Industrial Revolution 4.0: Risks, Sustainability, and Implications for OIC States

Authors

  • Ildus Rafikov Maqasid Institute Global
  • Riaz Ansary International Shari’ah Research Academy (ISRA)

Keywords:

Industrial Revolution 4.0, Sustainable Developments Goals, complex systems, risks, artificial intelligence, maqasid al-shari’ah

Abstract

This paper reviews the potential risks of the fourth industrial revolution and how sustainable development goals align with those risks and any benefits. This paper adopts a qualitative research method using content analysis of video and textual materials. This research finds that the increased complexity of IR4.0 carries greater risks but offers greater benefits to humanity. Sustainability is going to be positively affected by the greater use of smart interconnected technologies. However, the fabric of human society will undergo a tremendous change that will often lead to unwanted consequences. Many risks can be anticipated and addressed by designing systems, including financial and economic, that are inherently robust and adaptable. States must acknowledge the risks associated with new technologies and complex systems, such as artificial intelligence, and devise strategies to help deal with and anticipate those risks. This paper identifies the risks and benefits of the Fourth Industrial Revolution, implications for sustainability, and proposes a maqasid-based approach to IR4.0 related policy in OIC countries. This paper is intended for researchers in the area of public policy, OIC, Islamic economics and for policymakers interested in adopting the maqasid framework.

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Author Biographies

Ildus Rafikov, Maqasid Institute Global

Senior Fellow and Manager of Research, Science and Technology at Maqasid Institute Global

Riaz Ansary, International Shari’ah Research Academy (ISRA)

Senior Researcher at International Shari’ah Research Academy (ISRA).

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Published

2020-12-30

How to Cite

Ildus Rafikov, and Riaz Ansary. 2020. “Industrial Revolution 4.0: Risks, Sustainability, and Implications for OIC States”. ICR Journal 11 (2):298-324. https://icrjournal.org/index.php/icr/article/view/787.