More Capitalism and More Socialism?

There has been an abundance of reporting which suggests a number of entrepreneurs and technologists in Silicon Valley are giving serious thought to ideas like universal basic income as a way to mitigate the adverse effects of technological innovation and transformation. There is widespread belief that technology will continue to upend careers and there is a high likelihood that many lost jobs will not be replaced, as has occurred during earlier revolutions … this time could be different.

Eric Weinstein, a mathematician and a managing director of Peter Thiel’s investment firm, Thiel Capital, suggests the truly rich – those earning 7, 8 or 9 figure incomes annually – are increasingly separated from the lives of the rest of us, so much so, it is likely they are unaware and insensitive to the concerns of those who are tied to an hourly income.

Furthermore, Weinstein suggests that technology has so transformed society that in the future we may need a hybrid model which is more capitalistic than our capitalism today and even more socialistic than communism of years past.

Blogger-in-Chief here at RetirementSavvy and author of Sin City Greed, Cream City Hustle and RENDEZVOUS WITH RETIREMENT: A Guide to Getting Fiscally Fit.

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