>>12784762>Access to services could displace ownership: Individuals are using digital technologies to access “solutions” rather than owning assets. In countries such as India, some forms of ownership (like cars) may be leap-frogged entirely. In China, the transaction volume of the access economy topped $500 billion USD in 2016, a 103% increase over 2015. Unlike the traditional economy, the access economy uses new technologies that let individuals rent out goods or services that they own, such as clothing, cars, rooms in houses, parking spots, tools, etc. This has made it easy to rent a product for a short period of time, and increased the goods and services we can access on demand.>If widely adopted, the access economy could free Canadians from having to buy goods, especially those that need financing. Consequently, Canadians could have more liquid capital, less debt, and potentially access to higher quality products. This could be useful in helping Canadian households lower their debt and avoid extreme debt. With fewer assets, Canadians could lack the collateral to access affordable credit. Depending on how far this new access model displaces ownership, an individual may no longer own their lifestyle–instead they might effectively rent it. This new model could either speed up the concentration of power and wealth, or break it up. The result depends on the makeup of peer-to-peer (e.g. Airbnb) and big companies (e.g. Zip Car) in the access economy.You will rent everything. Nobody will own anything.
