If AI takes over the world, capitalism may well not survive
If AI takes over the world, capitalism may well not
survive
Ken Chu says it is time to think about what form of
economy and society can ensure that we get the most out of AI and robots, to
defend against future human joblessness and tech titans cornering all the
riches
By Ken Chu PUBLISHED: Sunday, 30 July, 2017, 8:46am
New technologies are advancing at a rate never seen
before. Many people are gravely concerned that humans will soon be displaced by
artificial intelligence, robots and all kinds of cutting-edge automation. Take
the driverless vehicles under testing. If cars are self-driving and
accident-proof, would we need drivers or even insurance? Will such technology
put us out of work?
Telsa CEO and SpaceX founder Elon Musk has even warned
that we should start regulating AI because it might pose great existential
threat to humanity. To some, this is unfounded paranoia.
Undeniably AI and robots will revolutionise our way of
life, our labour market and our economy. And many of the changes will be
positive. For one thing, it would be faster for AI to identify effective cures
for disease. And AI can take over the repetitive jobs humans do.
But there is a catch. Whether or not we can enjoy and
relax in this future “labourless” world hinges upon how fairly and efficiently
the economic benefits generated by AI and robotic machines are to be
distributed, or only individuals and big corporations able to control and
invent AI and robots would have access to these benefits.
The fundamental question is: what form of economy and
society can ensure that we derive the most out of AI and robots in the future?
We don’t expect tech overlords who invent and own robots
or AI to share the benefits with the rest of us. Therefore, theoretically, a
capitalist free-market economy may not be ideal for the future AI and robot
world, for capitalism is primarily driven by human greed and maximising self-interest.
Already, more and more wealth is increasingly owned by an
ever smaller fraction of the super-rich. Tech advances may only exacerbate this
trend.
Should governments step in to remedy this inherent
deficiency in the capitalist economy? If yes, how?
Governments cannot afford to let selfish profit-seeking
big corporations dictate the AI and robot economy. The government must look
after the millions of idle human workers deprived of any means to support
themselves and their families, after they are replaced by AI and robots.
It is no wonder that there have been voices calling for
taxes on AI and robots, so as to use the money collected to make society more
egalitarian.
However, this is not the ultimate solution, because big
sleazy corporations can always find ways to avoid paying tax. Therefore, we may
need a fundamental change in our economic structure and society.
Perhaps a sort of planned economy is one of the answers?
Dr Ken Chu is group chairman and CEO of the Mission Hills
Group and a National Committee member of the Chinese People’s Political
Consultative Conference
This article appeared in the South China Morning Post
print edition as: Beware the robot invasion
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