At the very moment of its ultimate triumph, capitalism will experience the most exquisite of deaths.
This is the belief of political adviser and author Jeremy Rifkin, who argues the current economic system has become so successful at lowering the costs of production that it has created the very conditions for the destruction of the traditional vertically integrated corporation.
Rifkin, who has advised the European Commission, the European Parliament and heads of state, including German chancellor Angela Merkel, says:
No one in their wildest imagination, including economists and business people, ever imagined the possibility of a technology revolution so extreme in its productivity that it could actually reduce marginal costs to near zero, making products nearly free, abundant and absolutely no longer subject to market forces.
With many manufacturing companies surviving only on razor thin margins, they will buckle under competition from small operators with virtually no fixed costs.
“We are seeing the final triumph of capitalism followed by its exit off the world stage and the entrance of the collaborative commons,” Rifkin predicts.
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