Silicon Valley wants to control the economy
I recently walked past an old minicab stand which, during our younger student days, sallied my friends back and forth between the city’s nightlife and our more affordable suburban digs. It is gone now; only a dilapidated and cordoned-off shack remains of a once-thriving minicab empire. Like thousands of others across the western world, the business went into terminal decline the moment Uber appeared in our lives. Yet a simple check of the app today shows the price of an Uber is not substantially less than a minicab ride back then. Uber rocketed to celestial heights because it was heavily subsidized by venture capital – driving the value through the floor, bankrupting all physical competitors, before it then jacked up the price to create an instant monopoly.
