AI revolution and inequality: The impact of state and non-profit financing in China and Russia

doi:10.17223/19988648/67/4

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DOI Доступ к ресурсу на сайте издателя			10.17223/19988648/67/4

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Title: AI revolution and inequality: The impact of state and non-profit financing in China and Russia
Creator: Lozhnikova, Anna V.
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Xu, Yeqiang
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Elmurzaeva, Raisa
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Geyzer, Alla
Date: 2024
DOI: 10.17223/19988648/67/4
Description: We are following Kondratiev, Shumpeter and Perez who argued that radical innovations depend on financial capital. The aim of the article is to explore non-speculative players in the financing process of the AI Revolution and determine the country specifics of Russia and China in this process. Our main approach to reveal and study non-speculative players in the global financing process of the AI revolution is to differentiate the public sector of the economy, on the one hand, and for-profit and non-profit organizations, on the other hand. The key findings of our empirical study with a practical focus are that academies of sciences, state universities and non-profit organisations are both beneficiaries and investors of technological development in general and the AI revolution in particular. We put forward a thesis about the role of speculative capital in the technological development in the duration reduction of technological waves from 60 years (1st wave) to 25 years (6th wave) by the MIT approach. The originality of the article is in its focus on solving of AI inequality problem at state universities and nonprofit organizations as beneficiaries, investors and social lift, especially for people in Russia and China. We believe that a new Black Monday on August 5, 2024, is the beginning of the AI bubble.