It is only now, a decade after the financial crisis, that the American public seems to appreciate that what we thought was disruption worked more like extraction—of our data, our attention, our time, our creativity, our content, our DNA, our homes, our cities, our relationships. The tech visionaries’ predictions did not usher us into the future, but rather a future where they are kings.
They promised the open web, we got walled gardens. They promised individual liberty, then broke democracy—and now they’ve appointed themselves the right men to fix it.
But did the digital revolution have to end in an oligopoly? In our fog of resentment, three recent books argue that the current state of rising inequality was not a technological inevitability. Rather the narrative of disruption duped us into thinking this was a new kind of capitalism. The authors argue that tech companies conquered the world not with software, but via the usual route to power: ducking regulation, squeezing workers, strangling competitors, consolidating power, raising rents, and riding the wave of an economic shift already well underway.
In a winners-take-all economy, it’s hard to prove the rulers wrong. But if the tech backlash wants to become more than just the next chapter in their myth, we have to question the fitness of the companies that survived.
the caprice of the global economy offered an opportunity to politicians who had simple answers.