2015-02-23

WNYC tracing the evolution of money on the internet, "the dominant economic, cultural and social reality of our age": A Case Against the Internet

Yeah, I mean these guys came along and they're still saying the same thing—this is going to be different, the Google boys say it, we're going to be different—not only are we going to be rich, but we're going to be good. Not only are we going to dominate the information economy, but we're going to improve the world. And what it's actually resulted in is a more exaggerated winner-take-all economy and culture than even existed in the Twentieth Century. So, there isn't even a Hertz and Avis in the information business, there's just a Google. There isn't a Hertz and Avis in social networks, there's just Facebook. There's isn't even a Hertz and Avis in the rent-a-car business because Uber, which is now valued at forty billion dollars, has taken over the whole thing. So we've got less competition, less opportunity for innovators, less real entrepreneurial excitement—so the cult of innovation has lent itself, I think in Silicon Valley, to the appearance of these monstrous monopolies which are actually anti-innovation, which aren't beneficial for most entrepreneurs.
-Andrew Keen