Business | Schumpeter

The wolves of the web

Booming technology firms are now at the centre of worries about inequality

THE barons of high-tech like to think of themselves as very different creatures from the barons of Wall Street. They create cool devices that let us carry the world in our pockets. They wear hoodies, not suits. And they owe their success to their native genius rather than to social connections—they are “the crazy ones, the misfits, the rebels, the troublemakers, the round pegs in square holes”, in Steve Jobs’s famous formulation.

But for many people in San Francisco this is a distinction without a difference. For months now protesters have been blockading the fleets of private buses that Google and other technology giants use to ferry their employees to and from Silicon Valley 40 miles to the south. They are particularly incensed that the buses pay almost nothing to use public stops, often blocking city buses. Protesters are also angry that an influx of well-paid geeks has pushed up property prices and rents.

This article appeared in the Business section of the print edition under the headline "The wolves of the web"

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