The Internet: A Decade of Destruction

The past decade is the era in which the Internet ruined everything. Just look at the industries that have been damaged by the rise of the Web: Newspapers. Magazines. Books. TV. Movies. Music. Retailers of almost any kind, from cars to real estate. Telecommunications. Airlines and hotels. Wherever companies relied on advertising to make money, wherever companies were profiting by a lack of transparency or a lack of competition, wherever friction could be polished out of the system, those industries suffered.Remember all that crazy talk in the early days about how the Internet was going to change everything and usher us into a brave new techno-utopia? Well, to get to that promised land, we first have to endure a period of what economist Joseph Schumpeter called “creative destruction,” as the Internet crashes like a tsunami across entire industries, sweeping away the old and infirm and those who are unwilling or unable to change. That’s where we’ve been these past 10 years, and it’s been ugly.To read this Newsweek report in full, see:

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