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How will the fourth industrial revolution impact the LGBTQ community?
Are you prepared for the fourth industrial revolution? If previous industrial revolutions are any guide, LGBTQ must prepare to be blamed for this inevitable change. Find out why and how on Queer Money®. Meanwhile, get your free 7-Step Credit Card Debt Slasher here.
Hear Paul Donovan’s advice to conquer times of change
Fight the prejudice and economic upheaval in the coming industrial revolution
Paul Donovan serves as Managing Director and Chief Economist at UBS Global Wealth Management, where he does research and writes about a wide range of macroeconomic and policy issues. His key areas of interest include income inequality, the impact of prejudice on economic growth and the intersection of politics, economics and financial markets. Paul is also the author of the new book Profit and Prejudice: The Luddites of the Fourth Industrial Revolution.
On this episode of Queer Money®, Paul joins us to discuss the emerging fourth industrial revolution and explain why prejudice grows in times of economic turmoil. He weighs in on how the queer community can counteract the prejudice that might come our way, challenging us to be visible and tell our stories. Listen in for Paul’s advice on navigating the fourth industrial revolution successfully and learn how to find a company with a true culture of inclusion.
Topics covered on industrial revolutions
How Paul defines the fourth industrial revolution
- Structural upheaval in the economy, transform the way the world works
- The democratization of communication, robotics, AI, automation
Paul’s insight around the original Luddites
- British group formed in late 1700’s to protest mechanization
- Blamed Presbyterians and Catholics for loss of livelihood
Why people fight industrial revolutions
- Hard to reconcile long-term positive gain with loss of status
- Resent watching neighbor’s status improve (loss aversion)
The appeal of prejudice in times of economic turmoil
- Job loss not your fault, minority group to blame
- Provides a sense of superiority and community
The concept of restorative nostalgia
- Just need to restore the past to make everything okay again
- Turn back change and get rid of certain groups
How credit masks the wealth disparity
- The illusion that the standard of living higher than actually is
- Demonstrate success to win approval, leads to debt
Credit lets us buy things we don’t need with money we don’t have. What that does is create the credit illusion. We believe our standard of living is a lot higher than it actually is. - Paul DonovanClick To Tweet
The queer community’s role in the fourth industrial revolution
- Visibility of the LGBTQ community means the risk of prejudice
- Parasocial contact shows others we’re NOT less than
How the LGBTQ+ community can counteract prejudice
- Make people ‘just a little bit’ uncomfortable
- Be visible and tell our stories
Paul’s advice for those of us looking to break into a new industry
- Large companies more likely to have a culture of inclusion
- Leverage LGBTQ+ online professional networks
What we can do to succeed in the fourth industrial revolution
- Accept that the current role will evolve and be flexible
- Find something you truly enjoy
Paul’s perspective on formal and informal prejudice
- Rate of prejudice 2x higher than people willing to admit
- Victims keep quiet about experiences and self-censor
The challenges of measuring inclusiveness in corporate culture
- Genuinely embrace diversity vs. box-ticking exercise
- Can’t capture signals on an index (e.g.: sign amicus brief)
Connect with Paul
Resources for your finances
- 7-Step Credit Card Debt Slasher
- Profit and Prejudice: The Luddites of the Fourth Industrial Revolution by Paul Donovan
- Debt Free Guys on Facebook
- Debt Free Guys on Twitter
- Queer Money Facebook Group
- Queer Money on Instagram
- Subscribe on iTunes
- Email [email protected]