What could affect the global economy in the future?

With the advent of cryptocurrencies and the growing interest in economic technology, it is about time that we think about the future of the economy on a global level and not just domestically, especially with the loss of confidence in the unregulated capitalist system that has resulted in a large divide between social classes. 

Not to mention the pollution caused to the environment due to the mass production of goods with little or no regulations of environmental pollutants and the dependence on non-renewable fuels. When taking into consideration all these factors what are some of the predictions for the future of the global economy?

Reliance on Artificial Intelligence

With the increasing reliance on artificial intelligence (AI), some people expect that a few traditional jobs will be dispensed with because they will be easier to achieve by a computer or a robot.

but at the same time the increased reliance on AI will create new jobs something that we’ve already seen happening with the spread of virtual assistants such as Siri and Alexa, but these jobs are concentrated in the field of programming. 

The annual indeed.com site's list of the best jobs in America for 2019, the position of machine learning engineer was on top of the list.

Post-capitalism

German philosopher Karl Marx predicted the end of capitalism and its replacement by a socio-economic system due to the abolishment of mass production and replacing it with other methods in line with the requirements of society.

A large number of economists expect a change in production and trade so that workers are at the same time the owners of enterprises, and that manufacturing and production are carried out in a non-polluting and sustainable way.

 On the other hand, some economists lean towards capitalism and believe it will not be abolished since it has existed in one form or another for thousands of years.

“There is an expectation that governments will be replaced by telecommunications and technology companies because they have more information about citizens than governments.

Evolution of the financial system

Some predict that it is possible to abandon banks in exchange for creating a new financial system. This line of thinking came to be due to the loss of confidence in banks after the last financial crisis in 2008, and because of how easy fraud can occur in the current financial system. 

And now with the spread of cryptocurrencies this perception is not just a fantasy, especially since counterfeiting cryptocurrency is not easy. 

Many institutions and countries began to consider the idea of creating a cryptocurrency of their own, and since cryptocurrencies are not minted they have nothing to do with banks, thus if society turns to the idea of working with cryptocurrencies it is possible to conceive that banks can be abandoned altogether.

Replacing governments

Because technology dominates most areas of work and the complete dependance on telecommunications companies in every aspect of our lives there are expectations that governments will be replaced by telecommunications and technology companies since they have more information about citizens than even the governments to the point where they know almost everything about them. Information is power.