WEBVTT

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The sharing economy is
the peer-to-peer activity,

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also called P2P, of sharing
access to goods and services

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through an online platform.

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This economic model
allows users to make money

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from underused assets
like parked cars that can

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be rented out when not in use.

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In this way, physical assets
are shared as services.

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And the sharing economy is
growing into other business

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models as well.

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Coworking platforms are
offering shared workspaces

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for freelancers
and entrepreneurs.

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Peer-to-peer lending platforms
allow individuals to lend money

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to others at cheaper rates.

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There are fashion platforms that
help individuals sell or rent

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their clothes.

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Some platforms match
workers with jobs,

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ranging from traditional
freelance gigs

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to services usually reserved
for maintenance people.

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But the sharing economy
has numerous critics.

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One concern is the lack
of government oversight

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can lead to serious abuses
of both buyers and sellers.

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And rental services are often
regulated by authorities.

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Unlicensed individuals
offering rental services

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may not be following
regulations properly.

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That means they can charge
lower prices, giving them

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an advantage.

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There are also fears that
information shared online

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can create racial
and gender biases.

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This happens
frequently when users

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can choose who they share
their homes or vehicles with.

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And implicit statistical
discrimination

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can exclude users
with poor credit

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histories or criminal records.

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But, as the sharing
economy evolves,

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companies within
this sector have

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pledged to combat the
biases in both their users

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and algorithms.

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