Gig Economy
The gig economy, particularly in the case of ‘lean platforms’, is successfully taking advantage of this context, which ‘ultimately appears as an outlet for surplus capital in an era of ultra-low interest rates and dire investment opportunities rather than the vanguard destined to revive capitalism’ (Srnicek, 2017: 91). The glut of money made by companies in the technology industry is increasingly being held outside of the home country of the firm, not brought back for fear of taxation and without anywhere profitable to invest. This is a continuation of the crisis of profitability referred to before, but under increased pressure as there is a vast amount of money needing to be spent on something. In essence, those with large amounts of capital were finding that their money was not growing in traditional bank savings or investments, and so they looked for avenues to invest. The fledgling gig economy became the perfect outlet for this through the growth of venture capital. In this way, the development of technology then feeds back into the gig economy as investment, as well as providing the tools upon which it is being built.»
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