A documentary with historical, political and sociological depth.
Paris, 2015. Large groups of angry men barricade the streets, burning rubbish and tires, taunting riot police with insults and flying projectiles. The government is on high alert and news helicopters swarm above. At first glance, this seems like a political protest gone wrong – but in fact, these rioters are taxi drivers protesting a smart phone app that lets people share rides – yes, UBER. What seems like another chaotic protest is, in fact, perfectly sound economic theory according to Joseph Schumpeter, a maverick economist and intellectual showman that predicted today’s digital revolution as a cycle of booms and busts. Before there was the Internet, the smart phone, the new sharing economy - there was a rogue economist that predicted the impact of all these new technologies on a then unsuspecting world over 65 years ago.Shunned by his contemporaries, today Schumpeter is regarded as the Nostradamus of economics — once his theories were mocked as implausible, but today, his ideas of “creative destruction” have shaped our world.
We have arrived at a turning point.
This documentary will examine Schumpeter’s ideas of economic theory, and why mainstream economic thinkers did not regard recessions - including speculating bubbles as a failure of the system - are an integral part of capitalistic success that continues to impact the world today. Schumpeter’s theories add a surprising new angle to the credit crunch of 2008,
why it happened and how new technologies continue to throw conventional capitalism into disarray.