How tech titans profit off the anxiety of relentless change

Stop me if you’ve heard this one before: Man starts technology company with good intentions. Man gets rich. And society?

The company skirts local laws, squeezes labor, puts competitors out of business, and jacks up prices. Society is collateral.

It’s a tale that is at least a couple of decades old and permeates the tech world. It’s also a story that investigative reporter and economist Loretta Napoleoni lamented in her new book, “Technocapitalism: The Rise of the New Robber Barons and the Fight for the Common Good.”

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Napoleoni examined the tech titans using technology to become massively wealthy at a high cost to most of the rest of us, at least from her perspective. She argued these tech moguls have found success by capitalizing on the confusion and anxiety intrinsic in what she dubs the "future-present" era we now live in.

"Technology moves so fast," Napoleoni said. "The speed is unbearable for human beings. You're always behind. There is always something that you need to learn."

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While many people feel anxious and struggle to keep up with the pace of technological change, tech titans profit from relentless technological growth.

"That creates a big divide between the masses and this very small group of people," Napoleoni said. "I think they have no idea of the impact they're having on us."

Listen to Soundside’s full conversation with author Loretta Napoleoni by clicking the play icon at the top of this story.