So after the Black Death, where I think 35% of Europe died, suddenly peasants realized that they weren’t valuable. And also, you had knights who had previously, if you were the Big Baron and I’m merely a knight, you would have granted me my house and I would’ve have given you my knight service, you know, like having a job. Like having a job.
But then, the knights who were any good could go to Italy and join what was called a company, and the big one was called the White company, run by an Englishman, and they sold themselves because they were experts. So I think it’s not quite the same, is it, Thierry, but I think there are echoes. Then, the institution was the monarchy and the church, and they controlled everything. Today, it’s the corporate institution and the large government bureaucracy. They’re going to fight but they’re going to lose. So if you look at the last piece here, it’s about capitalism itself, I think. If you are Marriott hotels, the amount of capital that you have to have invested in your business is very large. You don’t own the real estate, you usually have investment partners who do that, but you pay all the wages, and you pay all the bills to run all the hotels.
In the old days, you used to own the hotels as well, but it’s a vast amount of capital. So what Airbnb is really doing, is they’ve got none of those costs at all. None. None of those costs at all. And their marketing costs are less as well. So with the real network, which is about aggregating, it’s just creating a system that people can fit into. That’s the new capitalism because it’s really based on social capital.