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Title: EXPLORING THE SOCIO-ECONOMIC IMPACTS OF THE RISE OF AUTOMATION IN BUSINESS
Authors: Karan Singhvi
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Karan Singhvi Chaminade College Preparatory High School
MLA 8 Singhvi, Karan. "EXPLORING THE SOCIO-ECONOMIC IMPACTS OF THE RISE OF AUTOMATION IN BUSINESS." Int. j. of Social Science and Economic Research, vol. 5, no. 3, Mar. 2020, pp. 799-805, ijsser.org/more2020.php?id=54. Accessed Mar. 2020. APA(6) Singhvi, K. (2020, March). EXPLORING THE SOCIO-ECONOMIC IMPACTS OF THE RISE OF AUTOMATION IN BUSINESS. Int. j. of Social Science and Economic Research, 5(3), 799-805. Retrieved from ijsser.org/more2020.php?id=54 Chicago Singhvi, Karan. "EXPLORING THE SOCIO-ECONOMIC IMPACTS OF THE RISE OF AUTOMATION IN BUSINESS." Int. j. of Social Science and Economic Research 5, no. 3 (March 2020), 799-805. Accessed March, 2020. ijsser.org/more2020.php?id=54.
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Abstract: Technological advancements have become an integral part of the process of human evolution and social development. The automation of business has led to significant changes not only in the economy but also on the behavior of individuals and narratives of development. The use of artificial intelligence and robotics in jobs conventionally performed by humans has sparked a larger ethical debate surrounding its impact on unemployment, economic inequality, and social progression. This paper has analyzed the impact of technological advancements on the economy in the light of globalization and the emergence of capitalism as the dominant socio-economic narrative. It has also sought to explore the long term implications of moving into a more automated environment based on the social and cultural environment in which nation'-states operate. Growing rates of unemployment and economic inequality and their larger implications on society continue to be some of the major long term challenges faced by policymakers. Lastly, this paper has sought to explore interventions and policy changes- such as the introduction of Universal Basic Income that aim to establish a level playing field in an automated environment.

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