Bloomberg: Jack Ma Sees Decades of Pain as Internet Upends Old Economy

The internet and automation are not through disrupting the economy, warns Jack Ma, co-founder of Alibaba, and “society should prepare for decades of pain” – or expect conflict. In a speech to an entrepreneurship conference in China, Ma expressed frustration that no one listened to his warnings issued long before his online company became famous. “Alibaba, China’s largest e-commerce operator, spends billions of dollars to move into new businesses from film production and video streaming to finance and cloud computing,” reports Bloomberg. “The Hangzhou-based company, considered a barometer of Chinese consumer sentiment, is looking to expand abroad since buying control of Lazada Group SA to establish a foothold in Southeast Asia, potentially setting up a clash with the likes of Amazon.com Inc.” Education, preparation, and fair and robust credit systems that encourage innovation and small businesses can help ease the pain. – YaleGlobal