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Zuboff saw a logic to this digital mess tech firms were following rational-and terrifying-imperatives. The general public, seduced by the tech world’s youthful, hoodie-wearing ambassadors and lobotomized by TED Talks, was clueless. Google and Facebook were restructuring the world, not just solving its problems. Their business models turned data into gold, favoring further expansion. Toothbrushes, sneakers, vacuum cleaners: our formerly dumb household subordinates were becoming our “smart” bosses. From the modest beachheads inside our browsers, they conquered, Blitzkrieg-style, our homes, cars, toasters, and even mattresses. CAPITALISM II TURN OFF TECHNOLOGY SERIESA growing economy allows individuals to increase their living standards, facilitating economic and social mobility.In a series of remarkably prescient articles, the first of which was published in the German newspaper Frankfurter Allgemeine Zeitung in the summer of 2013, Shoshana Zuboff pointed to an alarming phenomenon: the digitization of everything was giving technology firms immense social power. And it gives the rest of us the ability to apply our skills and talents as we see fit, to contribute to society, to provide for our families. By creating a dynamic environment characterized by increasing opportunity, growth gives the young the opportunity to dream and to strive. Much of the world can carve out decades of their lives for education, skill development and the moral formation and enlightenment that come with it. Much of the world enjoys significant quantities of leisure time. Many more people can be fed, clothed and housed. Over the past two centuries, growth has increased living standards in the West unimaginably quickly. Economist Robert Gordon describes the “special century” after 1870 in his new book, “The Rise and Fall of American Growth” as “more important to economic progress than have been all other centuries.” Or as my colleague Michael Strain has written: So thanks to the technology-driven innovation of entrepreneurial capitalism, we live richer, fuller lives that would be unimaginable to workers in the early 1800s or even later 1800s. CAPITALISM II TURN OFF TECHNOLOGY TVUS CPI data show that the price of a TV has fallen by 98% since 1950. On a quality-adjusted basis, the decline in prices is even more pronounced. A top of the range TV can be bought today for less than $1,000. In 1871, there was one hairdresser for every 1,793 English and Welsh citizens now there is one for every 287. In 1948, a Freed-Eiseman 16-inch TV cost $795 in the US, roughly a quarter of the average annual salary, or roughly $12,000 today. CAPITALISM II TURN OFF TECHNOLOGY PROFESSIONALBy 2011, these professions employed almost a quarter of the England and Wales workforce.Ĥ) Technology has boosted employment in knowledge-intensive sectors such as medicine, accounting and professional services.ĥ) Finally technology has lowered the cost of essentials, raising disposable incomes and creating new demand and jobs. Just 1.1% of the workforce was employed in the caring professions during the 1871 census. Today that stands at 0.2%, a 95% decline.ģ) Overall, technological innovation has resulted in fewer humans being deployed as sources of muscle power and more engaged in jobs involving the nursing and care of others. In 1871 it employed 6.6% of the workforce of England and Wales. Agriculture was the first major sector to experience this change. But here is another way of looking at, thanks to a new study by consultancy Deloitte showing how technology-driving innovation has radically altered lives in Britain for the much better:ġ) Technology has created more jobs than it has destroyed in the last 144 years.Ģ) It has been saving us from dull, repetitive, and dangerous work. ![]() ![]() Yes, workers in advanced economies today are many multiples wealthier - almost incalculably so - than their counterparts in the early 19th century. It’s an astounding ascent - see above chart - driven by innovative, entrepreneurial capitalism. The single greatest story of human achievement of the past 2,000 years is the dramatic rise in living standards of the past 200 years. ![]() CAPITALISM II TURN OFF TECHNOLOGY FREEBack in 1995, now-Democratic presidential candidate Bernie Sanders said, “I personally happen not to be a great believer in the free enterprise system for many reasons.”Īnd having watched Sanders during this primary season, it doesn’t appear to me that the self-described democratic socialist has much changed his opinion of capitalism. ![]()
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