Technology (broadly defined) includes everything from the Internet, computing, and communication, as well as the increased development and deepening of the capital markets (e.g., venture capital). Such technology has made it possible for a single person or a small set of people to have world-wide market presence, unlike anything in human history. For example, Facebook, Microsoft, etc. are able to reach the entire world to sell their products - something that was never possible before the introduction of the Internet. Similarly, Walmart has been able to achieve enormous economies of scale which have led to the "roll-up" of many family-owned small retailers.

Further, advances in computing power have eliminated many jobs, and not just those at the lowest levels. For example, the introduction of TurboTax and similar programs have displaced large numbers of accountants, while the development of legal search programs (such as RIA Checkpoint) has made outsourcing of law research ubiquitous, with the loss of many jobs for young attorneys.

Of course, technology has displaced many jobs that were l0w-skill or semi-skilled in nature. For example, the development of credit-card readers led to the demise of gas station attendants. And the rise of Amazon and similar on-line retailers have displaced many jobs in local businesses.