The AI Revolution: Parallels to the Industrial Boom of the Early 20th Century

The AI Revolution: Parallels to the Industrial Boom of the Early 20th Century

As we stand at the dawn of the artificial intelligence (AI) revolution, I cannot help but think about the Industrial Revolution. It’s fascinating to watch how these technological advancements parallel the great industrial advancements of machinery, manufacturing and transportation in the late 1800’s and early 1900’s. Just as those advancements fundamentally changed everyone’s way of life then, AI is reshaping the world’s economy and cultures today. Ultimately, changing everyone’s way of life now.

I recently heard a speaker say, “AI is speeding down the tracks at us and there is nothing we can do to change that.” I have to say, I agree completely with that speaker.

AI’s recent breakthroughs have led to rapid advancements in automation, data processing, and intelligent systems. Like the steam engine and electricity before it, AI is altering industries at an unprecedented pace. We either need to find ways to adapt or we are going to get run over.

THE FAST-PACED CHANGES

The industrial revolution changed long standing norms for how labor was performed. It did away with traditional jobs that had long been considered stable employment. This caused a shift in employment patters and certainly caused people to reconsider their skill sets.

We are watching all of this take place around the AI Revolution. Many long-standing jobs and stable careers are beginning to vanish due to AI’s ability to take on repetitive tasks, some decision making and other responsibilities once reserved for us humans. As AI gets better more jobs will be lost. These job losses cause many challenges and concerns like a job force unsure of what to do next. The other unattended consequence is that young people are unsure as to what career to join as they begin entering adulthood. Over the real concern that a job that is here today could be done away with tomorrow.

Although AI is driving economic growth through new industries such as AI hardware, software, and data services. There is a large sector of the population that is not ready for these new industries. Both the industrial revolution and the AI revolution brought about an increased productivity in the long term. However, we must ask ourselves the question, at what cost in the short term.

Hold on tight. It is going to be a fast and bumpy ride.