Jeremy Rifkin sees new economy arising from Internet of Things

Economic and social theorist Jeremy Rifkin says the capitalist era is passing and we are on the verge of a new economic paradigm.

His new book, The Zero Marginal Cost Society: The Internet Of Things, The Collaborative Commons, And The Eclipse Of Capitalism argues most goods and services will soon be created almost for free.

Rifkin says a collaborative economy is rising that will challenge old-school capitalism and the kind of companies it formed. Instead, we will have workerless factories, virtual retailing and a culture of barter.

He explains his theory in a video interview with CBCs The Lang & OLeary Exchange.