In a very warm welcome to the joint to delhi debate at the World Economic forum in davos switzerland im sara kelly today were talking about how to shape a more equitable world they are moving social challenges that digitalization increasingly influences the work that went to business the way to be interact millions of workers have already been displaced due to automation and many more could follow in fact this shift in our economy are expected to be so dramatic its been 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 fourth social revolution joining me now to discuss we have a very distinguished panel we need be any might is the executive director of the not for profit Oxfam Bob Moritz is the global chairman and you know you see. I mean how cant is the c. E. O. Of need the National Institution for transforming india Hilary Cottam is a social entrepreneur and a government insulted and to be rung on is a professor of strategy and management in seattle thank you so much to all of you for being here today please join me in welcoming our panel. And now we need id like to begin with you because you are fighting poverty around the world and you have a long history yourself of social causes 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 an extreme economy to. Out of control. Report this week showing the extent of extreme inequality and how we growing rusty are unknown. The wealth of radio naz was increasing by two point five billion dollars every day two point five billion dollars while the wealth of a bottom harmful humanity three point eight billion people were decreasing by five hundred Million Dollars every day earth a trend with a few at the top running away with wealth and those at the bottom thinking and thinking five that and today two hundred and sixty two million children are not in school because their governments dont have to didnt use to roll out Free Education ten thousand people will die today because the contacts are Public Health it isnt there for them and meanwhile the wealth of bigger nasty increases in india. I know a woman there called practive mom she lost her twins very recently because her local clinic didnt have medicine didnt have a doctor but thats a country where billionaires have increased for the last decade doubled but its also the country with one of the lowest investments in health pragma children didnt have to die at birth so were in a world where governments do not touch where was enough do not tax the rich enough they are now them to door to up 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 the 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 Worlds Largest audit in consulting firms youre on a panel right now in a social revolution tell us where does business get into this equation how do you see businesses role in combat in inequality i think theres a huge role to play and battling the issues that were talking about today and the reason for that if you look less twelve and twenty thirty years to phenomenal what happens first the Business Community acknowledges 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 of. The world that theyre living in and the world that when we just talked about jobs are challenges there and the role that they play with and i want to ask you perhaps about this conversation if that Corporate Social Responsibility is going far enough and how you might be able to push that forward especially in your role of consulting many of these companies but first id like to turn to you i mean how can you youre running the Indian Governments policy think tank youre essentially 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. My belief is that governments need to focus on nutrition Health Education but for all these to deliver you need more of technology and not less of technology you classic example is of india where the every indian to dance by only every indian today has a mobile and we can reach indian today has a bank account between printing fourteen and seventeen Indian Government would ensure that every family have a bank account fifty five percent of the Bank Accounts open across the world what in india one doesnt enable them get the booze the board got it benefit done first moved into accounts of people and therefore might you know what technology is unable to do is lead to just two and a huge amount of benefits a fluke well people and theres been that and russell emphasis on Nutrition Health and education just to give you an example were tracking students across the board using a longer two million latitude move methodology much like you track work again so youre able to access the learning outcomes which is a huge challenge in india and similarly on beheld we rule out the biggest scheme on the ice more about it were giving the hundred fifty thousand primary Health Care Centers with the District Hospital which i think is to a little above and below or link digitally but goes to five hundred million indians for they have been provided Health Insurance get which is more than the population of us in europe and mexico propaganda 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. Making people live living below the poverty line across quality lives you know. Methodology description above but my belief is my belief is i think which and of all but they have. Very major point that governments must focus must focus on issues which will make a radical and people believe poverty 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 leverage that when i can see you want to jump in here but first im going to go to hell or if you hadnt had an opportunity to talk at and you were you actually wrote the article from which we got our title today a fourth social revolution its a topic that you really can focus on also when youre working with families who are reliant on social benefits what inspired you to take on this cause and what is a for social revolution whats the vision so i think i work in communities i want to committees 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 a huge recession of the one nine hundred thirty s. 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 misfiring 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 of the next. I think also the critical point which is why im so. I would hasten the day if it not happen by accident happens by design and it needs different sectors to come together a 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 what 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 him there is a sense of you can see 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 weve seen some of the contrast in fact all of which are true and they may even relate to one time and place in the u. S. Today and can respond about the institutions got garters here seem to be quite fragile thats why we make in davos thats why we have these conversations because institutions are social innovations there are social technologies and were trying to integrate those social technologies as well and it really is very very right i quite agree with the points that she has made my own sense on this summer is that technology is an incredible boom incredible from our eyeglasses to the shuttles that we take to come here let alone a g. R. Or Something Like this so i dont think we can i mean technology is a tool and a method of technically modified lean manufacturing is a technology its incredible that and what does technology give us productivity 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 toulouse 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 its our society itself we talk about social Revolution Society itself is a technology its a technology to manage our independence 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 adopters 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 so why does that happen and why its the nordic situation not reproduced in other places and there again government and business and Civil Society we need all of these voices absolutely and lets go to those voices 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 capitalisms access since and what opportunities do you see to sort of get it on the right track in order to deal with the inequality that were facing in the Fourth Industrial Revolution so i think if you look at what weve experienced and 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 i think about something that we have here in davos i 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 opportunities to frustration so the question becomes what is business government local communities do about it the Business Community sees i think three 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 to Health Care Nutrition and the like as was said on 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 the 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 retain jobs and be fit for purpose as you 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 they say are we for purpose is that the responsibility of the corporations or of the government well thats where its going to. Oh because the reality is when you look at the Education Systems in the world theyre not moving fast enough to change whats happening with the Business Community saying you know what i need something so education a very important factor 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 as a universal basic income our audience here you been. Weighing in on this and in fact we see here that sixty one percent of you do not support a 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 that and we are just like you to perhaps way end because youve called for in more human centered a condom in an economy which values people over over profits how do you see us getting there. You see we now talk a lot about the Fourth Industrial Revolution and technology and technological change almost excited and everybody else about it know its going to change and the possibility of living in a decarbonise world of having healthy working there are two things that we are now in an economy that is meeting really good in such a way that a few wont get better off and many others dont with this kind of extreme inequality many will remain stuck in poverty and technological change isnt going by self to change their knives the World Bank Tells us at the rate at which poverty was reducing hard road and continues to go three point four billion people are just a crook fadia away or a medical bill away from falling back into extreme poverty because theyre at about five point five dollars i did so and its not difficult to see why its 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 in debt and that means one thing those who create wealth taxing them all that space. To pay for health for education for social protection of people so my point is that universal basic income can be a way to do some social misfit beautician yes but ultimately what we need is that wealth is generated in such a way that more people participate in it didnt really need to in production and also have time to have leisure and today i feel a lot of hand but first i want to first i want to get to i mean time just really quickly you know pollock. Maker on the panel is 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 youre any help you need a few years off on the scene that shows. One of the key things to my mind is to ensure that resources move far more efficiently and we get him back to the lives of People Living below the poverty line and non of you to begin the move to to prove that. To be a very highly inefficient company only fifty percent of the resources of men for the poor are used to reach them through that got a benefit for guns which we now do you think that using them by would think methodology money goes straight into the bank account because you