An interesting article from the Guardian which is worth quoting:
" Instead of merely transforming work, technology might begin to eliminate it. Instead of making it possible to create more wealth with less labor, automation might make it possible to create more wealth without labor.The article goes on to suggest an even more dire future:
What’s so bad about wealth without labor? It depends on who owns the wealth. Under capitalism, wages are how workers receive a portion of what they produce. That portion has always been small, relative to the rewards that flow to the owners of capital. And over the past several decades, it’s gotten smaller: the share of the national income that goes to wages has been steadily shrinking, while the share that goes to capital has been growing. Technology has made workers more productive, but the profits have trickled up, not down. Productivity increased by 80.4% between 1973 and 2011, but the real hourly compensation of the median worker went up by only 10.7%.
As bad as this is, mass automation threatens to make it much worse. If you think inequality is a problem now, imagine a world where the rich can get richer all by themselves. Capital liberated from labor means not merely the end of work, but the end of the wage. And without the wage, workers lose their only access to wealth – not to mention their only means of survival. They also lose their primary source of social power. So long as workers control the point of production, they can shut it down. The strike is still the most effective weapon workers have, even if they rarely use it any more. A fully automated economy would make them not just redundant, but powerless.
Meanwhile, robotic capital would enable elites to completely secede from society. From private jets to private islands, the rich already devote a great deal of time and expense to insulating themselves from other people. But even the best fortified luxury bunker is tethered to the outside world, so long as capital needs labor to reproduce itself. Mass automation would make it possible to sever this link. Equipped with an infinite supply of workerless wealth, elites could seal themselves off in a gated paradise, leaving the unemployed masses to rot."
"If that scenario isn’t bleak enough, consider the possibility that mass automation could lead not only to the impoverishment of working people, but to their annihilation. In his book Four Futures, Peter Frase speculates that the economically redundant hordes outside the gates would only be tolerated for so long. After all, they might get restless – and that’s a lot of possible pitchforks. “What happens if the masses are dangerous but are no longer a working class, and hence of no value to the rulers?” Frase writes. “Someone will eventually get the idea that it would be better to get rid of them.” He gives this future an appropriately frightening name: “exterminism”, a world defined by the “genocidal war of the rich against the poor”. "Matt Bruenig explained that whatever we do, we shouldn’t try to discourage automation.
“The problem with robots is not the manufacturing and application of them – that’s actually good for productivity. The problem is that they are owned by the wealthy, which means that the income that flows to the robots go out to a small slice of wealthy people."
...At some point, a handful of billionaires could control close to one hundred percent of society’s wealth. Then, perhaps, the idea that wealth should be owned by the many, rather than monopolized by the few, won’t seem so radical, and we can undertake a bit of sorely needed redistribution – before robot capitalism kills us all."It is now time to talk about socialism.