The Sharing Economy

Abstract

The sharing economy (SE) represents a phenomenon that ten years ago Time Magazine included in its “10 Ideas That Will Change the World” (Walsh 2011). This prediction resonates because sharing economy organizations (SEOs) such as Uber, Airbnb, and Lending Club already challenge the size and scale of traditional businesses in their sectors (Penn and Wihbey 2016). Looking forward, “Price Waterhouse Coopers estimates that the sharing economy could generate more than $335 billion in revenues by 2025” (Staub 2019). Despite this economic clout, the regulation of this growing economy is usually left to municipalities, large and small. Voytenko Palgan, Mont, and Sulkakoski note that, “The sharing economy is having a transformative impact on our cities, and many municipalities are facing a challenge—how to systematically engage with the sharing economy to both mitigate its negative and enhance its positive impacts” (2021).