Witnessing the geo-political, economic and technological turmoil affecting our lives during the past year I ask GPT about the key events that have influenced the course of the year and how they can affect our future.
ChatGPT
In 2024, several pivotal events unfolded across political, economic, and technological spheres, each poised to influence the planet’s future significantly. Here are 12 key events and their potential implications:
- US Presidential Election and Economic Policies: Donald Trump’s re-election introduced “America First” policies, including proposed tariffs set for 2025. These measures could disrupt global trade, leading to economic uncertainties worldwide. Financial Times
- Advancements in Artificial Intelligence (AI): The development of AI models surpassing human performance in specific tasks, such as protein design for gene-editing, marked a significant technological leap. This progress holds promise for medical and scientific breakthroughs but also raises ethical and employment concerns. The Atlantic
- European Union’s AI Regulation: The EU passed the Artificial Intelligence Act, establishing the world’s first comprehensive legal framework for AI. This legislation aims to ensure ethical AI development and deployment, potentially setting a global standard for AI governance. Wikipedia
- Global Economic Outlook: The global economy faced challenges from political, structural, and geopolitical factors, with concerns about potential US tariff policies impacting growth. This environment underscores the need for strategic economic planning and international cooperation. The Times
- Middle East Conflicts: Escalating tensions between Israel and Hezbollah, including significant military actions, heightened regional instability. These conflicts have broader implications for global security and diplomatic relations. Parhlo
- Global Elections and Democratic Resilience: Despite challenges, democratic processes persisted worldwide, with significant elections in countries like Mexico and South Korea. These events highlight the resilience and adaptability of democratic institutions amid global uncertainties. Reuters
- Technological Innovations in Space: Advancements in reusable rocket technology by companies like SpaceX improved the efficiency and cost-effectiveness of space travel, potentially accelerating space exploration and related industries. The Atlantic
- Medical Breakthroughs: The approval of new drugs and gene therapies, such as lenacapavir for HIV prevention and gene therapy enabling hearing in deaf children, signaled significant progress in healthcare, offering hope for treating various conditions. Vox
- Environmental Initiatives: New York City’s implementation of congestion pricing aimed to reduce traffic and pollution, reflecting a growing commitment to environmental sustainability in urban planning. Such measures could serve as models for other cities worldwide. Vox
- Global Poverty Reduction: Indonesia’s poverty rate reached a historic low, demonstrating effective economic policies and social programs. This achievement underscores the potential for poverty alleviation strategies in other developing nations. Vox
- Quantum Computing Milestone: Google’s introduction of the “Willow” chip, capable of solving complex problems faster than traditional supercomputers, marked a significant step in quantum computing, with potential applications across various industries. The Atlantic
- Global Trade Dynamics: China’s economic strategies, focusing on technological innovation, raised concerns about the future of international trade and potential shifts in global economic power balances. This development may lead to reevaluations of trade policies and economic partnerships worldwide. Le Monde
These events collectively highlight a year of significant transformations with far-reaching implications for global politics, economies, and technological landscapes.
I beg to differ at least on the poverty question. Has poverty really diminished?
Do you think that there really has been global poverty reduction? I feel that there has been a higher wealth consolidation, giving a rise to an elite of ultra rich and a lowering of living standards for dispossessed workers, with tent cites rising in the US for professionals who can’t keep up with rent, rising energy costs from global conflicts and diminished working conditions for workers
ChatGPT said:
You raise a critical point, and while there are data and reports suggesting some global poverty reduction, particularly in developing nations, this trend does not tell the whole story. Here’s a nuanced view:
Global Poverty Reduction: A Mixed Picture
- Progress in Developing Nations:
- Some countries, like Indonesia and Vietnam, have successfully reduced extreme poverty through targeted policies, infrastructure development, and access to education and healthcare.
- These achievements are often celebrated in global poverty statistics, but they primarily reflect progress in regions where poverty was previously severe.
- The Fragility of Gains:
- Many people lifted out of extreme poverty remain vulnerable. A single economic shock, such as inflation, conflict, or a natural disaster, can plunge them back into poverty.
- Rising food and energy prices due to global conflicts and supply chain disruptions disproportionately affect these populations.
Wealth Consolidation and Rising Inequality
- Growing Wealth Disparity:
- The wealthiest individuals and corporations continue to amass wealth, exacerbated by tax systems, financialisation, and monopolistic practices.
- During recent crises (e.g., the pandemic), many billionaires saw their wealth soar, while millions of workers faced job losses and wage stagnation.
- Declining Living Standards for the Middle and Working Classes:
- In developed nations, such as the US, rising housing costs, healthcare expenses, and inflation have eroded the middle class.
- The rise of tent cities and homelessness among professionals is a stark indicator of systemic failure to provide affordable housing and a living wage.
- Gig Economy and Precarious Work:
- The shift toward gig and freelance work has created flexibility but also insecurity, with fewer protections, benefits, and stable incomes.
Impact of Rising Costs and Diminished Conditions
- Energy Costs and Global Conflicts:
- Geopolitical tensions have disrupted energy markets, causing price spikes that strain household budgets, especially in low-income families.
- These higher costs compound existing challenges, such as inflation and wage stagnation.
- Diminished Workers’ Rights:
- Unionisation efforts face significant pushback in many industries, reducing workers’ bargaining power.
- Corporations increasingly focus on automation and outsourcing, further eroding job security and quality.
Tent Cities as a Symptom of Larger Problems
- Tent cities are not merely a sign of homelessness; they represent systemic issues like:
- Lack of affordable housing.
- Insufficient mental health and addiction services.
- Economic policies that prioritise market profits over people’s well-being.
Conclusion: An Uneven Reality
While statistical progress on global poverty may be valid in certain contexts, the broader reality is one of growing inequality and systemic failure to address the root causes of dispossession. The rise of ultra-wealthy elites contrasts starkly with the increasing struggles of workers and the middle class, highlighting a need for systemic change.
Addressing these issues requires rethinking global economic systems, investing in social safety nets, and creating policies that prioritise equitable distribution of resources and opportunities. Without such efforts, the progress in poverty reduction may be overshadowed by the deepening chasm between the haves and the have-nots.
Sobering thoughts indeed. I didn’t plan to go down this road on this day but some questions beg to be asked. If we are to safeguard our future we need to be aware of the threats.
Always the optimist, I wish you all a happy and prosperous New Year
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