Abstract
Rapid growth of sharing economy in the last two decades is the outcome of a paradigm shift in global capitalism and societal values. Based on digital identity and the Trust and Reputation Index, IT platforms have brought together strangers who under new social construct, share under-utilized capacities and assets with those who need them. Radius of trust which was initially confined to family and friends; now encompasses strangers who speak no common language and who live oceans apart. Hungary is no exception to this global shift. Sharing economy in Hungary has registered healthy growth specially in the areas of transportation and accommodation. Oszkár, a long-distance car-sharing company presents a good example of this paradigm shift in societal values and sharing with strangers. This platform has recorded impressive growth of over 67% between 2015-2018 with very positive customer reviews. Moreover, this represents an environmentally-friendly sustainable practice which successfully reduces carbon foot-print and traffic congestion.
Highlights
Rapid growth of sharing economy in the last two decades is the outcome of a paradigm shift in global capitalism and societal values
During the last two decades sharing economy has re-written the rules of the traditional economic system
Well-designed online reviews and Trust and Reputation Index have enhanced the radius of trust towards strangers
Summary
There were many examples of sharing economy while hunting, fishing, farming and cooking. These practices took the form of tribal or community behaviour and customs. The modern concept of sharing economy is based on sharing of private assets like apartments, cars, equipment and individual services and skills on an information technology (IT) platform. With the rapid growth of information technology, evolution of new business models and change in social construct of ownership; individuals and groups are willing to share their assets for profit. Education, globalization and technology characterize the current social conditions that are increasingly unstable and are undergoing rapid change and they cannot serve as frames of reference for human actions and long-term life strategies (Bauman, 2007). Access to idle resources and assets has emerged as a way to manage the challenges of a liquid society. (Bardhi et al, 2012)
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