Most industries already recognize that artificial intelligence (AI) has the potential to create significant economic value – but government support and regulation can also bring the benefits of AI to citizens all over the world. I recently interviewed Trung Ghi and Abhishek Srivastava, who co-authored an article called "The global AI arms race - How nations can avoid being left behind" about the global landscape for AI, and which countries are leading and lagging in the AI arms race. They also shared important insight for decision-makers and world leaders who want to gain a competitive edge in this critical race for AI growth. The ultimate goal for every nation should be growing a resilient economy, not just dominating within a specific region or attracting large corporations. "Artificial intelligence promises to have the same disruptive effect on today's global economy as electricity in the 19th century...In the late 19th century, as electricity was being popularized, it became apparent that it required a new framework, as it was different to virtually every other commodity. Whoever mastered the engineering and economics of electricity would indelibly change the course of history….progress The benefits of electrification did not accumulate for early adopters, but for those who had identified how electrification could transform their societies within its existing context."

Europe is trying to catch up to the United States and China in an artificial intelligence (AI) arms race. The European Commission announced last week that it would devote €1.5 billion to AI research funding through 2020. It also said it would present ethical guidelines for AI development by the end of the year, suggesting that Europe could become a precautionary counterweight to its global rivals as fears are raised about a lack of fairness and transparency in the quickly advancing field. The commission says it will fund basic research as well as research that could be spun off into the market, and it intends to help member states set up joint research centers across Europe. It also plans to update rules to ease the reuse of public sector information--including available research data.

Late on the night of October 4, 1957, Communist Party Secretary Nikita Khrushchev was at a reception at the Mariinsky Palace, in Kiev, Ukraine, when an aide called him to the telephone. The Soviet leader was gone a few minutes. When he reappeared at the reception, his son Sergei later recalled, Khrushchev's face shone with triumph. "I can tell you some very pleasant and important news," he told the assembled bureaucrats. "A little while ago, an artificial satellite of the Earth was launched."