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The Zero Marginal Cost Society summary
The Internet of Things, the Collaborative Commons and the Eclipse of Capitalism
20 mins
Brief summary
The Zero Marginal Cost Society by Jeremy Rifkin is a thought-provoking read on the potential of the internet, renewable energy, and 3D printing to create a global economy organized around ecology, sharing and the commons.
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The Zero Marginal Cost Society
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Key idea 1 of 8
As new technologies replace human labor, companies may find themselves in trouble.
Ever since the process of automation began, people have asked themselves: Will there come a point when machines do all our work for us? It’s an appealing thought, for sure. And in our capitalist system, companies have indeed embraced technological innovations in order to cut costs and improve productivity.
But as this trend continues, we have to ask: How will the automation of labor affect our society? Is there such a thing as too much automation?
Well, if the current state of affairs is any indication, things could get pretty dire. As sophisticated technologies such as software and robotics replace human workers, unemployment rises. And this has a cascading effect on the rest of the economy.
For instance, in 2011 alone, the sale of robots grew by 43 percent in the US and the EU. Companies like Walmart and Costco are already employing self-checkout terminals, and Walmart alone installed another 10,000 terminals in its stores in 2013.
By 2050, hundreds of millions of people will have found themselves out of a job, having been replaced by robots or software.
But this isn’t some far-off future. It’s already begun: although global production increased more than 30 percent between 1995 and 2002, twenty-two million manufacturing jobs disappeared around the globe in the same timeframe.
Nor is this limited to unskilled labor. Even highly qualified workers with immensely specialized knowledge, such as radiologists, may end up being replaced by pattern-recognition software over the course of the next few decades.
And this sudden upsurge in unemployment will have serious consequences for the economy, because people who earn less also consume less.
If companies produce more thanks to automation, then they’ll also need customers to buy more. But, of course, unemployed people have less money to throw around. So if more and more people become unemployed, then fewer and fewer goods will be consumed.
In essence, these cutting-edge companies may end up shooting themselves in the foot!
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What is The Zero Marginal Cost Society about?
The Zero Marginal Cost Society (2014) lays out a strong case for the self-destructive nature of capitalism, demonstrating how it is sowing the seeds of its own destruction. But in its wake, a new, collaborative, democratized economy will materialize – one made possible by the internet.
The Zero Marginal Cost Society Review
The Zero Marginal Cost Society (2014) by Jeremy Rifkin is a thought-provoking exploration of how the emerging Internet of Things and the collaborative commons are reshaping our economy. Here's why this book is worth reading:
- It offers a bold vision of a future where the cost of producing goods and services approaches zero, disrupting traditional capitalist systems.
- Rifkin convincingly argues that networked collaboration and the sharing economy have the potential to revolutionize industries and solve environmental challenges.
- The book's meticulously researched evidence and fascinating case studies bring the abstract concepts to life, keeping readers engaged and informed throughout.
Best quote from The Zero Marginal Cost Society
Whats undermining the capitalist system is the dramatic success of the very operating assumptions that govern it.
—Jeremy Rifkin
Who should read The Zero Marginal Cost Society?
- People who are interested in the future of our global economy
- Anyone who wants to learn about the personal and social impact of cutting-edge technology
- Committed capitalists
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The Zero Marginal Cost Society FAQs
What is the main message of The Zero Marginal Cost Society?
The main message of The Zero Marginal Cost Society is that the emerging Internet of Things has the potential to usher in a new economic system based on shared resources and collaborative production.
How long does it take to read The Zero Marginal Cost Society?
The estimated reading time for The Zero Marginal Cost Society is several hours. The Blinkist summary can be read in just 15 minutes.
Is The Zero Marginal Cost Society a good book? Is it worth reading?
The Zero Marginal Cost Society is worth reading for its thought-provoking exploration of the future of capitalism and the potential impact of technological advancements. It offers valuable insights.
Who is the author of The Zero Marginal Cost Society?
The author of The Zero Marginal Cost Society is Jeremy Rifkin.
What to read after The Zero Marginal Cost Society?
If you're wondering what to read next after The Zero Marginal Cost Society, here are some recommendations we suggest:
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