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Growing Wealth Disparity & The Barbell Economy By Matt Britton Millennial Expert

Name: Growing Wealth Disparity & The Barbell Economy By Matt Britton Millennial Expert
Uploaded: 2018-10-17T21:58:55Z
Channel: Matt Britton
Description: This YouTube interview with Matt Britton discusses growing wealth disparity and a shifting "barbell" economy. Britton argues that four major tech…

17 Oct 2018

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This YouTube interview with Matt Britton discusses growing wealth disparity and a shifting "barbell" economy. Britton argues that four major tech companies (Facebook, Apple, Amazon, Google) — collectively worth over $3 trillion in market cap — concentrate economic power and opportunity, benefiting those who can access their ecosystems. He says manufacturing jobs are being eliminated or offshored and replaced or displaced by automation and AI, causing the middle class to erode and creating social tensions and class conflict. He acknowledges the need to embrace technological progress while noting its societal risks.

One other thing that you talk of is the growing wealth disparity. Tell us what is happening and why that is happening.
We are entering a world of haves and have nots. You look at the four major companies that are really starting to dominate the world, Facebook, Apple, Amazon, and Google, who have over $3 trillion of a market cap. The people that can touch that ecosystem of those four companies are ones that are in the right side of the wealth disparity. In many nations around the world, you know, you have the middle class quickly eroding and evaporating because manufacturing jobs are getting eliminated. Things are getting offshore to outsource, et cetera. And those jobs are being artificial intelligence, out of the game for a lot of nations. It's going to create a lot of social issues, and you're starting to see it happening everywhere. America, where I live, you're seeing the middle class erode and you're having class wars and you're having a lot of tensions that we haven't seen, or at least I haven't seen in my lifetime. So there's obviously concerns that come along with it. But we have to embrace what technology is doing to progress our society. At the same time.