Re: Pitchforks And Torches Will No Longer Be Able To Stop The 1%

Posted: Tue Nov 20, 2018 9:04 am, #23
by Jessica
Although it is recognized that new technology creates inequality, it is the wealthy people, not the technology, that actually creates income and economic inequality. Regulatory capture, money in politics, and legalized bribery all contribute to this fact. But do not blame the technology, blame the people manipulating the wealth they gain from the new technology for our woes.

Doctor A in his post #16 under, The Community Business Venture, is worth repeating some aspects here as he states,
New technology is creating income inequality and economic inequality. This technology is being developed at ever increasing rates with the wealthy reaping the lion's share of the wealth and power from its production. Wealth and power beget more wealth and power. This then ultimately creates an upward spiral of more new technology with further generation of wealth and power for the elites. The real problem is weak governance and not technology per se. We must wake up to the fact this is our dilemma; if we continue to play by the old rules we risk annihilation. This is why the community business venture as a means to fund the Economic Inequality Rating App matters so much.
Doctor A presents four articles from the IMF, United Nations University, MIT Tech Review, and Techcrunch, all chanting the same mantra; it is the wealthy elite, not the technology that is ultimately responsible for the inequality. Here is a view of some of their findings,
Are robots to be blamed?

Why is inequality rising? The main narratives connect higher within-country inequality to institutional and governance weaknesses, especially in the US and Europe. These have allowed policy and regulatory capture by an entrepreneurial elite, resulting in a greater share of GDP accruing to the owners of capital.

In recent years, though, technological innovation has been receiving increased attention as another possible cause. In particular, information and communication technology (ICT) advances — such as in robotics, automated processes, machine learning, the Internet of Things (IoT), “big data”, and artificial intelligence — are being blamed for making workers (primarily those with mid-level skills in medium-wage jobs) redundant.

Weak governance, weak entrepreneurship

The conclusion from these considerations is that while technological innovation may have contributed to rising inequality, its actual contribution has probably been dwarfed by the institutional-governance weaknesses. The rise in the income share of the top 0.1% of income earners has been fueled by reductions in social security, an unravelling of the power and rights of the labour union movement and collective bargaining, and regulatory capture by the rich. This has resulted in reductions in taxation and transfer payments, and in lower regulations on globalisation and the activities of multinational enterprises.
The disparity between the rich and everyone else is larger than ever in the United States, and few places is this skewed wealth distribution more visible than in and around Silicon Valley. The chasm between tech multi-billionaires and the rest of the population in Northern California — where an estimated 31 percent of jobs pay $16 per hour or less and the median income in the U.S. today is about the same as it was in 1995 — has led to the conclusion that the tech sector is greatly contributing to increased inequality.

While it is tempting to name technology as one of the main culprits for the rise in inequality, blaming technology is merely an excuse to abdicate responsibility. Technology does not cause income disparity, but enables increased efficiency and wealth creation. The problem is how we choose to distribute the wealth and benefits of increased efficiency. So far, we are not really doing a good job in this department.
It is these people, the rich with their greedy fearful brain structure, who are the true foes of the people. Let us not be diverted by the technological issues and stay focused on the root cause of inequality, the wealthy elite with their economic and political power structure. If ever there was a face to to world's suffering and inhumanity, it is these individuals. It is not the face of a robot.