IMF / DIGITALIZATION

19-Apr-2018 00:02:28
At the opening of a forum on the future of work in the information age, Christine Lagarde, the IMF Managing Director compared the titans of the information age to those of the so-called “Gilded Age” of the late 19th century when railroads were the high-tech sector of the economy. IMF
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STORY: IMF / DIGITALIZATION
TRT: 2:28
SOURCE: IMF
RESTRICTIONS: NONE
LANGUAGE: ENGLISH / NATS

DATELINE: 18 APRIL 2018, WASHINGTON, D.C. USA
SHOTLIST
1. Graphics, “Digitalization and the New Gilded Age”
2. Wide IMF Managing Director Christine Lagarde welcoming audience and panelists at open of forum
3. SOUNDBITE (English) Christine Lagarde, Managing Director of the International Monetary Fund:
“A number of internet giants control much of the global movement of data and information and the founders of these companies count among the richest persons in the world. So, does history repeat itself?”
4. Med audience at forum
5. SOUNDBITE (English) Bridget van Kralingen, Senior Vice President, IBM Global Industries, Platforms and Blockchain:
“Data is both the phenomenon of our time, but also the issue of our time. And, you know, recently we’ve looked at data being used and exploited in ways that nobody can feel good about and should not happen. But, in fact, that’s just one piece of the technology. These technologies that are around today – artificial intelligence, blockchain can be used for the good of humans and for productivity. And, I think on the trust point, Christine, one of the things to think about rather than trust busting is trust building."
6. Wide shot, forum
7. SOUNDBITE (English) Tharman Shanmugaratnam, Deputy Prime Minister and Coordinating Minister for Economic and Social Policies, Singapore:
"We need more disruption, not less. More disruption of every sector of the economy. Then we have the issue of what happens to the people because disruption typically means you might lose your job. Or, if you’re lucky, you keep your job but it changes quite fundamentally. And, I think we spend far too much time in the argument of whether it’s going to be 5 percent as Bridget says who get displaced or is it 49 percent or is it something in between. I think the weight of evidence suggests that there will be jobs available but they may not be very good jobs."
8. Wide shot, panelists
9. SOUNDBITE (English) Alec Ross, Author, former Senior Advisor for Innovation to U.S. Department of State:
“We have to coalesce around a set of core values and principles if we are going to be able to engage with these firms in a productive way. Land was the raw material of the agricultural age. Iron was the raw material of the industrial age. Data is the raw material of the information age.”
10. Zoom out, end of forum
STORYLINE
Experts gathered at the International Monetary Fund (IMF) on Wednesday (18 Apr) to discuss the future of work in the information age.

IMF Managing Director Christine Lagarde and a panel of business, technology and thought leaders discussed opportunities and challenges for the future.

At the opening of the forum, Lagarde compared the titans of the information age to those of the so-called “Gilded Age” of the late 19th century when railroads were the high-tech sector of the economy.

“A number of internet giants control much of the global movement of data and information and the founders of these companies count among the richest persons in the world. So, does history repeat itself?” - Lagarde asked the panelists.

Bridget van Kralingen, Senior Vice President for IBM Global Industries, Platforms and Blockchain cautioned that technology can be used for good and bad.

She said “data is both the phenomenon of our time, but also the issue of our time. And, you know, recently we’ve looked at data being used and exploited in ways that nobody can feel good about and should not happen. But, in fact, that’s just one piece of the technology. These technologies that are around today – artificial intelligence, blockchain can be used for the good of humans and for productivity. And, I think on the trust point, Christine, one of the things to think about rather than trust busting is trust building."

The panelists discussed the competing priorities of promoting innovation while trying to avert damage on communities.

Tharman Shanmugaratnam, Singapore’s Deputy Prime Minister and Coordinating Minister for Economic and Social Policies said "we need more disruption, not less. More disruption of every sector of the economy.”

He added “then we have the issue of what happens to the people because disruption typically means you might lose your job. Or, if you’re lucky, you keep your job but it changes quite fundamentally. And, I think we spend far too much time in the argument of whether it’s going to be 5 percent as Bridget says who get displaced or is it 49 percent or is it something in between. I think the weight of evidence suggests that there will be jobs available but they may not be very good jobs.”

Former Senior Advisor for Innovation to U.S. Department of State, Alec Ross said that unlike the companies of the Gilded Age, information platforms and technology companies are not bound by geography. He said any effort to engage them in building communities would require multilateral cooperation.

Ross said “we have to coalesce around a set of core values and principles if we are going to be able to engage with these firms in a productive way. Land was the raw material of the agricultural age. Iron was the raw material of the industrial age. Data is the raw material of the information age.”
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