The internet held promise of solutions for a globalized world, and indeed, technology and the internet have helped to tackle many challenges of globalization today. First, although the dot-com mania was short-lived, it was a reflection of growing concerns that the “old economy” wasn’t working.In the book, Thiel gives a quick recap of the dismal global settings in the 1990s, the rise of the dot-com mania, and the burst of the dot-com bubble in 2000. They became valuable because they uncovered truths behind widely-held (but incorrect) beliefs, hence fundamentally changing our world. Each of these multi-billion dollar companies was once a startup. Globalization is at the heart of horizontal progress, while technology is at the heart of vertical progress. The most successful businesses in the world – such as Apple, Facebook, Google – achieved success not by copying others, but by creating something fundamentally new. when you move beyond typewriters to invent a word processor.
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