The market hasn’t “bounced back” it’s been manipulated. Technology has accelerated the corporate invasion of market sectors to plunder and take over areas where once many more middlemen grazed. Uber did it to the taxi industry, Airbnb the Real Estate management market, Amazon the retail industry and so on. Like the East India Company the first corporation, a modern management system can be run from a single office and is able to do what Atlassian did to the rapid registry of shares and even allowed Madoff to create the world’s biggest $64bill Ponzi scheme.
Yes, the global landscape is rapidly changing but not the Capitalist system and its value for the accumulation of private profit, time, and less labour. Where money makes money for those with a generational excess of it and already loaded. They are simply ready to continue investing their wealth rather than productive labour to exist. Labour today can cost less, be done by machines and if socially distributed provide less work and more leisure time for everyone rather than be a means of exploitation.
Pandemic lockdowns crushed Airbnb, Stayz and other short-term rental operators but the market has bounced back sharply, creating tensions in popular tourist destinations between councils, community groups and well-heeled property owners. Callum Foote reports on the case of ritzy Byron Bay.