Internationale Zeitschrift für Wirtschafts- und Managementwissenschaften

The Global Economy towards 2050: A Paradigm Shift

Abstract

Raman Subramanian

The contextualization of this paper is to review the changing world order on global resources and sociocultural shifts that would augur a global economy which would grow twice its size by 2050. It is now estimated that population data would be stripped. India’s economy is rivalling that of China and the US, while Fusion power is nearing commercial availability, “Energy Islands” shall remain widespread along with Deep ocean mining. The transformation in technology means virtual telepathy is dominating personal communications, while Biorepository and genomic information systems are transforming healthcare. So, would Claytronics revolutionize consumer products along with breakthroughs in carbon nanotube production? With a global population expected to reach 9 billion, Orbital Solar Power is commercially feasible. Robots shall become a common feature of homes and workplace. With the emergence of AI, personnel costs have shifted from operations, maintenance and training, to design and development. Machines can perform repairs in-flight (including the use of "self-healing" nanotechnology composites) while routine ground maintenance requires little or no human labor, being done mostly by robots. New tactics and information can simply be programmed into the aircraft, or they can "learn" from others in the swarm.