The Revenge of the Analog Economy
/in The EconomyThe last few decades have seen the emergence of two rival economies: an older analog one built on the actual production of goods, and another that profits from financial transactions, images and customer surveillance. The contest between the two has been rather one-sided, with the “laptop economy” the big winner, particularly during the pandemic.
Rent Forever and Love It
/in The Economy, Urban AffairsHousing is an industry, but it is also where people live, raise families, and stake their future. Yet increasingly, all around the world, housing has increasingly become just a commodity to be traded, often by foreigner investors, notably from China, as well as by large well-capitalized financial institutions who plan to cultivate a generation of lifelong renters. In the notorious words of the World Economic Forum, “You will own nothing, and love it.” Well, you may not love it, but the first part is coming true.
The Biggest Threat to the CHIPS Act? The Green Left
/in Politics, The EconomyThe recent passage of the CHIPS act, a $280 billion dollar subsidy, may prove a giant boondoggle. But it also reflects a critical shift in US economic policy away from neoliberal free trade policies to a more nationalistic industrial policy.
This trend may have started with President Trump, but his successor — along with leaders of both parties — have moved in this direction too. The earlier passage of The BuyAmerican.gov Act, the Make PPE in America Act, and the banning of the importation of Chinese products made with forced labour in Xinjiang, reflect this new dynamic.
Free Trade’s Heavy Cost
/in The EconomyFree trade and open markets are great ideals. These principles, over the last few centuries, but especially since World War II, have created tremendous wealth, particularly in the developing world. But free markets were made for human society, not the other way around.
Green Dreams, Inflationary Realities
/in Politics, The EconomyGlobal policy and politics, particularly in the high-income world, have been obsessed with dreams of a green economy. Imposing ever-more rigid methods to reduce greenhouse gas emissions as the way to “save the planet” is almost unchallenged in the media, academia, and corporate boardrooms of the developed world. The results on the ground have been less convincing, as the price of everything—from energy and food to construction costs—rises to unsustainable levels Read more
Google: Whatever Happened to ‘Don’t Be Evil’?
/in California, The EconomyWhen Google went public in 2004, it epitomised technological and entrepreneurial genius. Two engineers had developed a remarkably powerful, easy-to-use search engine, opening the doors to vast amounts of knowledge.
The founders proclaimed their motto as ‘Don’t be evil’, which was typical of Silicon Valley’s decades-old techno-optimism. Stewart Brand, writing in Rolling Stone in 1972, claimed that once access to information became universal, it would turn us all into ‘computer bums, all more empowered as individuals and as cooperators’. It would be a new era, Brand continued, of enhanced ‘spontaneous creation and of human interaction’. The ‘early digital idealists’, noted computer scientist and writer Jaron Lanier in 2014, envisioned a ‘sharing’ web that functioned ‘free from the constraints of the commercial order’.
This idyll is no more. Google and the other Big Tech firms are no longer grassroots creators. They’re now oligarchs and monopolists, exerting undue influence on the market and on politics.
Gavin Newsom Won’t Save the Democrats
/in California, Politics, The EconomyBurdened with a decomposing President and a clearly overmatched Vice President, the Democrats are on the hunt for a saviour. For many in the party, Gavin Newsom, the 54-year-old perfectly coiffed Governor of California, seems like the perfect solution. No doubt, given his recent trolling of Florida’s Republican frontrunner Ron DeSantis, he feels the same.
Why Millennials Are Dropping Out
/in Demographics, Politics, The EconomyWith inflation soaring, trust in governments plummeting, and the global economy teetering on the brink of collapse, one might expect to see the masses out in the streets, calling for the heads of their rulers. But instead of rage and rebellion, we mostly see apathy. Rather than getting radicalised, people are dropping out.
Heartland Manufacturing Renaissance
/in Demographics, The EconomyOut in the rolling country just east of Columbus, Ohio, a new—and potentially brighter—American future is emerging. New factories are springing up, and, amid a severe labor shortage, companies are recruiting in the inner city and among communities of new immigrants and high schoolers to keep their plants running. Read more
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