The dot-com bust shattered utopian New Economy promises with massive tech job loss
Evidence
Despite these predictions, the stock market reached a peak in March of 2000 and then dropped 34.2 percent in five weeks, causing massive job loss in the technology sector and something like a collective hangover. Today, the dot-com boom is mostly remembered for wretched excess, inflated company valuations, and the stereo type of the “ultracool, twenty-something cyberhead with a tattoo and a skateboard, plotting the overthrow of Microsoft from a fifthfloor walk-up on East 10th Street,” as the New York Times characterized the industry in 1997. — Alice E. Marwick, Status Update, 142
Categorization
- XREF: connects to: Dot-com era venture capital fueled utopian economic predictions that collapsed in 2000 — Alice E. Marwick, Status Update: Celebrity, Publicity,…, 141; Capitalist growth advances through labor-saving technology that destroys jobs — Clara E. Mattei, Escape from Capitalism, 245; Web 2.0 revived tech optimism after the dot-com crash dismantled it — Alice E. Marwick, Status Update: Celebrity, Publicity,…, 54 (+3 more)
Broader Connections
- Web 2.0 revived tech optimism after the dot-com crash dismantled it
#qualifies(0.85) — Alice E. Marwick, Status Update, 54 - The dot-com crash wiped out startups and investor confidence within months
#expands(0.85) — Shoshana Zuboff, The Age of Surveillance Capitalism, 224 - The New Economy buzzword promised low unemployment, fast growth, and low inflation.
#complicates(0.80) — Alice E. Marwick, Status Update, 141 - Capitalist growth advances through labor-saving technology that destroys jobs
#expands(0.75) — Clara E. Mattei, Escape from Capitalism, 245 - Technology failed to deliver the predicted society of leisure and liberation from work
#expands(0.75) — Mark Fisher (edited by Darren Ambrose), K-Punk, 1627