Question

Assignment 1: Please describe what is a Shared Economy and what is a capitalism, please highlight differences.

Assignment 2: Please reflect on the future of work taking in a perspective current circumstances, what are the main constraints and what are the opportunities. Who will lose and who will gain?

Answer 1

1. shared economy is an economic system in which goods and services are shared between private individuals. It helps consumers to earn money by renting out under-utilised goods or resources. For example, renting out a home using Airbnb or car pooling using Uber.
Whereas Capitalism is an economic system where government plays a secondary role and country's trade and industry are controlled by private owners for profit.

Sharing has been known as a natural and good deed in human behavior, while capitalism is based on the idea of ownership and property which fosters consumerism. Sharing puts extra resources to use which were lying idle because of capitalism and makes it available to those who are interested. Sharing is more efficient and generates more value.

2. The current circumstances of Covid-19 are similar to that of CLimate crisis which has limited our capacity and forced us to look for alternatives. It has definitely impacted the economies largely, huge proportion of population across the globe are losing their jobs and other sources of income, there has been scarcity of basic neccessities and the mental trauma. Elaborate around these points.

However, it has also given a new side or opportunity in the work field. People are doing tasks they never imagined. The very common being- working from home and mainting social distance while working at offices. Everyone is redesigning their work and work roles according to the circumstances and creating opportunities. Elaborate opportunities around - work being made portable, more inclination towards technology and automation- how they are making things easier under such circumstances, de- globalization is a clear trend post covid which will also generate more opportunities for home countries.

The low wage labourers and workers and farmers will lose the most, since this the section with no job security and no fixed income. The IT skilled and trained will gain more work since most of the work is being shifted to the online mediums.