The role of the Internet of Things in the third industrial revolution

IoT could have far-reaching implications for our economy.

By Joe Feeley

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Author Jeremy Rifkin has written about economic and social trends and issues for years. He says we've entered the third industrial revolution, and we'd better get ready for the changes it will bring.

His new book, The Zero Marginal Cost Society, foresees how the Internet of Things (IoT) will lead to nearly free goods and services, diminishing the influence of capitalism and ushering in a global "collaborative commons."

"We're just beginning to glimpse the outlines of the first new economic system since the emergence of capitalism and its antagonist socialism in the 19th century. It has long-term implications for us and our children and grandchildren," Rifkin said at a recent speaking engagement at Google’s headquarters.

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