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3D printing, Airbnb, Amazon Web Services, Andy Kessler, banking crisis, barriers to entry, basic income, Benevolent Dictator For Life (BDFL), bitcoin, blockchain, Burning Man, business climate, call centre, car-free, cloud computing, collaborative consumption, collaborative economy, collective bargaining, commoditize, congestion charging, creative destruction, crowdsourcing, cryptocurrency, decarbonisation, don't be evil, Elon Musk, en.wikipedia.org, ethereum blockchain, Ferguson, Missouri, Firefox, frictionless, Gini coefficient, hive mind, income inequality, index fund, informal economy, Intergovernmental Panel on Climate Change (IPCC), Internet of things, Jane Jacobs, Jeff Bezos, jimmy wales, job satisfaction, Kickstarter, Lean Startup, Lyft, means of production, megacity, Minecraft, minimum viable product, Network effects, new economy, Oculus Rift, openstreetmap, optical character recognition, pattern recognition, peer-to-peer, peer-to-peer lending, peer-to-peer model, Richard Stallman, ride hailing / ride sharing, Ronald Coase, Ronald Reagan, Satoshi Nakamoto, Search for Extraterrestrial Intelligence, self-driving car, shareholder value, sharing economy, Silicon Valley, six sigma, Skype, smart cities, smart grid, Snapchat, sovereign wealth fund, Steve Crocker, Steve Jobs, Steven Levy, TaskRabbit, The Death and Life of Great American Cities, The Future of Employment, The Nature of the Firm, transaction costs, Turing test, turn-by-turn navigation, Uber and Lyft, Zipcar
Dan Bieler, a principal analyst on Forrester Research’s Business Technology Futures team, writes that “rising customer expectations and faster product life cycles are forcing companies to adapt to a new style of business: ‘the collaborative economy.’ ” Bieler continues, “Collaboration not only connects customers, partners, and employees in the context of a single issue or incident; it can also be a massive driver of innovative new products, stronger business growth, and ultimately even improved social welfare. As a result, companies, industries, and entire economies that used to operate in silos will have to open themselves up and embrace the collaborative economy.”3 Dries Buytaert, the founder of Drupal, has observed that “society is undergoing tremendous change right now—the sharing and collaboration practices of the Internet are extending to transportation (Uber), hotels (Airbnb), financing (Kickstarter, Lending Club), and music services (Spotify). The rise of the collaborative economy, of which the open source community is a part, should be a powerful message for the business community.
This is how Peers Inc organizations started rewiring capitalism. Where the industrial economy concentrates power and wealth, the collaborative economy succeeds by distributing it. So for those in power, enjoying the fruits of the status quo, this change will be especially hard. The old guard will fight to protect what it has from an uncertain future. The industrial economy, its regulations, and its biggest companies will not transform overnight. But we will end up by going down the Peers Inc path—of that I have no doubt. Why? I have observed that in the new collaborative economy, where we are networked and resources are highly accessible, the following are almost always true. The four principles on the next page will carry us inevitably to the collaborative economy. The real question is how we prepare our workforce, our government, and ourselves for this new, inevitable economic order.
Denial of that reality by either party won’t end well. In the collaborative economy, peers are resourced and networked too. And while platforms may create more powerful companies and leverage existing platforms to build others more quickly, the peers too become more powerful through platform empowerment and the layering of connections (miracle #3, accessing the right minds). Unlike industrial capitalism, in the collaboration economy money can’t buy you everything. When more transactions are local, social intangibles—friendships, local and cultural knowledge, understanding of special exceptions and circumstances—matter more. And while the industrial economy signals status through the acquisition and display of physical goods, in the collaboration economy we aren’t worried about ownership because things are at our fingertips when we need them and status is derived from reputation and the size of one’s networks.
The Sharing Economy: The End of Employment and the Rise of Crowd-Based Capitalism by Arun Sundararajan
3D printing, additive manufacturing, Airbnb, Amazon Mechanical Turk, autonomous vehicles, barriers to entry, basic income, bitcoin, blockchain, Burning Man, call centre, collaborative consumption, collaborative economy, collective bargaining, commoditize, corporate social responsibility, cryptocurrency, David Graeber, distributed ledger, employer provided health coverage, Erik Brynjolfsson, ethereum blockchain, Frank Levy and Richard Murnane: The New Division of Labor, future of work, George Akerlof, gig economy, housing crisis, Howard Rheingold, information asymmetry, Internet of things, inventory management, invisible hand, job automation, job-hopping, Kickstarter, knowledge worker, Kula ring, Lyft, Marc Andreessen, megacity, minimum wage unemployment, moral hazard, moral panic, Network effects, new economy, Oculus Rift, pattern recognition, peer-to-peer, peer-to-peer lending, peer-to-peer model, peer-to-peer rental, profit motive, purchasing power parity, race to the bottom, recommendation engine, regulatory arbitrage, rent control, Richard Florida, ride hailing / ride sharing, Robert Gordon, Ronald Coase, Second Machine Age, self-driving car, sharing economy, Silicon Valley, smart contracts, Snapchat, social software, supply-chain management, TaskRabbit, The Nature of the Firm, total factor productivity, transaction costs, transportation-network company, two-sided market, Uber and Lyft, Uber for X, universal basic income, Zipcar
Francesca Pick, “What OuiShare Means to Me,” https://medium.com/ouishare-connecting-the-collaborative-economy/what-ouishare-means-to-me-4f275d9917f. 6. For Gorenflo’s description of Shareable, see http://shareable.net/about. The interview is available at http://www.collaborative-economy.com/project-updates/sharing-economy-with-neal-gorenflo-shareable. A summary is provided at http://www.shareable.net/blog/interviewed-shareables-neal-gorenflo-on-the-real-sharing-economy. 7. A collection of some of Owyang’s blog posts is available at “Quick Guide: The Collaborative Economy Body of Work for Corporations (updated June 2015),” http://www.web-strategist.com/blog/2013/08/22/table-of-contents-the-collaborative-economy. 8. Arthur De Grave, “The Sharing Economy: Capitalism’s Last Stand?,” OuiShare: The Magazine, March 21, 2014, http://magazine.ouishare.net/2014/03/the-sharing-economy-capitalisms-last-stand. 9.
And if your business model is based on your ability to sustain a community, it is not absurd to expect a contradiction between your duty to serve your investors a high return on investment and the egalitarian spirit of P2P (peer-to-peer) services. In the end, you will have to choose one or the other.”8 The inherent tension in making this choice is perhaps what leads to the disappointment Léonard refers to. It is also reminiscent of the sentiment expressed by the public intellectual Diana Fillipova in her 2014 essay, “The Mock Trial of the Collaborative Economy,” in which she noted: “Of course, as with technology, the problem is not the collaborative economy itself but, at least partly, the way we have been thinking about it and the unlimited hopes we were putting into it.”9 This discussion within OuiShare as well as at their Fest, mirrors both the evolving use of the term “sharing economy” and the nature of the exchange it is used to describe. Looking at the sharing economy as I write this book in 2015, I see commercial activity resembling that of a fairly standard market economy.
In other words, for each category there are gradients that draw attention to the specificity of various sharing economy activities. Owyang’s Collaborative Economy Honeycomb also clearly illustrates that as much as the sharing economy is being used to fuel pure sharing and micro-enterprises, larger corporations also embrace it. Today’s crowd-based capitalism appears to create new institutions for organizing economic activity that offer value for people across the economic spectrum both as consumers and producers. The same may be true for the new generation of decentralized peer-to-peer technologies that are the subject of our next chapter. Figure 3.3 Collaborative Economy Honeycomb. Notes 1. Thomas W. Malone, Joanne Yates, and Robert I. Benjamin, “Electronic Markets and Electronic Hierarchies,” Communications of the ACM 30, 6 (1987): 484–497. 2.
3D printing, active measures, additive manufacturing, Airbnb, autonomous vehicles, back-to-the-land, big-box store, bioinformatics, bitcoin, business process, Chris Urmson, clean water, cleantech, cloud computing, collaborative consumption, collaborative economy, Community Supported Agriculture, Computer Numeric Control, computer vision, crowdsourcing, demographic transition, distributed generation, en.wikipedia.org, Frederick Winslow Taylor, global supply chain, global village, Hacker Ethic, industrial robot, informal economy, Intergovernmental Panel on Climate Change (IPCC), intermodal, Internet of things, invisible hand, Isaac Newton, James Watt: steam engine, job automation, John Markoff, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Julian Assange, Kickstarter, knowledge worker, labour mobility, Mahatma Gandhi, manufacturing employment, Mark Zuckerberg, market design, mass immigration, means of production, meta analysis, meta-analysis, natural language processing, new economy, New Urbanism, nuclear winter, Occupy movement, off grid, oil shale / tar sands, pattern recognition, peer-to-peer, peer-to-peer lending, personalized medicine, phenotype, planetary scale, price discrimination, profit motive, QR code, RAND corporation, randomized controlled trial, Ray Kurzweil, RFID, Richard Stallman, risk/return, Ronald Coase, search inside the book, self-driving car, shareholder value, sharing economy, Silicon Valley, Skype, smart cities, smart grid, smart meter, social web, software as a service, spectrum auction, Steve Jobs, Stewart Brand, the built environment, The Nature of the Firm, The Structural Transformation of the Public Sphere, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, Thomas Kuhn: the structure of scientific revolutions, Thomas L Friedman, too big to fail, transaction costs, urban planning, Watson beat the top human players on Jeopardy!, web application, Whole Earth Catalog, Whole Earth Review, WikiLeaks, working poor, zero-sum game, Zipcar
He clearly joins the dots on how the likes of 3D printing, crowdfunding, and online education platforms are all connected and describes the disruptions that lie just around the corner for most sectors.” —Rachel Botsman, author of What’s Mine is Yours: How Collaborative Consumption Is Changing The Way We Live “Jeremy Rifkin understands that it’s people and communities who are at the heart of the new economic paradigm. People all over the world are building the collaborative economy and Rifkin’s thoughtful analysis further illustrates that this is an idea whose time has come.” —Natalie Foster, executive director of peers.org The Zero Marginal Cost Society The Zero Marginal Cost Society The Internet of Things, the Collaborative Commons, and the Eclipse of Capitalism Jeremy Rifkin THE ZERO MARGINAL COST SOCIETY Copyright © Jeremy Rifkin All rights reserved.
In the Collaborative Age, learning is regarded as a crowdsourcing process and knowledge is treated as a publically shared good, available to all, mirroring the emerging definition of human behavior as deeply social and interactive in nature. The shift from a more authoritarian style of learning to a more lateral learning environment better prepares today’s students to work, live, and flourish in tomorrow’s collaborative economy. The new collaborative pedagogy is being applied and practiced in schools and communities around the world. The educational models are designed to free students from the private space of the traditional enclosed classroom and allow them to learn in multiple open Commons, in virtual space, the public square, and in the biosphere. Classrooms around the world are connecting in real time, via Skype and other programs, and collaborating on joint assignments.
ThredUP draws approximately 385,000 visits a month and sold over 350,000 items in 2012, and orders are growing by a whopping 51 percent a month.44 Who could be opposed to the idea of collaborative consumption and a sharing economy? These new economic models seem so benign. Sharing represents the best part of human nature. Reducing addictive consumption, optimizing frugality, and fostering a more sustainable way of life is not only laudable, but essential if we are to ensure our survival. But even here, there are winners and losers. The still-dominant capitalist system believes it can find value in the collaborative economy by leveraging aspects of the sharing culture toward new revenue-generating streams. Still, whatever profit it can squeeze out of the growing networked Commons will pale in comparison to the ground it loses. Although hotels will continue to book, they are already seeing their markets decline as millions of young people migrate to Airbnb and Couchsurfing. How does a huge hotel chain, with its high fixed costs, compete with literally millions of privately owned spaces that can be shared at low and even near zero marginal costs?
Collaborative Futures by Mike Linksvayer, Michael Mandiberg, Mushon Zer-Aviv
4chan, Benjamin Mako Hill, British Empire, citizen journalism, cloud computing, collaborative economy, corporate governance, crowdsourcing, Debian, en.wikipedia.org, Firefox, informal economy, jimmy wales, Kickstarter, late capitalism, loose coupling, Marshall McLuhan, means of production, Naomi Klein, Network effects, optical character recognition, packet switching, postnationalism / post nation state, prediction markets, Richard Stallman, semantic web, Silicon Valley, slashdot, Slavoj Žižek, stealth mode startup, technoutopianism, the medium is the message, The Wisdom of Crowds, web application
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3D printing, additive manufacturing, Albert Einstein, barriers to entry, borderless world, carbon footprint, centre right, collaborative consumption, collaborative economy, Community Supported Agriculture, corporate governance, decarbonisation, distributed generation, en.wikipedia.org, energy security, energy transition, global supply chain, hydrogen economy, income inequality, industrial cluster, informal economy, Intergovernmental Panel on Climate Change (IPCC), invisible hand, Isaac Newton, job automation, knowledge economy, manufacturing employment, marginal employment, Martin Wolf, Masdar, megacity, Mikhail Gorbachev, new economy, off grid, oil shale / tar sands, oil shock, open borders, peak oil, Ponzi scheme, post-oil, purchasing power parity, Ray Kurzweil, Ronald Reagan, Silicon Valley, Simon Kuznets, Skype, smart grid, smart meter, Spread Networks laid a new fibre optics cable between New York and Chicago, supply-chain management, the market place, The Wealth of Nations by Adam Smith, Thomas Malthus, too big to fail, transaction costs, trickle-down economics, urban planning, urban renewal, Yom Kippur War, Zipcar
While there is no denying that the living standards of millions of people is better at the end of the Second Industrial Revolution than at the beginning of the First Industrial Revolution, it is equally true that those on the top have benefited disproportionately from the Carbon Era, especially in the United States, where few restrictions have been put on the market and little effort made to ensure that the fruits of industrial commerce are broadly shared. THE COLLABORATIVE ECONOMY The emerging Third Industrial Revolution, by contrast, is organized around distributed renewable energies that are found everywhere and are, for the most part, free—sun, wind, hydro, geothermal heat, biomass, and ocean waves and tides. These dispersed energies will be collected at millions of local sites and then bundled and shared with others over intelligent power networks to achieve optimum energy levels and maintain a high-performing, sustainable economy.
For example, the right to navigate rivers, forage in local forests, walk on country lanes, fish in nearby streams, and congregate on the public square. This older idea of property as the right of access and inclusion was increasingly shunted aside in the modern era as market relations came to dominate life and private property came to define the “measure of a man.” In a distributed and collaborative economy, however, the right of access to global social networks becomes as important as the right to hold on to private property in national markets. That’s because quality-of-life values become more important, especially the pursuit of social inclusion with millions of others in global communities in virtual space. Thus, the right to Internet access becomes a powerful new property value in an interconnected world.
Now, the shift from a centralized Second Industrial Revolution to a lateral Third Industrial Revolution is forcing a makeover of the educational system. Rethinking the framing concepts that govern education and the pedagogy that accompanies them will not be easy. Teachers around the world are only just now beginning to restructure the educational experience to make it relevant to young people who will need to learn how to live in a distributed and collaborative economy tucked inside a biosphere world. CHAPTER EIGHT A CLASSROOM MAKEOVER I was backstage, fidgeting with my five small note cards, thinking over the key points I wanted to emphasize in my talk. I peeked through the curtain and saw 1,600 high school teachers and state and federal education officials sitting in the audience—and not just any teachers, Advanced Placement teachers, the best high school teachers in America and the ones responsible for preparing the brightest students for college.
The Age of Cryptocurrency: How Bitcoin and Digital Money Are Challenging the Global Economic Order by Paul Vigna, Michael J. Casey
3D printing, Airbnb, altcoin, bank run, banking crisis, bitcoin, blockchain, Bretton Woods, California gold rush, capital controls, carbon footprint, clean water, collaborative economy, collapse of Lehman Brothers, Columbine, Credit Default Swap, cryptocurrency, David Graeber, disintermediation, Edward Snowden, Elon Musk, ethereum blockchain, fiat currency, financial innovation, Firefox, Flash crash, Fractional reserve banking, hacker house, Hernando de Soto, high net worth, informal economy, intangible asset, Internet of things, inventory management, Julian Assange, Kickstarter, Kuwabatake Sanjuro: assassination market, litecoin, Long Term Capital Management, Lyft, M-Pesa, Marc Andreessen, Mark Zuckerberg, McMansion, means of production, Menlo Park, mobile money, money: store of value / unit of account / medium of exchange, Network effects, new economy, new new economy, Nixon shock, offshore financial centre, payday loans, Pearl River Delta, peer-to-peer, peer-to-peer lending, pets.com, Ponzi scheme, prediction markets, price stability, profit motive, QR code, RAND corporation, regulatory arbitrage, rent-seeking, reserve currency, Robert Shiller, Robert Shiller, Satoshi Nakamoto, seigniorage, shareholder value, sharing economy, short selling, Silicon Valley, Silicon Valley startup, Skype, smart contracts, special drawing rights, Spread Networks laid a new fibre optics cable between New York and Chicago, Steve Jobs, supply-chain management, Ted Nelson, The Great Moderation, the market place, the payments system, The Wealth of Nations by Adam Smith, too big to fail, transaction costs, tulip mania, Turing complete, Tyler Cowen: Great Stagnation, Uber and Lyft, underbanked, WikiLeaks, Y Combinator, Y2K, zero-sum game, Zimmermann PGP
This is happening even without the use of cryptocurrencies or blockchains. People have figured out that if they have idle assets, they can lend them to people who need them, while those people have in turn equally realized that they don’t need to go through expensive central distribution points to find those assets. This new system is called several things: the sharing economy, the mesh economy, the collaborative economy. Got some extra computing power sitting on your desktop? Share it with those who need it. Got a car sitting idle in your driveway? Share that. Got a big idea? Share it online and raise the money online to fund it. Business symbols of this era so far include the personal-apartment rental site Airbnb, the crowdfunding site Kickstarter, the peer-to-peer lending network Lending Club, and the taxi services controlled by individual car owners Uber and Lyft.
That de facto subsidy leaves bitcoin with no competitive edge over WeChat and Alipay or the national credit-card network, UnionPay, but it also means that the renminbi-based system is dependent on the largesse of the state, which can be taken away at any time or used as a form of official extortion. These new payment mechanisms, while technologically advanced, are still trapped in the five-hundred-year-old model of centralized financial management. That may not matter one iota to the average person using them, whose ambivalence could be enough to ensure that sovereign money survives, even as the collaborative economy of the future continues its drive toward individual empowerment in all other realms of the economy. But its survival would be inherently inconsistent with all the other sweeping, decentralizing shifts under way. It’s hard to get away from the idea that these trends point inevitably to an age of cryptocurrency, if not immediately, then a decade or so in the future. That leads us to one important question: What happens to banks as credit providers if that age arrives?
As we’ve highlighted before, it depends on what people do, how they vote with their feet. From Silicon Valley, the impression is that human society is now ready to throw out the centralized system altogether and embrace a decentralized model run by “the crowd.” “Now the crowd has their own business model,” says Jeremiah Owyang, the founder of the consulting service Crowd Companies. Offering a broad definition of the collaborative economy that encompasses everything from barter to lending to gifting, Owyang suggests that the entire human populace is now taking charge of the means of production and changing the rules of the game. “They’re making their own freaking currencies, for God’s sake,” Owyang adds emphatically. But beyond these catchphrases, the picture is more nuanced. The Valley’s language about these new technologies makes it seem as if people now have a utopia at their fingertips, if only they could let go of the old ways, reach for that app on the smartphone, and bring the power of the crowd to bear.
Exponential Organizations: Why New Organizations Are Ten Times Better, Faster, and Cheaper Than Yours (And What to Do About It) by Salim Ismail, Yuri van Geest
23andMe, 3D printing, Airbnb, Amazon Mechanical Turk, Amazon Web Services, augmented reality, autonomous vehicles, Baxter: Rethink Robotics, bioinformatics, bitcoin, Black Swan, blockchain, Burning Man, business intelligence, business process, call centre, chief data officer, Chris Wanstrath, Clayton Christensen, clean water, cloud computing, cognitive bias, collaborative consumption, collaborative economy, commoditize, corporate social responsibility, cross-subsidies, crowdsourcing, cryptocurrency, dark matter, Dean Kamen, dematerialisation, discounted cash flows, distributed ledger, Edward Snowden, Elon Musk, en.wikipedia.org, ethereum blockchain, Galaxy Zoo, game design, Google Glasses, Google Hangouts, Google X / Alphabet X, gravity well, hiring and firing, Hyperloop, industrial robot, Innovator's Dilemma, intangible asset, Internet of things, Iridium satellite, Isaac Newton, Jeff Bezos, Kevin Kelly, Kickstarter, knowledge worker, Kodak vs Instagram, Law of Accelerating Returns, Lean Startup, life extension, lifelogging, loose coupling, loss aversion, Lyft, Marc Andreessen, Mark Zuckerberg, market design, means of production, minimum viable product, natural language processing, Netflix Prize, Network effects, new economy, Oculus Rift, offshore financial centre, p-value, PageRank, pattern recognition, Paul Graham, peer-to-peer, peer-to-peer model, Peter H. Diamandis: Planetary Resources, Peter Thiel, prediction markets, profit motive, publish or perish, Ray Kurzweil, recommendation engine, RFID, ride hailing / ride sharing, risk tolerance, Ronald Coase, Second Machine Age, self-driving car, sharing economy, Silicon Valley, skunkworks, Skype, smart contracts, Snapchat, social software, software is eating the world, speech recognition, stealth mode startup, Stephen Hawking, Steve Jobs, subscription business, supply-chain management, TaskRabbit, telepresence, telepresence robot, Tony Hsieh, transaction costs, Tyler Cowen: Great Stagnation, urban planning, WikiLeaks, winner-take-all economy, X Prize, Y Combinator, zero-sum game
According to Owyang, Crowd Companies is a “brand council” whose activities include introductions, educational forums and networking with relevant startups, many of which are ExOs. Several dozen major brands have already joined the group, and Owyang believes that as this new breed of companies leveraging crowd dynamics spreads out across the world, they will in turn spark what he calls a Collaborative Economy (outlined below). Owyang has identified seventy-five crowd-based startups operating in six vertical markets. Lisa Gansky’s Mesh Labs takes this model to a much more granular level, listing nine thousand crowd-based startups in twenty-five categories. Such adoption of social media is not a fad. In fact, the social business movement (tagged #socbiz on Twitter) represents a foundational step towards a future landscape filled with ExOs.
Currently, one hundred twenty business leaders and thirty-four Fortune 500 companies are council members of Crowd Companies and, according to Owyang, over eighty global brands have experimented with these techniques. Owyang isn’t alone in his thinking: Shel Israel, co-author of the book Age of Context: Mobile, Sensors, Data and the Future of Privacy, noted recently that there have been many such labels attached to this new movement: the Sharing Economy, the Mesh Economy, Collaborative Consumption and the Collaborative Economy. We actually think Exponential Organizations works quite well as a label. But whatever the ultimate designation, it is clear that ExO attributes can and are being implemented by large organizations. In fact, as we wrote this book we were surprised to see how fast that implementation is occurring. What was little more than a loose theory when we sat down to outline the book has now taken on the trappings of a global movement.
Rethinking Capitalism: Economics and Policy for Sustainable and Inclusive Growth by Michael Jacobs, Mariana Mazzucato
3D printing, balance sheet recession, banking crisis, basic income, Bernie Sanders, Bretton Woods, business climate, Carmen Reinhart, central bank independence, collaborative economy, complexity theory, conceptual framework, corporate governance, corporate social responsibility, creative destruction, credit crunch, Credit Default Swap, crony capitalism, David Ricardo: comparative advantage, decarbonisation, deindustrialization, dematerialisation, Detroit bankruptcy, double entry bookkeeping, Elon Musk, endogenous growth, energy security, eurozone crisis, factory automation, facts on the ground, fiat currency, Financial Instability Hypothesis, financial intermediation, forward guidance, full employment, G4S, Gini coefficient, Growth in a Time of Debt, Hyman Minsky, income inequality, information asymmetry, Intergovernmental Panel on Climate Change (IPCC), Internet of things, investor state dispute settlement, invisible hand, Isaac Newton, Joseph Schumpeter, Kenneth Rogoff, knowledge economy, labour market flexibility, low skilled workers, Martin Wolf, mass incarceration, Mont Pelerin Society, neoliberal agenda, Network effects, new economy, non-tariff barriers, paradox of thrift, Paul Samuelson, price stability, private sector deleveraging, quantitative easing, QWERTY keyboard, railway mania, rent-seeking, road to serfdom, savings glut, Second Machine Age, secular stagnation, shareholder value, sharing economy, Silicon Valley, Steve Jobs, the built environment, The Great Moderation, The Spirit Level, Thorstein Veblen, too big to fail, total factor productivity, transaction costs, trickle-down economics, universal basic income, very high income
New metrics need to be designed to account for the use of energy and materials and to measure the various ways in which value is now created and well-being enhanced. Facilitate the sharing and collaborative economies. The proliferation of free internet-based services has inspired many to innovate in networks of sharing access to possessions, exchanging time and collaborating in creative projects. This is one of the routes along which ICT enables a green economy grounded in sustainability and focused on services and personal care. Move towards some form of basic income. Providing a minimum income in the advanced countries—such as the universal basic income currently being trialled in Finland, a negative income tax and/or workfare for community projects and services—is the necessary platform for encouraging the sharing and collaborative economies, the growth of voluntary organisations and of creative endeavours that could contribute to the quality of life both at the community level and through participation in global networks.
Throwing Rocks at the Google Bus: How Growth Became the Enemy of Prosperity by Douglas Rushkoff
3D printing, activist fund / activist shareholder / activist investor, Airbnb, algorithmic trading, Amazon Mechanical Turk, Andrew Keen, bank run, banking crisis, barriers to entry, bitcoin, blockchain, Burning Man, business process, buy low sell high, California gold rush, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, centralized clearinghouse, citizen journalism, clean water, cloud computing, collaborative economy, collective bargaining, colonial exploitation, Community Supported Agriculture, corporate personhood, corporate raider, creative destruction, crowdsourcing, cryptocurrency, disintermediation, diversified portfolio, Elon Musk, Erik Brynjolfsson, ethereum blockchain, fiat currency, Firefox, Flash crash, full employment, future of work, gig economy, Gini coefficient, global supply chain, global village, Google bus, Howard Rheingold, IBM and the Holocaust, impulse control, income inequality, index fund, iterative process, Jaron Lanier, Jeff Bezos, jimmy wales, job automation, Joseph Schumpeter, Kickstarter, loss aversion, Lyft, Marc Andreessen, Mark Zuckerberg, market bubble, market fundamentalism, Marshall McLuhan, means of production, medical bankruptcy, minimum viable product, Naomi Klein, Network effects, new economy, Norbert Wiener, Oculus Rift, passive investing, payday loans, peer-to-peer lending, Peter Thiel, post-industrial society, profit motive, quantitative easing, race to the bottom, recommendation engine, reserve currency, RFID, Richard Stallman, ride hailing / ride sharing, Ronald Reagan, Satoshi Nakamoto, Second Machine Age, shareholder value, sharing economy, Silicon Valley, Snapchat, social graph, software patent, Steve Jobs, TaskRabbit, The Future of Employment, trade route, transportation-network company, Turing test, Uber and Lyft, Uber for X, unpaid internship, Y Combinator, young professional, zero-sum game, Zipcar
Marie-Claire Kidd, “Plans for Co-Operative Alternative to eBay Take Shape,” thenews.coop, December 3, 2014. 91. “FAQ,” www.fairmondo.de/faq#a1. 92. fairmondo.de. 93. Fairnopoly Team, “Dein Anteil,” info.fairmondo.de, May 14, 2012. 94. “Projekt10000—Gemeinsam unsere Wirtschaft verändern,” mitmachen.fairmondo.de/projekt10000/. 95. Felix Weth, “Genossenschaft 2.0,” info.fairmondo.de, February 12, 2013. 96. Vasilis Kostakis and Michel Bauwens, Network Society and Future Scenarios for a Collaborative Economy (London: Palgrave Macmillan, 2014). A draft is available at p2pfoundation.net, December 30, 2014. 97. Amanda B. Johnson, “La’Zooz: The Decentralized Proof-of-Movement ‘Uber’ Unveiled,” cointelegraph.com, October 19, 2014. 98. Trebor Scholz, “Platform Cooperativism vs. the Sharing Economy,” medium.com, December 5, 2014. Chapter Five: Distributed 1. Pope Francis, Laudato Si’, papal encyclical, Rome, 2015, paragraph 194. 2.
.: Harvard Business Review Press, 2014. Keen, Andrew. TheInternet Is Not the Answer. New York: Atlantic Monthly Press, 2015. Kepos, Paula. International Directory of Company Histories, vol. 7. Farmington Hills, Mich.: St. James Press, 1993. Klein, Naomi. This Changes Everything: Capitalism vs. the Climate. New York: Simon and Schuster, 2014. Kostakis, Vasilis, and Michel Bauwens. Network Society and Future Scenarios for a Collaborative Economy. London: Palgrave Macmillan, 2014. Lanier, Jaron. Who Owns the Future? New York: Simon and Schuster, 2013. Lewis, Michael. The Big Short: Inside the Doomsday Machine. New York, London: W. W. Norton, 2011. Lietaer, Bernard A., and Stephen M. Belgin. Of Human Wealth: Beyond Greed & Scarcity. Boulder, Colo: Human Wealth Books and Talks, 2001. Lietaer, Bernard, and Jacqui Dunne. Rethinking Money: How New Currencies Turn Scarcity into Prosperity.
Frugal Innovation: How to Do Better With Less by Jaideep Prabhu Navi Radjou
3D printing, additive manufacturing, Affordable Care Act / Obamacare, Airbnb, Albert Einstein, barriers to entry, Baxter: Rethink Robotics, Bretton Woods, business climate, business process, call centre, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, cloud computing, collaborative consumption, collaborative economy, Computer Numeric Control, connected car, corporate social responsibility, creative destruction, crowdsourcing, Elon Musk, financial exclusion, financial innovation, global supply chain, income inequality, industrial robot, intangible asset, Internet of things, job satisfaction, Khan Academy, Kickstarter, late fees, Lean Startup, low cost carrier, M-Pesa, Mahatma Gandhi, megacity, minimum viable product, more computing power than Apollo, new economy, payday loans, peer-to-peer lending, Peter H. Diamandis: Planetary Resources, precision agriculture, race to the bottom, reshoring, ride hailing / ride sharing, risk tolerance, Ronald Coase, self-driving car, shareholder value, sharing economy, Silicon Valley, Silicon Valley startup, six sigma, smart grid, smart meter, software as a service, Steve Jobs, supply-chain management, TaskRabbit, The Fortune at the Bottom of the Pyramid, The Nature of the Firm, transaction costs, unbanked and underbanked, underbanked, women in the workforce, X Prize, yield management, Zipcar
It is not farfetched to think that if President John Kennedy were to have sent a man to the moon today, he would have crowdfunded the entire space programme. Some 80 million Americans (around one-quarter of the US population) and 23 million Britons (nearly one-third of the population) consider themselves sharers; and in France 48% consider themselves to be active participants in the collaborative economy. US and European customers, across the generations, are sharing and collaborating more than ever to get the products, services, knowledge or capital they want, faster, better and cheaper than from traditional sources. The collaboration economy also gives consumers a more meaningful social experience. While baby-boomers and their offspring may view it as a cost-effective and convivial alternative to the brand-dominated mass-market economy, later generations see collaboration as the only way to consume. For them, sharing an apartment or a car with total strangers, or making their own products using open-source components, is the normal way to live.
What's Mine Is Yours: How Collaborative Consumption Is Changing the Way We Live by Rachel Botsman, Roo Rogers
Airbnb, barriers to entry, Bernie Madoff, bike sharing scheme, Buckminster Fuller, carbon footprint, Cass Sunstein, collaborative consumption, collaborative economy, commoditize, Community Supported Agriculture, credit crunch, crowdsourcing, dematerialisation, disintermediation, en.wikipedia.org, experimental economics, George Akerlof, global village, Hugh Fearnley-Whittingstall, information retrieval, iterative process, Kevin Kelly, Kickstarter, late fees, Mark Zuckerberg, market design, Menlo Park, Network effects, new economy, new new economy, out of africa, Parkinson's law, peer-to-peer, peer-to-peer lending, peer-to-peer rental, Ponzi scheme, pre–internet, recommendation engine, RFID, Richard Stallman, ride hailing / ride sharing, Robert Shiller, Robert Shiller, Ronald Coase, Search for Extraterrestrial Intelligence, SETI@home, Simon Kuznets, Skype, slashdot, smart grid, South of Market, San Francisco, Stewart Brand, The Nature of the Firm, The Spirit Level, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, Thorstein Veblen, Torches of Freedom, transaction costs, traveling salesman, ultimatum game, Victor Gruen, web of trust, women in the workforce, Zipcar
By 2003, he was eager to rip up the old rulebook again. During his summer “off,” Duvall immersed himself in articles, books, and research on how digital tools and the Internet were disrupting industries. He believed that the “twin forces of technology and the will of the individual” would turn traditional business models upside down and radically transform the way people think and live toward a more collaborative economy. Duvall was particularly interested in the work of Carlota Perez, a leading economist at Cambridge University and an expert in technoeconomic paradigm shifts. Perez posits that every seventy years, a disruptive technology emerges that alters the foundations of the economy and the norms by which society constructs itself—our homes, our workplaces, our education system, the way we govern, how we spend our leisure time, and so on.
3D printing, Airbnb, Amazon Web Services, barriers to entry, bitcoin, blockchain, business process, Chuck Templeton: OpenTable, Clayton Christensen, collaborative economy, commoditize, crowdsourcing, cryptocurrency, data acquisition, frictionless, game design, hive mind, Internet of things, invisible hand, Kickstarter, Lean Startup, Lyft, M-Pesa, Marc Andreessen, Mark Zuckerberg, means of production, multi-sided market, Network effects, new economy, Paul Graham, recommendation engine, ride hailing / ride sharing, shareholder value, sharing economy, Silicon Valley, Skype, Snapchat, social graph, social software, software as a service, software is eating the world, Spread Networks laid a new fibre optics cable between New York and Chicago, TaskRabbit, the payments system, too big to fail, transport as a service, two-sided market, Uber and Lyft, Uber for X, Wave and Pay
As we progress through this section, we will increasingly note that all platform design decisions are built around the core value unit. PLATFORM SCALE IMPERATIVE The age of the industrial economy accorded inordinate power to those who held the means of production. In the age of platforms, production is decentralized. Whether it is the decentralization of manufacturing through 3D printing, the decentralization of marketing and journalism through social media, or the decentralization of service providers in the collaborative economy, the means of production are no longer limited to large companies or entities. With decentralized production, the platforms that enable and aggregate this production are the new winners. In a platformed world, the people and processes that determine quality and quantity of value units determine success. Google’s ability to serve results and solve the world’s problems collapses if its crawlers don’t work well and its algorithms (filters) fail to serve the most relevant results.
agricultural Revolution, Albert Einstein, back-to-the-land, British Empire, carbon footprint, collaborative economy, death of newspapers, delayed gratification, distributed generation, en.wikipedia.org, energy security, feminist movement, global village, hydrogen economy, illegal immigration, income inequality, income per capita, interchangeable parts, Intergovernmental Panel on Climate Change (IPCC), Internet Archive, invention of movable type, invention of the steam engine, invisible hand, Isaac Newton, James Watt: steam engine, Johann Wolfgang von Goethe, labour mobility, Mahatma Gandhi, Marshall McLuhan, means of production, megacity, meta analysis, meta-analysis, Milgram experiment, new economy, New Urbanism, Norbert Wiener, off grid, out of africa, Peace of Westphalia, peak oil, peer-to-peer, planetary scale, Simon Kuznets, Skype, smart grid, smart meter, supply-chain management, surplus humans, the medium is the message, the scientific method, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, theory of mind, transaction costs, upwardly mobile, uranium enrichment, working poor, World Values Survey
A venture like Linux, for example, only works when the software, code, and new applications are openly shared among everyone in the network. FROM PROPERTY RIGHTS TO ACCESS RIGHTS Nowhere is the old classical economic paradigm and the new distributed capitalism model more at odds than when it comes to the notion of holding intellectual property. Patents and copyrights are sacrosanct in the traditional business scheme. In a collaborative economy, however, open-sourcing of critical information becomes essential to collaboration. Possessing and controlling knowledge thwarts collaboration. The struggle in the life-sciences sector over patents on genes is illustrative of the difference between traditional market-based capitalism and the new distributed capitalism. For nearly thirty years, life science companies have been patenting genetic sequences and genes and novel hybrid chimeric and cloned organisms, as well as the processes used to isolate their properties and create the organisms.
Now, says Macpherson, at least for the developed countries, interest is turning to the more expansive and deeper issue of securing a “quality of life.” Macpherson argues, in turn, that property needs to be redefined to include the “right to an immaterial revenue, a revenue of enjoyment of the quality of life.” He suggests that “such a revenue can only be reckoned as a right to participate in a satisfying set of social relations.”27 In a collaborative economy, the right of inclusion becomes more important in establishing economic and social relationships than the right of exclusion. As we’ve seen, traditional property rights, in the form of intellectual and real property, can act as a damper on the commercial and social possibilities opened up by the new distributed communications technologies and energies that make up the operating infrastructure of a Third Industrial Revolution economy.
Postcapitalism: A Guide to Our Future by Paul Mason
Alfred Russel Wallace, bank run, banking crisis, banks create money, Basel III, basic income, Bernie Madoff, Bill Gates: Altair 8800, bitcoin, Branko Milanovic, Bretton Woods, BRICs, British Empire, business process, butterfly effect, call centre, capital controls, Cesare Marchetti: Marchetti’s constant, Claude Shannon: information theory, collaborative economy, collective bargaining, Corn Laws, corporate social responsibility, creative destruction, credit crunch, currency manipulation / currency intervention, currency peg, David Graeber, deglobalization, deindustrialization, deskilling, discovery of the americas, Downton Abbey, drone strike, en.wikipedia.org, energy security, eurozone crisis, factory automation, financial repression, Firefox, Fractional reserve banking, Frederick Winslow Taylor, full employment, future of work, game design, income inequality, inflation targeting, informal economy, information asymmetry, intangible asset, Intergovernmental Panel on Climate Change (IPCC), Internet of things, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph Schumpeter, Kenneth Arrow, Kevin Kelly, knowledge economy, knowledge worker, late capitalism, low skilled workers, market clearing, means of production, Metcalfe's law, money: store of value / unit of account / medium of exchange, mortgage debt, Network effects, new economy, Norbert Wiener, Occupy movement, oil shale / tar sands, oil shock, Paul Samuelson, payday loans, Pearl River Delta, post-industrial society, precariat, price mechanism, profit motive, quantitative easing, race to the bottom, RAND corporation, rent-seeking, reserve currency, RFID, Richard Stallman, Robert Gordon, Robert Metcalfe, secular stagnation, sharing economy, Stewart Brand, structural adjustment programs, supply-chain management, The Future of Employment, the scientific method, The Wealth of Nations by Adam Smith, Transnistria, union organizing, universal basic income, urban decay, urban planning, Vilfredo Pareto, wages for housework, women in the workforce
Simon. ‘Organisations and Markets’, Journal of Economic Perspectives, vol. 5 (2) (1991), pp. 25–44 2. E. Preobrazhensky, The New Economics (Oxford, 1964), p. 55 3. See, for example, P. Mason, ‘WTF is Eleni Haifa?’, 20 December 2014, http://www.versobooks.com/blogs/1801-wtf-is-eleni-haifa-a-new-essay-by-paul-mason 4. V. Kostakis and M. Bauwens, Network Society and Future Scenarios for a Collaborative Economy (London, 2014) 5. M. Wark, A Hacker Manifesto (Cambridge MA, 2004) 6. See, for example, ‘Fair Society, Healthy Lives’ (The Marmot Review), UCL Institute of Health Equity, February 2010, http://www.instituteofhealthequity.org/projects/fair-society-healthy-lives-the-marmot-review 7. J. D. Farmer, ‘Economics Needs to Treat the Economy as a Complex System’, Crisis, December 2012 8. J. Benes and M.
4chan, barriers to entry, Berlin Wall, big-box store, cloud computing, collaborative economy, crowdsourcing, game design, Internet Archive, invention of movable type, inventory management, iterative process, Jason Scott: textfiles.com, job automation, late fees, mental accounting, moral panic, packet switching, pattern recognition, peer-to-peer, pirate software, Ronald Reagan, security theater, sharing economy, side project, Silicon Valley, software patent, Steve Jobs, zero day
Discussing the inability of the world’s central bankers to engineer growth, Kaminska outlined the precise factors that had led Morris to slash his own operating budgets by more than 50 percent: Negative rates are a function of global abundance (brought on by technological advances), and a trend that cannot be stopped even by the strongest central bank . . . For rates to stay positive we have to hoard almost everything in the world from the people that need it, if it is to have value. The artificial scarcity tactics that have been used through the ages to achieve this are getting harder to execute because of technological liberation—which is enabling the emergence of collaborative economy which bypasses rates of return. Perhaps another world was possible. But organizing it proved difficult, and only in one other country besides Sweden did the Pirate Party gain a foothold: Germany. There, it registered 30,000 members in the course of a couple of years, polling in the high single digits, winning representation in several state-level elections in 2011, and threatening to put members in the Bundestag.
The Age of Stagnation by Satyajit Das
9 dash line, accounting loophole / creative accounting, additive manufacturing, Airbnb, Albert Einstein, Alfred Russel Wallace, Anton Chekhov, Asian financial crisis, banking crisis, Berlin Wall, bitcoin, Bretton Woods, BRICs, British Empire, business process, business process outsourcing, call centre, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, Clayton Christensen, cloud computing, collaborative economy, colonial exploitation, computer age, creative destruction, cryptocurrency, currency manipulation / currency intervention, David Ricardo: comparative advantage, declining real wages, Deng Xiaoping, deskilling, disintermediation, Downton Abbey, Emanuel Derman, energy security, energy transition, eurozone crisis, financial innovation, financial repression, forward guidance, Francis Fukuyama: the end of history, full employment, gig economy, Gini coefficient, global reserve currency, global supply chain, Goldman Sachs: Vampire Squid, happiness index / gross national happiness, Honoré de Balzac, hydraulic fracturing, Hyman Minsky, illegal immigration, income inequality, income per capita, indoor plumbing, informal economy, Innovator's Dilemma, intangible asset, Intergovernmental Panel on Climate Change (IPCC), Jane Jacobs, John Maynard Keynes: technological unemployment, Kenneth Rogoff, knowledge economy, knowledge worker, labour market flexibility, labour mobility, light touch regulation, liquidity trap, Long Term Capital Management, low skilled workers, Lyft, Mahatma Gandhi, margin call, market design, Marshall McLuhan, Martin Wolf, Mikhail Gorbachev, mortgage debt, mortgage tax deduction, new economy, New Urbanism, offshore financial centre, oil shale / tar sands, oil shock, old age dependency ratio, open economy, passive income, peak oil, peer-to-peer lending, pension reform, Plutocrats, plutocrats, Ponzi scheme, Potemkin village, precariat, price stability, profit maximization, pushing on a string, quantitative easing, race to the bottom, Ralph Nader, Rana Plaza, rent control, rent-seeking, reserve currency, ride hailing / ride sharing, rising living standards, risk/return, Robert Gordon, Ronald Reagan, Satyajit Das, savings glut, secular stagnation, seigniorage, sharing economy, Silicon Valley, Simon Kuznets, Slavoj Žižek, South China Sea, sovereign wealth fund, TaskRabbit, The Chicago School, The Great Moderation, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, the market place, the payments system, The Spirit Level, Thorstein Veblen, Tim Cook: Apple, too big to fail, total factor productivity, trade route, transaction costs, unpaid internship, Unsafe at Any Speed, Upton Sinclair, Washington Consensus, We are the 99%, WikiLeaks, Y2K, Yom Kippur War, zero-coupon bond, zero-sum game
When they locked up the social democrats, I remained silent; I was not a social democrat. When they came for the trade unionists, I did not speak out; I was not a trade unionist. When they came for the Jews, I remained silent; I wasn't a Jew. When they came for me, there was no one left to speak out.” 7 Technology and innovation are touted as sources of future employment. The sharing economy (also known as the peer economy, collaborative economy, and gig economy) is based on the ubiquitous Internet, improved broadband connectivity, smartphones, and apps. Individuals with spare time, houses, rooms, cars, and the like can use them as sources of work and income. The economy that benefits everyone focuses on transport (Uber, Lyft, Sidecar, GetTaxi, Hailo), short-term accommodation (Airbnb, HomeAway), small tasks (TaskRabbit, Fiverr), grocery-shopping services (Instacart), home-cooked meals (Feastly), on-demand delivery services (Postmates, Favor), pet transport (DogVacay, Rover), car rental (RelayRides, Getaround), boat rental (Boatbound), and tool rental (Zilok).