Bank of England Gov. Fears the Rise of Robots Could Lead to the Surging Communism Due To the Lack of Jobs, Scientist Fears Robots Could Become Dangerous (Read Text)

Mark Carney warned the automation of jobs currently done by humans could trigger mass unemployment and wage stagnation.



That will create vast inequalities between workers who benefit from artificial intelligence and those whose careers are wiped out by it.



“If you substitute platforms for textile mills, machine learning for steam engines, Twitter for the telegraph, you have exactly the same dynamics as existed 150 years ago when Karl Marx was scribbling The Communist Manifesto,” he said.



Mr Carney told the Canada Growth Summit a new robot-led industrial revolution had already begun and would affect nearly all careers.



Law firms already use artificial intelligence to comb through documents and read evidence - something traditionally done by junior lawyers.



Banks have computerised vast swathes of customer service departments resulting in job losses.



Taxi and lorry driving jobs will go as self-driving technology improves, he said.



The first industrial revolution saw a huge growth in production during the late 18th and early 19th centuries.