TECHNOCAPITALISM

The author of Rogue Economics warns us that “high-tech-savvy entrepreneurs” are monopolizing the economy, exacerbating inequality, weakening the state, and placing “the common good in jeopardy.”

Italian journalist Napoleoni believes that we live in a “new paradigm” of accelerating change in which the present and future overlap. In this “Present Future,” she writes, “humanity and politics seem unaware of the empowering of technology and refuse to embrace the epochal change that will allow us to leap into a better future.” The villains are cyberpunks whose quest for individual freedom and mistrust of government have led to such problematic technologies as cryptocurrencies, non-fungible tokens, and artificial intelligence. Moreover, the digitalization of money and its unrestrained printing are undermining both Wall Street and the state as a whole. Tech titans such as Jeff Bezos and Mark Zuckerberg are particularly dangerous. Napoleoni’s gallery of malefactors also includes the Space Barons—e.g., Bezos, Elon Musk, and Richard Branson—who are using satellites and reusable launch vehicles to commercialize low Earth orbit. The Space Barons also tout the colonization of space, a project the author considers futile and a retreat from the challenge of climate change. She calls for national and international governmental bodies to rein in digitalization, but she also celebrates blockchain technology for its support of individual privacy, reliance on trust, and enabling of collective decision-making. Blockchain technology is revolutionary and “powerful enough to potentially redesign everything, including human relationships.” Napoleoni vacillates between a critical assessment of computerized technologies and enthusiastic embrace, while also being ambivalent about state regulation. Despite internal inconsistencies, her argument is well documented and addresses the real threat that the economy’s financialization poses to democratic institutions and personal freedom. We are, she claims, “sleepwalking towards dystopia.”

A heartfelt plea for greater vigilance in a world increasingly controlled by advanced digital technology.