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Sharing isn't new. Giving someone a ride, having a guest in your spare room, running errands for someone, participating in a supper club -- these are not revolutionary concepts. What is new, in the "sharing economy," is that you are not helping a friend for free; you are providing these services to a stranger for money. In this book, Arun Sundararajan, an expert on the sharing economy, explains the transition to what he describes as "crowd-based capitalism" -- a new way of organizing economic activity that may supplant the traditional corporate-centered model. As peer-to-peer commercial exchange blurs the lines between the personal and the professional, how will the economy, government regulation, what it means to have a job, and our social fabric be affected?
Drawing on extensive research and numerous real-world examples -- including Airbnb, Lyft, Uber, Etsy, TaskRabbit, France's BlaBlaCar, China's Didi Kuaidi, and India's Ola, Sundararajan explains the basics of crowd-based capitalism. He describes the intriguing mix of "gift" and "market" in its transactions, demystifies emerging blockchain technologies, and clarifies the dizzying array of emerging on-demand platforms. He considers how this new paradigm changes economic growth and the future of work. Will we live in a world of empowered entrepreneurs who enjoy professional flexibility and independence? Or will we become disenfranchised digital laborers scurrying between platforms in search of the next wedge of piecework? Sundararajan highlights the important policy choices and suggests possible new directions for self-regulatory organizations, labor law, and funding our social safety net.
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Author's Note and Acknowledgments pxi
Introduction p1
Airbnb-Design Your World Right p7
Lyft-Hospitality in Transportation p9
The Rise of the On-Demand Workforce p10
BlaBlaCar-Global Infrastructure Built on Trust p12
The Melding of Commerce and Community p13
La Ruche Qui Dit Oui-Redefining Perfection p16
How to Read This Book p17
Cause p21
The Sharing Economy, Market Economies, and Gift Economies p23
What Is the Sharing Economy? p26
How Key Early Thinking on the Sharing Economy Evolved p30
Is the Sharing Economy a Gift Economy? p35
The Sharing Economy Spans the Market-to-Gift Spectrum p38
Accommodation p38
Funding p41
Service Platforms p43
The Sharing Economy and Human Connectedness p44
Laying the Tracks: Digital and Socioeconomic Foundations p47
Precursors: eBay, Craigslist, Kozmo p48
Digital Determinants of the Sharing Economy p52
Three Fundamental Forces p52
The Consumerization of the Digital p54
The Digitization of the Physical p55
Decentralized Peer-to-Peer and the Blockchain p58
The Digitization of Trust p60
Socioeconomic Drivers of the Sharing Economy p65
Platforms: Under the Hood p69
Markets and Hierarchies p70
How Digital Technologies Reorganize Economic Activity p72
Are Platforms a New Firm-Market Hybrid? p77
Gansky's "Meshy-ness" Grid p79
Botsman's Four Quadrants p82
Owyang's Honeycomb p82
Biockchain Economies: The Crowd as the Market Maker p85
Understanding Decentralized Peer-to-Peer Exchange p87
Bitcoin p87
OpenBazaar and Smart Contracts p91
Decentralized Service Platforms p94
Value Creation and Capture in Decentralized Exchange p95
Attention, Search, and Discovery p96
Trust and Reputation p97
Logistics 98 Some Challenges and Opportunities p99
Effect p103
The Economic Impacts of Crowd-Based Capitalism p105
The Trouble with GDP p109
Additional Measurement Challenges in the Digital Economy p111
Four Key Economic Effects p114
Altering Capital "Impact" p114
Economies of Scale and Local "Network Effects" p117
Increased Variety = Increased Consumption p121
The Democratization of Opportunity p123
A Deep Dive into Peer-to-Peer Rental Markets p125
The Shifting Landscape of Regulation and Consumer Protection p131
Why Regulation Still Matters p138
Information Asymmetry p139
Externalities p140
Blurring of Boundaries p141
The Evolution of Regulation: Trust, Institutions, and Brands p142
A Historical Example: The Maghribi Traders p142
Economic Institutions and Brand-Based Trust p144
Where the Sharing Economy Is Taking Regulation p146
Future Regulatory Models p150
Peer Regulation p151
Self-Regulatory Organizations p152
Data-Driven Delegation p155
The Future of Work: Challenges and Controversies p159
"Freelanceability," Offshoring, and Automation p162
Off shoring p162
The Second Machine Age p164
The New Digitally Enabled Workforce p167
New Marketplaces p167
New Generalists p171
Immediacy of Labor Supply p172
Task Economies p173
Invisible Work p175
The Future of Work: What Needs to Be Done p177
Independent Workers and Dependent Contractors p178
The New Social Safety Net p187
How Entrepreneurial Is Your Platform? p192
Incubation p192
Independence p194
Infrastructure p195
Sharing Ownership in the Sharing Economy p196
Data Darwinism p200
Concluding Thoughts p203
Notes p207
Index p229