Regulators and opinion leaders must also recognize that several disruptive technologies have become more systemic and more difficult to keep up with. As such, and without minimizing the need for companies to clean up their act, the system itself needs to be more open to change that empowers and enables an ever-growing number of people. The shortcut of seeking to repress the disruptive activities is not desirable in terms of overall social welfare, nor is it feasible over the longer term.
Mohamed A. El-Erian is a Bloomberg View columnist. He is the chief economic adviser at Allianz SE and chairman of the President’s Global Development Council, and he was chief executive and co-chief investment officer of Pimco.
This column was provided by Bloomberg News.