In my opinion, the craze around digital is reminiscent of several technological advances that occurred throughout the 20th century, each time arousing passion, driving massive investments and transforming the way we live and do business. After some time, one "innovation" downside begins to emerge at a global level, and eventually gives way to a more balanced and regulated usage.
Back in the 1950s, many people were convinced that the rising nuclear power would phase out the petroleum industry, which itself was dominated by large corporations and driven by strong demand. Within a few decades, both industries, in turn, have seen public opinion shift from an excessive, early enthusiasm to a widespread distrust. Likewise, financialization of the world economy has resulted in the emergence, growth and collapse of several bubbles, questioning the ability of the financial system to sustain economic growth.
What is common between today's digital age, petroleum's "golden era," the 1960s' nuclear dream, or the 2000s' financial craze?
Each of them once bore the promise of unprecedented growth and unlimited resources. Each of them once lured massive investments, distorted areas of the job market by attracting a number of brilliant minds at the expense of other sectors. Each of them has given rise to giant companies who set the rules of previously non-existent markets, and changed the way we live within a few decades.
So, when considering the alleged benefits that fast-paced digital innovations bring to our daily lives, it is worth stepping back and looking at the big picture, including a number of significant, longer-term downsides. In Zucked: Waking Up to the Facebook Catastrophe, former tech investor Roger McNamee draws an interesting parallel between today's large tech corporations and the chemical industry of the late 1950s, whose economic power started to decline after they were called upon to pay for the pollution caused by their activities. Likewise, the digital transformation of our societies carries a substantial amount of "waste" that no law currently rules, and that irreversibly alters its "environment"—our society.
