We now have a much more unequal world than the past. And this world is now being knit together by modern communications technologies. Third, industry structure is going to change. Fourth, intellectual property is going to be key. But we don't know how to make an intellectual property system for the coming e-conomy.
Inconsistent expectations dominate today's financial markets.
The industrial age amplified potential human economic productivity and material well-being by a multiple hard to imagine. We now have a much more productive world than in past centuries. But we also now have a much more unequal world than the past. This is not the first time we have seen massive economies of scale and network externalities. Tolerate oligopoly but dissolve monopoly.