An unnerving yet plausible portrait of a future in which “finance capitalism will be as old-fashioned as Flower Power.”
Another entry in the rapidly growing literature about how big data will soon transform capitalism as we know it.
Expect “a fundamental reorganization of our economy, one that will be arguably as momentous as the Industrial Revolution,” write Mayer-Schönberger (Internet Governance and Regulation/Univ. of Oxford; Delete: The Virtue of Forgetting in the Digital Age, 2009, etc.) and Economist contributing editor Ramge. In this thoughtful, provocative account of the coming impact of big data on human transactions, the authors note that economic activity has long been coordinated by markets and firms, with price serving as a convenient way to distill information about the value of goods and services. In the process, valuable details were lost. Now, as we enter a new age of data capitalism, digital innovations are allowing “massive amounts of data…[to] flow quickly, easily, and cheaply between transaction partners,” helping them make better decisions. At the same time, we have the methods and tools to work with that data. This emerging economy has already given us such enterprises as BlaBlaCar, which helps millions of people share car rides each month. “From internet travel site Kayak to online investment company SigFig, to digital labor platform Upwork,” write the authors, “more and more markets that use data to help participants find better matches are gaining traction and attention.” Such improvements in transactions and efficiency will soon reshape markets of all kinds and allow us to address climate change and other complex issues. With price no longer the chief focus (machines will negotiate with sellers), there will be less need for money and banks (many will be gone by the late 2020s), and firms will have to reinvent the way they do business. The authors cover the inevitable upending of the labor market and the possible need for constant worker retraining or a universal basic income.
An unnerving yet plausible portrait of a future in which “finance capitalism will be as old-fashioned as Flower Power.”Pub Date: Feb. 27, 2018
ISBN: 978-0-465-09368-7
Page Count: 288
Publisher: Basic Books
Review Posted Online: Dec. 10, 2017
Kirkus Reviews Issue: Jan. 1, 2018
An intriguing meditation on the nature of the universe and our attempts to understand it that should appeal to both...
Italian theoretical physicist Rovelli (General Relativity: The Most Beautiful of Theories, 2015, etc.) shares his thoughts on the broader scientific and philosophical implications of the great revolution that has taken place over the past century.
These seven lessons, which first appeared as articles in the Sunday supplement of the Italian newspaper Sole 24 Ore, are addressed to readers with little knowledge of physics. In less than 100 pages, the author, who teaches physics in both France and the United States, cogently covers the great accomplishments of the past and the open questions still baffling physicists today. In the first lesson, he focuses on Einstein's theory of general relativity. He describes Einstein's recognition that gravity "is not diffused through space [but] is that space itself" as "a stroke of pure genius." In the second lesson, Rovelli deals with the puzzling features of quantum physics that challenge our picture of reality. In the remaining sections, the author introduces the constant fluctuations of atoms, the granular nature of space, and more. "It is hardly surprising that there are more things in heaven and earth, dear reader, than have been dreamed of in our philosophy—or in our physics,” he writes. Rovelli also discusses the issues raised in loop quantum gravity, a theory that he co-developed. These issues lead to his extraordinary claim that the passage of time is not fundamental but rather derived from the granular nature of space. The author suggests that there have been two separate pathways throughout human history: mythology and the accumulation of knowledge through observation. He believes that scientists today share the same curiosity about nature exhibited by early man.
An intriguing meditation on the nature of the universe and our attempts to understand it that should appeal to both scientists and general readers.Pub Date: March 1, 2016
ISBN: 978-0-399-18441-3
Page Count: 96
Publisher: Riverhead
Review Posted Online: Dec. 7, 2015
Kirkus Reviews Issue: Dec. 15, 2015
BOOK REVIEW
BOOK REVIEW
A readable, persuasive argument that our ways of doing business will have to change if we are to prosper—or even survive.
A well-constructed critique of an economic system that, by the author’s account, is a driver of the world’s destruction.
Harvard Business School professor Henderson vigorously questions the bromide that “management’s only duty is to maximize shareholder value,” a notion advanced by Milton Friedman and accepted uncritically in business schools ever since. By that logic, writes the author, there is no reason why corporations should not fish out the oceans, raise drug prices, militate against public education (since it costs tax money), and otherwise behave ruinously and anti-socially. Many do, even though an alternative theory of business organization argues that corporations and society should enjoy a symbiotic relationship of mutual benefit, which includes corporate investment in what economists call public goods. Given that the history of humankind is “the story of our increasing ability to cooperate at larger and larger scales,” one would hope that in the face of environmental degradation and other threats, we might adopt the symbiotic model rather than the winner-take-all one. Problems abound, of course, including that of the “free rider,” the corporation that takes the benefits from collaborative agreements but does none of the work. Henderson examines case studies such as a large food company that emphasized environmentally responsible production and in turn built “purpose-led, sustainable living brands” and otherwise led the way in increasing shareholder value by reducing risk while building demand. The author argues that the “short-termism” that dominates corporate thinking needs to be adjusted to a longer view even though the larger problem might be better characterized as “failure of information.” Henderson closes with a set of prescriptions for bringing a more equitable economics to the personal level, one that, among other things, asks us to step outside routine—eat less meat, drive less—and become active in forcing corporations (and politicians) to be better citizens.
A readable, persuasive argument that our ways of doing business will have to change if we are to prosper—or even survive.Pub Date: May 1, 2020
ISBN: 978-1-5417-3015-1
Page Count: 336
Publisher: PublicAffairs
Review Posted Online: Feb. 16, 2020
Kirkus Reviews Issue: March 15, 2020
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