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The Sharing Economy Was Always a Scam
Article

The Sharing Economy Was Always a Scam

‘Sharing’ was supposed to save us. Instead, it became a Trojan horse for a precarious economic future.

Susie Cagle
Medium, 2019
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Editorial Rating

8

Qualities

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  • Overview
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Recommendation

Adults teach children the virtues of sharing and so, to capitalize on that altruistic notion, proponents touted the rise of the “sharing economy.” Building peer-to-peer transaction platforms enabled companies like Uber and Airbnb to turbocharge a new business paradigm that pundits contended would bring great social and environmental benefits. But that’s not how it's worked out. Instead, as journalist Susie Cagle points out in this insightful critique, investors and the public have come to recognize the serious negative consequences that these enterprises have unleashed.

Take-Aways

  • Tech companies like Uber and Airbnb created peer-to-peer transaction firms in what became known as the “sharing economy.”
  • Around 2016, these companies switched gears to adopt traditional profit-seeking business models.
  • Instead of decreasing vehicle congestion, Uber and Lyft are adding to it and discouraging the use of public transportation. 

About the Author

Susie Cagle is a journalist covering politics and economics.

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