Replacing the invisible hand: The third industrial revolution

While at least some of Krugman’s suggestions might help in the short run we also need to think long-term and create a better socio-economic system beyond the invisible hand Krugman still accepts. Rifkin and cohorts are implementing such a system right now. And not surprisingly, it is arising from the social democracies of Europe. From a Rifkin article on his new book.

“What I am describing is a fundamental change in the way capitalism functions that is now unfolding across the economy and reshaping how companies conduct business.”

“The Third Industrial Revolution is the last of the great Industrial Revolutions and will lay the foundational infrastructure for an emerging collaborative age. Its completion will signal the end of a two-hundred-year commercial saga characterized by industrious thinking, entrepreneurial markets, and mass labor workforces and the beginning of a new era marked by collaborative behavior, social networks and professional and technical workforces. In the coming half century, the conventional, centralized business operations of the First and Second Industrial Revolutions will increasingly be subsumed by the distributed business practices of the Third Industrial Revolution; and the traditional, hierarchical organization of economic and political power will give way to lateral power organized nodally across society.”

“Germany is leading the way into the new economic era. The Federal Government has teamed up with six regions across Germany to test the introduction of an energy internet that will allow tens of thousands of German businesses and millions of home owners to collect renewable energies on site, store them in the form of hydrogen, and share green electricity across Germany in a smart energy internet. Entire communities are transforming their commercial and residential buildings into green micro-power plants. To date, more than 1 million buildings in Germany have been converted into partial green micro power plants. Companies like Siemens, Bosch and Daimler are creating sophisticated new IT software, hardware, appliances and vehicles, that will merge distributed Internet communication with distributed energy, to create smart buildings, infrastructure, and green mobility for the cities of the future.”

About theurj

Also known as theurj. I've contributed some essays to Integral World and co-founded Open Integral blog, now defunct. I continue to participate in Integral Postmetaphysical Spirituality forum.
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