Tech Bubble: Who Benefited?

An Interview with Michael Hudson for Counterpunch By STANDARD SCHAEFER During the boom of the 1990s, neoliberal economists and the financial press promoted the the high tech revolution for its ability to reduce production costs. As long as government did not interfere with markets, technology would lead to an improvement in the quality of life. The ultimate beneficiary was supposed to be the consumer. This did not happen. The main beneficiary was Big Finance. Finance capital, long assumed to play a facilitating role, not a dominating one, actually led to scaled back and distorted technological innovations. Deregulation in finance and the privatization of public services lead to market manipulation, and record consumer debt. Legal protection of intellectual property rights also allowed corporations to ...