However, if future studies are predicting a self-actualised economy by 2050, which will have us witness a decrease in corporate power and an increase in individual power. Therefore, corporate through public relations, marketing and communications, have been able to win over the loyalty of various publics by tapping into this. Over the years, this approach has worked like a charm because the economic system of capitalism bred a societal culture of competitiveness, consumerism and the need for attaining material success in order to gain social acceptance. In fact, Edward Bernays who is considered the “father of public relations” and known as the nephew of Sigmund Freud, based the foundation of public relations on studying crowd psychology – which is a broad study of how an individual’s behaviour is influenced in a large crowd. This is because this field of study specialises in examining the behaviour of consumers or a particular target audience, understanding their needs and wants then, using various methods to mass communicate a particular service or product to a group of people for the purpose of profit. A decrease in corporate powerĬorporate for many years has benefitted from the existence of public relations, marketing and communications. In a society where individuals are self-aware and are driven by the need to express self, one has to ask themselves how will this affect the way corporates market and communicate their brand to the public.
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Essentially, what this means is, individuals will begin to decide for themselves how to use their time, ponder on issues concerning their life purpose and find ways to express their purpose through work.Īs a result, a culture of self-awareness, creativity and purpose will culminate and this could also change the way in which people relate to brands. Due to increased individual power, society will begin to embrace the concept of a self-actualised economy. This economic shift which is a result of a technological revolution will also have a direct impact on global culture. The study also suggests that individual power will begin to increase relative to government and corporate power. With this kind of economic shift, the study predicts that the percentage of people employed by corporations will decrease and there will be an increase in the number of self-employed individuals. This means although new technologies might not necessarily support formal employment but, they may provide a conducive environment for alternative forms of employment to thrive. By 2050, approximately 4-billion people will gravitate towards self-employment. A culture of self-awareness, creativity and purposeĪccording to this particular future study, new technologies in the form of artificial intelligence will change the face of the job market as we know it today.
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Out of the three scenarios presented to us, the third one titled: If humans were free – the self-actualization economy resonated with me the most.
Additionally, the case study examines the effect these advancements will have on politics, economics and culture. Using a future studies method, the case study thoroughly highlights potential scenarios that could emanate by 2050 as a result of global technological advancements. In preparation for the panel discussion, we were sent a document titled Future Work/Tech 2050 Global Scenarios.
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