Jeremy Rifkin: The global economy is slowing, productivity is waning in every region of the world and unemployment remains stubbornly high in every country. At the same time, economic inequality between the rich and the poor is at the highest point in human history. . . Now, a new economic paradigm is emerging that is going to dramatically change the way we organize economic life on the planet. The European Union is embarking on a bold new course to create a high-tech 21st century smart green digital economy, making Europe potentially the most productive commercial space in the world and the most ecologically sustainable society on Earth. The plan is called Digital Europe. The EU vision of a green digital economy is now being embraced by China and other developing nations around the world. . . Now, a new economic paradigm is emerging that is going to dramatically change the way we organize economic life on the planet. The European Union is embarking on a bold new course to create a high-tech 21st century smart green digital economy, making Europe potentially the most productive commercial space in the world and the most ecologically sustainable society on Earth. The plan is called Digital Europe. The EU vision of a green digital economy is now being embraced by China and other developing nations around the world. . . To grasp the enormity of the economic change taking place, we need to understand the technological forces that have given rise to new economic systems throughout history
Today, Europe is laying the ground work for the Third Industrial Revolution. The digitalized communication Internet is converging with a digitalized, renewable "Energy Internet" and a digitalized, automated "Transportation and Logistics Internet" to create a super "Internet of Things" infrastructure. . For the first time in history, the entire human race can collaborate directly with one another, democratizing economic life. . . The digitalization of communication, energy and transportation also raises risks and challenges, not the least of which are guaranteeing network neutrality, preventing the creation of new corporate monopolies, protecting personal privacy, ensuring data security and thwarting cybercrime and cyber terrorism. . .
In this expanded digital economy, private enterprises connected to the Internet of Things can use Big Data and analytics to develop algorithms that speed efficiency, increase productivity and dramatically lower the marginal cost of producing and distributing goods and services, . . The marginal cost of some goods and services in a Digital Europe will even approach zero, allowing millions of prosumers connected to the Internet of Things to produce and exchange things with one another for nearly free in the growing Sharing Economy. Already, a digital generation is producing and sharing music, videos, news blogs, social media, free e-books, massive open online college courses and other virtual goods at near zero marginal cost. The near zero marginal cost phenomenon brought the music industry to its knees, shook the television industry, forced newspapers and magazines out of business and crippled the book publishing market. . .
In this expanded digital economy, private enterprises connected to the Internet of Things can use Big Data and analytics to develop algorithms that speed efficiency, increase productivity and dramatically lower the marginal cost of producing and distributing goods and services, . . The marginal cost of some goods and services in a Digital Europe will even approach zero, allowing millions of prosumers connected to the Internet of Things to produce and exchange things with one another for nearly free in the growing Sharing Economy. Already, a digital generation is producing and sharing music, videos, news blogs, social media, free e-books, massive open online college courses and other virtual goods at near zero marginal cost. The near zero marginal cost phenomenon brought the music industry to its knees, shook the television industry, forced newspapers and magazines out of business and crippled the book publishing market. . .
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