Ethical Implications of the Fourth Industrial Revolution for Business and Society

Abstract

Abstract Businesses are rapidly automating workplaces with new technologies (e.g., driverless cargo trucks, artificially intelligent mortgage approvals, machine-learning-based paralegals, algorithmic managers). Such technological advancement raises a host of questions for business and society. As Thomas Donaldson recently remarked, “It’s instance of a problem that more sophisticated engineering cannot solve, and that requires a more sophisticated approach to values” (Ufberg, 2017). In this chapter, we explore the value questions as follows: What is the purpose of business in the machine age? What model for business will best serve society in coming decades: profit maximization, stakeholder theory, or another conception entirely? Is it time for a new social contract between business and society? Do firms have a natural duty to offer employment? Are existing concepts of responsibility/liability adequate for an age in which companies use autonomous robots as scapegoats? How can we protect our humanity and dignity in an algorithm-based society? Do we need to teach ethics to robots?