, Stephen Ingledew, Chair of Design Informatics at the University of Edinburgh, Professor Chris Speed, and the CEO & Founder of Sustainably, Loral Quinn, together discussed how the advent of technology has manifested in our world today, the following implications of its current status for consumers, and lastly, the underlying risk where individuals or vulnerable groups are potentially left behind in this economy due to a lack of access to the necessary technologies and platforms. These topics, and more are what we hoped to explore through this event, ultimately providing a space to critically engage with or “rethink” capitalism and its relationship to the Fourth Industrial Revolution.