* Date : 2018-10-30
On Oct. 18, thousands of South Korean taxi drivers gathered in central Seoul to stage a protest. This was after a South Korean tech giant announced plans to launch a new ride-sharing service, which the taxi drivers claim will threaten their basic livelihoods. A renewed spotlight has been cast over the sharing economy in the midst of this controversy. The sharing economy refers to a new form of capital ownership where various goods and services are shared and rented out to multiple participants. Ride-hailing service Uber and accommodation service Airbnb are the two most well-known pioneers in the sharing economy business. The sharing economy promises a more efficient use of resources and the market is expected to grow to some US$335 billion by the year 2025, from what was worth $15 billion in 2013. However a number of legal issues, conflicts with traditional service providers and allegations of profit maximization have also plagued many sharing economy platforms. In this week's edition of "Foreign Correspondents", we sit down with our panel of journalists to talk more about the current state and the future of the sharing economy.