Time To Turn The Page Of Platform Capitalism?
Tech giants like to be regarded as unicorns. Since the late 1300s, the unicorn has been the national animal of Scotland. Believed to be the natural enemy of the lion – a symbol that the English royals adopted around a century earlier –it is clear to every Scot that the mythical animal is stronger. Tech giants equally like to see themselves as invincible. But others can see the beginning of the end of platform capitalism coming nearer.
Platforms emerged as a new business model in the early 2000s, rapidly becoming a success story in the aftermath of the financial-economic crisis of 2007-8. Labour’s share of GDP has since fallen. The parallel failure of corporate governance has brought decreasing consumer trust, especially among young people concerned about environmental issues such as under-utilised assets and waste avoidance, but also open to new forms of consumer behaviour and new mobility needs.