Mar 8, 2016

Silicon Valley is broken and heading for social unrest, argues media theorist

Posted by in category: economics

Not good. Could this be one of the many reasons why so many are leaving SV and going to places like NY, Austin, Boston, etc.?

People are angry at Silicon Valley. In recent years, protestors have slashed the tires of buses hired to transport Google employees. They’ve occupied Airbnb’s headquarters and participated in worldwide demonstrations against Uber.

These tech titans stand accused of destroying industries and livelihoods, sucking up wealth for themselves while failing to distribute any wider benefits to the rest of us. And they’re guilty, according to media theorist Douglas Rushkoff, author of the forthcoming book Throwing Rocks at the Google Bus: How Growth became the Enemy of Prosperity. He argues that unless Silicon Valley’s fundamental model changes, we’re heading for mass social unrest.

Rushkoff points out that basic economy theory, as laid out economist and philosopher Adam Smith, recognizes three factors of production: Land, labor, and capital. But in the current digital economy, only capital is valued.

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