Another one of my articles published on Impakter:
HOW TO ADDRESS THE TECH WORLD’S MORAL BLINDNESS
Who leads the tech world and what is their impact on the economy? Put together two remarkable statistics:
- Of the ten richest men in America, only three are not tech billionaires: Warren Buffett and the Koch brothers;
- Tech firms represent 21% of the 500 largest American firms, yet they employ only 3% of the workforce (Guardian, 2017);
and you get an exact description of the New Golden Age.
We’ve moved from the Robber Barons of the 1900s to the tech billionaires of the 2000s. Same concentration of wealth, same political and economic power, same income inequality, same moral blindness – with one big difference that hurts the working class: compared to the Robber Barons and the manufacturing giants of the 1950s, they create very few jobs.
Worse: The ‘frightful fives’ – Apple, Google (Alphabet), Amazon, Microsoft and Facebook, as noted by the New York Times’ columnist Farhad Manjoo – are gobbling up start-ups, buying out the most successful rather than allowing healthy competition to develop. This puts the very process of innovation at risk. Instagram, WhatsApp, DeepMind are some of the better-known examples.
The rise of tech is affecting not just the economy, but our politics and culture too, twisting and straining the moral fibre of our society. In his 2016 speech at the Hiroshima Peace Memorial, Obama somberly noted that “technological progress without an equivalent progress in human institutions can doom us”. And he reminded us that “the scientific revolution that led to the splitting of the atom requires a moral revolution as well.”
The moral revolution certainly has not arrived in Trump’s America, focused for now on its America First agenda, denying climate change and trying to rebuild the coal-based manufacturing of the 1950s instead of addressing the real challenges of the future. Challenges that stem from tech industry AI products, robots and supercomputers, displacing jobs and ruining the middle and lower classes.
Tax havens are a big part of the story.
After the Panama Papers, we now have the scandal of another offshore firm, the Appleby files. Among Appleby’s long list of ultra-rich clients, including 31,000 Americans, we find a range of businessmen, pop stars and royals, including George Soros, the financier and philanthropist, Carl Icahn, the equity investor, Sheldon Adelson, the casino magnate, Madonna, Bono and even (for the first time) Queen Elizabeth II.
Inevitably, we find tech titans like Microsoft co-founder Paul G. Allen.
IN THE PHOTO: FROM LEFT TO RIGHT, PAUL G. ALLEN, GEORGE SOROS, BONO AND QUEEN ELIZABETH. SOURCE: COLLAGE FROM PHOTOS IN WIKIMEDIA COMMONS
While bashing the tech industry on moral grounds has become fashionable, how useful it is in curbing it is debatable. After all, the tech industry has changed our lives, sometimes for the worse, to be sure, but also for the better. And the industry has many friends and supporters, not to mention ample lobbying power both in Washington and Brussels. And so long as the industry is making money, criticism, however right and morally grounded, will fall on deaf ears.
There are other ways to curb the tech industry and ensure it becomes a responsible citizen.
To read the rest on Impakter, click here.