Wednesday, 29 October 2008
Bubbles and benefits
There have been a few bubbles in the course of history. Those bubbles have typically left us with benefits. The 1880's bubble left the legacy of the railways. The 1920's bubble left much of the public utility infrastructure in its wake... The 90's dot com bubble left an internet online infrastructure in its wake. What will the current bubble of disruption leave us with? Even if it leads to a revision of the way banks work, it's hard to see how any significant infrastructural investment will result. The big benefits of the past have provided a partial springboard out of difficult economic times. It's not obvious to many what the springboard will be this time.