Good read – really made me think! Tim Dunlop also has a new book out… take a look
“As I said, the point of capitalism is to destroy jobs, not create them. The second big change is post-industrialisation. Wealth is being created – not by making and selling physical things – but in areas of knowledge, information and financialisation. These areas simply do not need as many workers as traditional employers. Where Kodak used to employ 140,000 people and was valued at $28bn (and is now bankrupt thanks to digitisation), Instagram was sold to Facebook in 2012 for a billion dollars when it (Instagram) employed 12 people. Facebook itself is the sixth-largest company in the US, but it employs a mere 12,000 people full time. Compare that to, say, General Motors, which during the 1980s employed 349,000 workers in the US alone. Google, one of the richest corporations on the planet, only employs about 55,000 people worldwide. You get the picture…”
Related:
https://www.youtube.com/watch?v=X-PnJblNJng
