President Obama, I voted for him. I think he's a mature politician, but here's what happened. Obama wanted a green economy. He spent billions of dollars of tax money to create a green economy and it didn't happen. The question is why.
When you're sharing the music, you're not buying the CD. When you're sharing that video, you're not buying the TV. But we thought, really, there'd be a firewall. While near-zero marginal cost would impact virtual goods, we never thought it would move over to the physical world.
Solar and wind are now cheaper in many places than some fossil fuels and within the next two years, three, four, five years at the most. What the exponential curve does isn't going to go away. It is totally over for fossil fuels and nuclear. Nuclear's actually gone out.
With the communication internet, whole industries have been disrupted. You're in the publishing industry, you understand that. Before, we had newspapers, magazines - now you're on the web. I'm in book publishing. I don't have to tell you what's happened to us. Television has taken a hit. The music industry. But, thousands of new businesses have emerged on this new communication revolution platform. Not just Google, Facebook, and Twitter. There are thousands of operations. Businesses that are doing the platforms, the apps. They're mining the big data. They're creating the connections.
Facebook's a wonderful, incredible way to bring humanity together. They've brought together 2 billion people in the largest fictional family in history. So young people are starting to empathize with each other through Facebook across the globe. This is wonderful. However, when everyone needs Facebook because it's so successful that everyone's on it, then it starts to look like a global public utility, a public good. Same with Amazon.
If I were Mark Zuckerberg or any of these guys, I would say, "My God. How does the world expect us to deal with this?" I mean, it's too big a responsibility; I think they're going to welcome this. They'll maybe keep it in the private sector, but they'll welcome some form of regulatory operation because they've been so successful that they are a global, public good. Everyone needs them.
Now in Wikipedia it's really interesting. If you put something incorrect up on Wikipedia within minutes there are people crawling all over that sentence saying, "This is wrong" or "I want to change this" or "You've got to include an amplification," et cetera. So there's this massive checks and balances that actually makes that accuracy work. This is the kind of model that we - and I'm not sure why no one's discussing this - that we now have to begin to apply to fake news.
Wikipedia is an amazing construct. It's a commons that works. I don't know how Jimmy Wales came up with it. I'm sure all of us would have said, "This is the stupidest thing we've ever heard of. That'll never work in a million years."
How do we address network neutrality when the whole world is connected? How do we ensure governments don't purloin this for political purposes? It's already happening. Look at Russia on the American election. How do we protect data security when everyone's connected? Look what happened with the ransomware. How do we deal with cybercrime and cyberterrorism and the disruptions of the system? And we're seeing this every week now.
I think capitalism will not disappear, but it's going to increasingly not be the exclusive arbiter of economic life. It's going to have to find value in interacting with the sharing economy on many levels. And this hybrid system that's already emerging among millennials is going to be a mature system where, by midcentury, part of the day will be in the capitalist market, part of the day in the sharing economy, depending on your marginal costs.
What's really clear to all of us in the business community is that GDP is slowing everywhere. And the reason is productivity has been declining now for 15 or 20 years all over the world. So we've got very high unemployment, and it's structural. And it's compounded by real-time climate change - that's really a game changer.
We need a game plan to deploy it very quickly to both move the economy forward and create the new businesses and jobs, and address climate change. It's a pretty big task. Pretty challenging.
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