A very warm welcome to the door to door debate at the World Economic forum in davos switzerland im sara kelly today were talking about how did she have a more equitable world there are new new social challenges and digitalization increasingly influences that we work with business the way the interact millions of workers have already been displaced due to automation and many more could follow in fact the shifts in our economy are expected to be so dramatic its being called a Fourth Industrial Revolution. On the one hand you have the projection that vast amounts of wealth are to be created but on the other inequality is expected to rise so does the Fourth Industrial Revolution for social revolution joining me now to discuss we have a very distinguished panel will be on the mark is the executive director of the not for profit ox fam. Bob morris is the global chairman of peter do you see i mean how can in the c. E. O. Of need a National Institution for transforming india hillary kind of the social entrepreneur and a government consultant and to be rung on is a professor of strategy and management at n. C. I. I thank you so much to all of you for being here today please join me in welcoming our panel. And now we are like to begin with you because at oxfam you are fighting poverty around the world and you have a long history yourself of social causes of supporting them how do you see the state of inequality right now set the stage for us where does it stand and what happens if we do not take dramatic action in the screen economic inequality is out of control someone has released a report this week showing the extent of extremely quiet and how its growing last year unknown the wealth of billionaires was increasing by two point five billion dollars every day two point five billion dollars while the wealth of the bottom hard for few money to three point eight billion people decreasing by five hundred Million Dollars every day the trend with a few at the top running away with wealth and those at the bottom thinking and think and for that and to do two hundred sixty two million children are not in school because their governments dont have to read the news to roll out Free Education ten thousand people will die today because they Contact Public Health it isnt there for them and when the wealth of billionaires increases in india. I know a woman there called pratham mom she lost her twins very recently because her and local clinic didnt have medicine didnt have a doctor but thats a country where billionaires happening creased. They could double would but its also the country with one of the lowest investments in health care for my children didnt have to diet but so were in a world where governments do not tax where else enough do not tax the rich enough they are now them to door to have paying their fair share of taxes and in the meantime and Public Services are crumbling health and education in rich and in poor countries and thats definitely something that were going to talk about in this conversation when we talk about some action oriented approaches but first id like to turn to you bob because you are running one of the lords world margins on a day in consulting firms youre on a panel right now want to social revolution tell us where does business fit into the equation how do you think business is role in combat and inequality i think business has a huge role to play in battling the issues that were talking about today and the reason for that is as you look at twenty and twenty thirty years to phenomena that happens first the Business Community at knowledge that i think are becoming more acknowledging of stakeholders the communities in which theyre operating and the Climate Change issues that theyre actually dealing with and the responsibility that they have to be part of that solution the second phenomenon is that the world is now their judge and jury. Artificial intelligence social media and the like gives the world of voice where in the past you didnt have that opportunity so as they think about their brand as they think about their reputation as they think about their sustainability theyve also got to be much more conscious about the world that theyre living in and the world when you just talk about sort of the challenges there and the role that they play with and i want to ask you perhaps about this conversation is that Corporate Social Responsibility is going far enough and how you might be able to push that forward especially in your role on consulting many of these companies but first id like to turn to you i mean talking to your running the Indian Governments policy think tank you are centrally the planners of indias economy i mean and this is a country where you see such extremes i mean you see the very wealthy you see the very poor in your country how do you see the prospects of closing the wealth gap in india. I believe in that gomas need to focus on your profession Health Education but for all these two billable you need more of technology and not less of acknowledged classic example of and delivered every indian to dance by omega every indian today has a more by i mean every indian today as a bank account between printing fourteen and seventeen Indian Government ensure that every family has a bank account fifty five percent of the Bank Accounts open across the world what in india one doesnt enabled in that was the board dotted benefit plans first moved into accounts of people and therefore might you know what acknowledged years unable to do was legal just to. Huge amount of benefits a fluke well people and theres been that muscle emphasis on your question health and education just to give you an example we are tracking students across the board using longer to drill and not to do little methodology much like you got new budget so you are able to access the learning outcomes which is a huge challenge in india and similarly on by health we rule out the biggest scheme called the ice man but it will be linked up hundred fifty thousand primary Health Care Centers with the District Hospitals where specialist oneill about and they are all in digitally but close to five hundred million indians a day have been provided Health Insurance get which is more than the population of us in europe and mexico put together so my belief those governments must focus on Nutrition Health and education use more of technology that is what is going to be the differentiator when of and making people live living below the poverty line cross followed your lives you know. Methodology is gretchen above but my belief is my belief is highly questionable but they have. Very major point that governments must focus must focus on should which will make it radical but people below and to your point just to point out for our viewers in fact oxfam recently said that inequality is increasing in your country Something Like more than seventy percent of the population. Excuse me seventy percent of the wealth is owned by one percent of the population so perhaps we can talk a little bit more in the conversation about how we live is that when i can see you want to jump in here but first im going to go to hillary because he hasnt had an opportunity to talk to and hillary you actually wrote the article from which we got our title today a fourth social revolution its a topic that youve really been focused on also on when youre working with families who are reliant on social benefits what inspired you to take on this cause and what is up for social revolution whats the vision so i think i work in communities i work in communities across the world but the last ten years in the u. K. With. Many many people for whom its really obvious that the brilliant welfare systems that we designed after the Second World War no longer work because they have Health Conditions which cant be met because weve got aging populations because the world of work is changing so fast whats really clear is that in every Industrial Revolution we have a social revolution and actually whats also really important to win his point is that there is always a moment with every Industrial Revolution where inequality grows where theres a financial bubble and theres trouble i mean we had huge recession of the one nine hundred thirty and then what happens is that we have to design a social revolution because without that its not just this is not just an argument about how corporate you can do good without the social revolution in fact the Industrial Revolution keeps most far and we cant make the transition to the new economy we dont have healthy skilled work workforce we dont have consumers earning at the level that can demand the goods at the next. I think also the critical point which is why im so. Not with the basement today not happen by accident happens by design i mean different sectors Come Together Community corporate sector government the state also has a really Critical Role to play in designing the new architecture because without that others cant come in and thats what we really need to but we need to think about it and then i hope we can move to this we need to roll up our sleeves and we need to get going on designing the architecture so we can make that transition and c b im curious to hear if you agree with hillarys assessment of the as an academic you also have this Historical Perspective on the trends currently at play right now in the current ecosystem and you know typically when you have seen advancements in technology youve also seen. Advancements in prosperity advancements in health i mean is that the track that you see us on right now at the moment theres a tale of two cities right the best of times in the worst of times and were seeing some of the contracting facts all of which are true and they may even relate to one time and place in the us today. In responding to about the institutions that got us here seem to be quite fragile thats why we meet in davos thats why we have these conversations because institutions are social innovations there are social technologies and were trying to integrate both social technologies as well and it was very right i quite agree with the points that she has made my own stand on this there is the technology is incredible boom incredible from our eyeglasses to the shuttle that we take to come here looking on a. G. R. Or Something Like this so i dont think we can i mean technology is a tool and a method technically in manufacturing manufacturing is a technology its incredible that and what does Technology Get us. Up there with the protection pleasure power. And today even personhood the biometric system that he talks about in india makes people respected identified so technology is an incredible thing second point its dual use its always been dual use all technology is dual use but how do you see the impact on inequality so the question then is how would we use the technology not whether technology is good or bad dont forget their society itself we talk about social Revolution Society itself is a technology its a technology to manage our any dependence so how we use technology is a big thing and if you look at the countries with the highest wellbeing usually its the nordic countries they are among the highest a doctors and developers of technology so the problem is not Technology Inequality is not high in the Nordic Region we know that if we believe the statistics so. Lets talk more about why does that happen and why is the nordic situation not reproduced in other places and there Indian Government and business and Civil Society we need all of these voices absolutely and lets go to those noises acting right now because one of the conversations thats come up this week here at the World Economic forum is a sort of new type of capitalism and bob with your connections to big business perhaps i can start with you what do you see as capitalism and acceptance and what opportunities do you see any sort of get it on the right track in order to deal with the inequality that we are facing in for the Industrial Revolution so i think if you look at it and what weve experienced i mean the outcomes that come from it its clear that we have had a tremendous amount of benefit but weve left a lot of people behind and again not something of a theme that weve got here in davos you think about billions of people have come out of poverty but thats done nothing for the people who are still in poverty and as i said earlier that social media aspect actually gives a tremendous amount of transparency and creates a tremendous amount of opportunity of oyster frustration so the question becomes what is business government local communities doing about it the Business Community seems to think free opportunities one is how do i help governments actually create the infrastructure so well for technology to enable connectivity and accessibility information training to education and health care an expression and the like as we said earlier the panel the second thing is how can i actually leverage those platforms to deliver those goods and services so theyre accessible to even those that are in a part of the liberals and the like who are effectively more efficiently with quicker better access but i want to come out of the other way which is how do we actually Leverage Technology to make sure that people have opportunity for jobs as well as opportunity to retain jobs and be fit for purpose and to look forward and this goes back to what are we doing in the Education System to actually skill the people of the future and the people of today say are we fit for purpose is that the responsibility of the corporations or of the government well thats where its going to. Because the reality is when you look at the Education Systems in the world theyre not moving fast enough to change whats happening in the Business Community saying you know what i need something so education a very important factor for for reasons which you have just illustrated but the reality isnt that the economy is not working for enough people as youve also highlighted and one of the ideas that has come up in this idea of new capitalism is a universal basic income our audience here new fan. Base and in fact we see here that sixty one percent of you know if you do not support universal basic income this would be essentially a minimum wage for people who might be displaced it turns out that the majority of our panel also doesnt agree with it and we are just like you to perhaps because youve called for a more human centered upon amine an economy which values people over and over profits how do you see it. Getting there. You see we now talk a lot about the Fourth Industrial Revolution and technology and technological change almost excited as everybody else about technological change and the possibility of living in a decarbonise world of having health and working lives but the truth is that we are now in an economy that is really rigged in such a way that a few get better off and many others dont with this kind of extreme inequality many will remain stuck in poverty and technological change isnt going. To change their lives the World Bank Tells us at the rate at which poverty was reducing load and continue to go three point four billion people are just a quote fadia away or a medical bill away from falling back into its been poverty because theyre at about five point five dollars. So and its not difficult to see once like that its like that because Rich Companies rich people have been able to write the rules of the economy so that they are winners and other than those that we have to get government to get behind managing the quantum debt and that means one thing those who create wealth taxing them so that there is space. To pay for health free dictation for social protection of people so my point is that universal basic income can be a we need to do some social research biggish and yes but ultimately what we need is that wealth is generated in such a way that most people participate in it didnt research on nice introduction and also have time to have leisure and i see a lot of help but first i want to first i want to get to i mean time just really quickly our poll. Maker on the panel and thats something that you have in mind when youre making policy in india i mean do you envision more of a fear of capitalism where you do have a higher tax rate for example for the wealthy in your country or what is your vision so you when you help you need a few years off on the scene may shows. One of the key things to my mind is to ensure that your sources if you fall more efficiently to make an impact to the lives of People Living below the poverty line and none of you to do it enables you to do that. To be a very inefficient only fifty percent of the resources meant for the poor use to reach them to their daddy benefit grounds which we now do using the using the biometric methodology money goes straight into the bank account because you have an uncle who wouldnt go into the bank of go seventy percent of them you know in the in the names of the women many of those people that bank account and therefore linkages but what technology has enabled