by Charles Hugh Smith, Of Two Minds:
Technology and the Web are destroying far more jobs than they create. We will need to develop a “Third Way” based on community rather than the Market or the State to adapt to this reality.
What better day to ponder the future of work than Labor Day? Long-time correspondent Robert Z. recently shared an essay on just this topic entitled Understanding the ‘New’ Economy.
The underlying political and financial assumption of the Status Quo is that technology will ultimately create more jobs than it destroys. Bob’s insightful essay disputes that assumption:
Over the past 15 years, the global economy has experienced structural changes to a degree not seen in nearly 150 years. Put simply, the Industrial Revolution of the 1800s has given way to a post-industrial economy. In this post-industrial economy, technology has now evolved to the point where it destroys more jobs than it creates.
Still, most people are Luddites to some extent. Human nature is to resist dramatic change, either actively or passively, until we have no other choice. If you don’t believe that, just listen to our presidential candidates.