The tech industry revolution over the past few decades has been extraordinary, driving innovation and prosperity at an unprecedented rate. Unfortunately, this meteoric rise of the tech industry has come at a price – it has broken the most prestigious bank in the world.
It wasn’t the big tech companies that damaged the world’s economy but the sheer speed of innovation and disruption they brought with them. The sheer speed of new technology meant that traditional paradigms were replaced overnight and old paradigms were left in the dust. The traditional financial industry, which traditionally moves slowly and cautiously, was no match for this new tech-driven market.
The innovation that the tech industry brought also changed the fundamental dynamics of the economy. Companies such as Apple, Google and Amazon became the largest in the global economy, and disrupted the traditional corporate structure that had been established before. As the tech industry moved faster and faster, the opportunities for traditional finance dried up, thus breaking the world’s most prestigious bank.
Though the results of the tech industry’s revolution in the global economy have been both positive and negative, it is clear that the tech industry has moved too quickly, and as a consequence, broken the world’s most renowned and respected financial institutions. This has enabled many new companies to enter the market, but also resulted in the marginalized. Even more concerning is the way that the reliance on technology has placed the economy under the control of a handful of large companies.
Breaking down the traditional financial industry that had been in place for centuries created both winners and losers, and the full implications of this are still yet to be seen. As the tech industry continues to move faster and faster, its impacts are likely to be deep and varied, with long-term ramifications for the world economy. Whether these longer-term effects will be positive or negative remains to be seen, but it is clear that the tech industry has moved fast, and broken its most prestigious bank.