By Klaus Schwab,
It is time to stop looking backwards. In the years that followed the 2008 financial crisis, we spent a lot of time looking for ways to get back to the days of fast economic expansion. We were living in what I call a “post-crisis world”, certain that the challenges we faced were temporary blips in the system, hopeful that things would soon go back to the way they had been.
But now it has become clear that we have entered a new era – we are living in the “post-post crisis” world. What does this mean?
It means that almost everything we once knew is changing. For the foreseeable future, we will have to get used to slower growth rates. In the new world, it is not the big fish which eats the small fish, it’s the fast fish which eats the slow fish.
One of the defining features of this new era is the rapid pace of technological change. It is so fast that people are even referring to it as a technological revolution. This revolution is unlike any previous one in history, and it will affect us all in ways we cannot even begin to imagine.
A different kind of revolution
The first thing that sets this revolution apart from others is how disruptive it is. In the past we had revolutions – perhaps they would be better described as evolutions – that came at a relatively slow pace, like long waves in the ocean. The impact of the first Industrial Revolution, which began in Britain in the 1780s did not fully begin to be felt until the 1830s and 1840s. Today technological change happens like a tsunami. You see small signs at the shore, and suddenly the wave sweeps in.