The economic decline of the 1930s was some 25 years after the implementation of the assembly line at Ford Motor Company. It took that long for the economy to absorb the shift from a mostly agrarian society to a manufacturing society. It was no easy shift, either.
Is it any surprise that the current economic decline happened some 25 years after IBM’s introduction of the PC? Is this really a “failure of capitalism”, as Van Jones might have you believe, or an unexpected response to the Fed trying to prop up a an economy that was shifting away from mature industries and towards growth industries? I don’t think we’re recessing, I think we’re progressing to a more abundant society and I think the internet is one of the technologies that will help us get there.
I still am unclear about how to really profit from this information revolution but I see entrepreneurship alive and well in that sector. Make no mistake about it, the Government will try to find a way to control this growth. Soon, you may hear that the internet is so essential to our nation’s commerce that we can’t afford leave its maintenance and operation solely to “for-profit” enterprises. When that won’t work, they’ll just jail the innovators for being too successful. Reject that tyranny lest I have to say “I told you so”.