I agree and I disagree at the same time. The problem is we did not find a solution yet to cope with the challenges of the next industrial revolution and the global competition.
The way the economy is interconnected is so fragile that it really scares me.
Economy is really a scary game especially in the age of behemoths and we do not really know how to deal with the wealth inequality. An entire nations might find themselves in a position of not being able to compete with large international conglomerates. Smaller nations are less likely to have more than 1 or 2 large corps of their own and what happens if 1 collapses / gets out-competed / bought by the competitors.
We have already seen what had happened in Finland with Nokia. Sure the situation is not that bad at first. Finland is still one of the richest nations. But it hit them really hard. Their economy is "stagnating" and the unemployment rate increased.
> We have already seen what had happened in Finland with Nokia. Sure the situation is not that bad at first. Finland is still one of the richest nations. But it hit them really hard. Their economy is "stagnating" and the unemployment rate increased.
I concur -- as a young, unemployed finn from a region that has scored among the nation's worst places w.r.t. youth unemployment and unemployment in general.
But it's not just Nokia. That might have made a big dent on the economy as a whole but at the same time it shouldn't cause other companies in other industries to struggle (which has happened).
Even as they go down, we can't fixate on jobs for the sake of jobs. Sure we could be shoveling sand from pit A to pit B, but that isn't going to help us in the global economy, even if it had some local effects.
The way the economy is interconnected is so fragile that it really scares me.
Economy is really a scary game especially in the age of behemoths and we do not really know how to deal with the wealth inequality. An entire nations might find themselves in a position of not being able to compete with large international conglomerates. Smaller nations are less likely to have more than 1 or 2 large corps of their own and what happens if 1 collapses / gets out-competed / bought by the competitors. We have already seen what had happened in Finland with Nokia. Sure the situation is not that bad at first. Finland is still one of the richest nations. But it hit them really hard. Their economy is "stagnating" and the unemployment rate increased.