The idea that new technologies will free us from the most arduous tasks and allow us to devote more time to family, leisure and personal development is not new. From agricultural mechanisation to the industrial revolution, every major transformation has been accompanied by the promise of a better life.

The advent of artificial intelligence (AI) has revived this old dream: could it be the beginning of a new era of shared prosperity? Or, on the contrary, are we facing a new phase of precariousness and concentration of power?

History shows us a paradox of progress. Technology has always increased productivity, but this has not automatically translated into greater well-being. The clearest example is the working day: it took decades of trade union struggle for the eight-hour day to be recognised, even though machines already made it possible to work much more efficiently.

Today, the same tension is repeating itself. A study by the AMB estimates that the minimum wage necessary to live with dignity is €1,516.73 per month, an amount well above the current minimum wage. Productivity has grown, but wages and living conditions have not always kept pace.

AI is everywhere

AI is already present in all sectors: it optimises industrial processes, replaces administrative tasks and even makes decisions in the financial world. According to the OECD, more than a quarter of jobs in Europe could be affected by automation. This could mean less workload for people, but also the massive loss of repetitive jobs and the creation of a gap between those who control technology and those who suffer its effects. Opportunities exist — efficiency, error reduction, time savings — but so do risks: inequality, unemployment and concentration of power.

The debate is not only economic, but also political. Digital technologies, such as central bank digital currencies (CBDCs), show how innovation can be two-sided: on the one hand, they promise greater efficiency and security in transactions; on the other, they can limit privacy and increase government control over citizens. AI, like CBDCs, is not neutral: its impact will depend on who designs it and for what purposes. In a context marked by crony capitalism, the danger is that the benefits of technology will serve above all to enrich a minority to the detriment of the population as a whole.

Alternatives that balance the scales

However, there are alternatives that point towards a more balanced future. Several countries have experimented with a four-day working week, with positive results in terms of productivity and well-being. In Iceland, for example, a study involving more than 1% of the population showed improvements in health and work-life balance.

The idea of a universal basic income has also been put forward as a mechanism to guarantee security in a world with fewer stable jobs. These measures, combined with automation, could make the dream of a society that works less and lives better a reality. In fact, OECD reports show that countries with fewer working hours tend to have higher happiness indices and higher levels of life satisfaction.

What to do with AI?

Ultimately, the answer to the initial question will not be defined by AI itself, but by the collective decisions we make. If the profits derived from automation are redistributed in the form of decent wages, reduced working hours and improved public services, AI could become a tool for liberation. But if, as has already happened with other advances, the benefits remain concentrated in a few large corporations and extractive dynamics are maintained, the promise of a better life could become a dystopia of greater inequality and control.

The real question, then, is not what AI will do to us, but what we will decide to do with AI. The future is not written: it depends on whether society is capable of transforming technological progress into social progress. At La Plaça de 11Onze, we will continue to follow this debate closely to understand how technology affects our lives and finances, and to prepare for a future that, if we build it collectively, could be much better.

11Onze is the community fintech of Catalonia. Open an account by downloading the app El Canut for Android or iOS and join the revolution!