Amazon too will one day become a Thomas Cook: Statesman contributor

NEW DELHI - The world's oldest travel agency Thomas Cook collapsing in an epic heap on September 23 delivered a warning of choice through changing times - evolution or extinction.

At one level Thomas Cook collapsed under the burden of a $2.1 billion debt. It needed to sell three million holidays annually only to pay interest on that debt. But that was only an apparent cause. The UK government is spending $124 million to bring its citizens back home, in yet another chapter of taxpayers paying for corporate greed and incompetence.

In his 1942 book 'Capitalism, Socialism and Democracy', Schumpeter described how 'creative destruction' works, with emerging technologies destroying old industries, jobs, lifestyles - and creating new industries, jobs, lifestyles. Likewise, the traditional retail industry faces its biggest challenge. More people buy all they need online, including groceries.

Evolving 3D printing technology is revolutionising manufacturing. Within 20 years, 3D printing will enable people to make at home customised goods. But I am inventing a new and more accurate term 'Technonomic Re-distribution' - the re-distribution of wealth through new technology-driven changes in the economy.

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