October 15, 2018

The Rich Get Richer in Silicon Valley

“Silicon Valley is considered an economic powerhouse, lauded as a model of economic growth the world over. Yet the wealth disparity between low, mid and high-level tech workers is far greater than it was two decades ago; worse, the economic impact of the tech industry in the Bay Area has been making the rich richer and the poor poorer, according to a new study published on Monday.

The report, entitled “Still Walking the Lifelong Tightrope: Technology, Insecurity and The Future of Work,” analyzes how wealth and economic gains by big tech companies are being distributed in Silicon Valley. The report is a follow-up to a similar one conducted in the late 1990s called “Walking the Lifelong Tightrope: Negotiating Work in the New Economy,” which was conducted by the same author, Dr. Chris Benner, in the midst of discussions at the time around tech being the “new economy.”

Benner, professor and director of the Everett Program for Technology and Social Change at UC Santa Cruz and lead author of the study, told Salon he was surprised by the latest study’s findings this time around, and is sounding the alarm that Silicon Valley’s economy could create wealth inequality across the world if replicated.”

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