Dot-com era venture capital fueled utopian economic predictions that collapsed in 2000

Evidence

The excitement surrounding the internet experienced by early San Francisco netizens spread like a fever across the United States. During the height of the dot-com boom in 1999 and 2000, millions of dollars in venture capital were pumped into internet companies, hundreds of which went public at high valuations, sending the stock market soaring. Young people flocked to the centers of the boom: San Francisco, Seattle, New York, and Austin. Dot-commers emphasized the “five c’s”—content, commerce, community, context, and connectivity—and extolled the massive changes that the “New Economy” would bring about. The New Economy, a buzzword popularized in 1997 by a series of articles in BusinessWeek, referred to the massive changes that the technology industry would bring to the economic climate of the United States, specifically low unemployment rates, fast growth, low inflation, and increased productivity. — Alice E. Marwick, Status Update, 141

Categorization

• XREF: Provides the socioeconomic backdrop against which the San Francisco tech scene in later chapters self-brands as part of a revolutionary New Economy. — connects to: The dot-com bust shattered utopian New Economy promises with massive tech job loss — Alice E. Marwick, Status Update: Celebrity, Publicity,…, 142; The 2000 dot-com crash abruptly ended Google’s fundraising confidence — Shoshana Zuboff, The Age of Surveillance Capitalism, 223; The dot-com crash wiped out startups and investor confidence within months — Shoshana Zuboff, The Age of Surveillance Capitalism, 224 (+3 more)

Broader Connections

• The dot-com bust shattered utopian New Economy promises with massive tech job loss #corroborates (0.90) — Alice E. Marwick, Status Update, 142
• The dot-com crash wiped out startups and investor confidence within months #corroborates (0.85) — Shoshana Zuboff, The Age of Surveillance Capitalism, 224
• Web 2.0 revived tech optimism after the dot-com crash dismantled it #corroborates (0.80) — Alice E. Marwick, Status Update, 54
• Web 2.0 succeeded by reviving techno-utopian ideals while promising new wealth #corroborates (0.75) — Alice E. Marwick, Status Update, 150
• The 2000 dot-com crash abruptly ended Google’s fundraising confidence #exemplifies (0.72) — Shoshana Zuboff, The Age of Surveillance Capitalism, 223
• Gig platforms will collapse or become luxury services when venture funding dries up #qualifies (0.70) — Nick Srnicek, Platform Capitalism, 96