Abstract
The Fourth Industrial Revolution (4IR) is widely predicted to transform what have been manual-labour-dominated sectors in the production of goods and offering of services while driving wages down. South Africa is largely no exception, although we also note some unevenness and contradictory trends in this chapter. 4IR also presents numerous opportunities for the South African government, businesses, and consumers in terms of economic growth, efficiency, and cost-effectiveness. We conduct a review of recent trends in the 4IR worldwide and focus on such trends in South Africa through wages, key sectors, corporate sentiment, as well as government expenditure in research and development. There is indication that the country has a mismatch in the skills being produced and those required by the 4IR, while its GERD is substantially below the global average for 4IR leadership and equitable participation. 4IR Commission recommendations propose reforms, but over them looms the slow rate of implementation due to past poor execution of other plans in the digital and communications spheres.
| Original language | English |
|---|---|
| Title of host publication | The Oxford Handbook of the South African Economy |
| Publisher | Oxford University Press |
| Pages | 489-509 |
| Number of pages | 21 |
| ISBN (Electronic) | 9780191915284 |
| ISBN (Print) | 9780192894199 |
| DOIs | |
| Publication status | Published - 8 Dec 2021 |
Keywords
- 3D printing
- 4IR
- AI
- GERD
- Industrial revolution
- IoT
- PC4IR
- Universal basic income
ASJC Scopus subject areas
- General Economics,Econometrics and Finance
- General Business,Management and Accounting