As the economy moves to cheap, scalable hardware production and the only things that are scarce are good ideas (technology, design) and human attention (clicks, impressions, brands) the whole mindset of growth driven capitalism in Asia is going to be in for a profoundly rude awakening. All those rentier assets will not be worth much anymore and the ability of the state or a couple of tycoons to control the commanding heights of an economy will be profoundly impaired by the lack of commanding heights more than anything else. Even more terrifyingly the prevailing model of intermediated financial markets with commercial banks front and centre will create incredible risks as banks do what they did previously and lend to capital intensive “stuff” businesses that do not generate much value. We may at some point develop wants and desires that are capital and credit intensive – the colonization of space perhaps – but it is a long way off just yet.
Overall the post is about “the decline of stuff,” and the source was retweeted by Izabella Kaminska.