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A digital currency to fight data overlords - The Hindu BusinessLine

A digital currency to fight data overlords - The Hindu BusinessLine
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A Data-Driven End to Capitalism as We Know It


Dec 28 2020, 11:48 AM
December 28 2020, 4:30 AM
December 28 2020, 11:48 AM
(Bloomberg Opinion) From interest rates to fashion, pandemics in the past — like the Black Death in the 14th century — have left deep imprints on economic life. This time may be no different. In the aftermath of the coronavirus, governments can reimagine capitalism by giving all of us a stake in the most valuable byproduct of our day-to-day living: data. But make no mistake. It will still be a Faustian bargain. 
(Bloomberg Opinion) From interest rates to fashion, pandemics in the past — like the Black Death in the 14th century — have left deep imprints on economic life. This time may be no different. In the aftermath of the coronavirus, governments can reimagine capitalism by giving all of us a stake in the most valuable byproduct of our day-to-day living: data. But make no mistake. It will still be a Faustian barga ....

Christian Fuchs , Andy Mukherjee , Southeast Asia Grab Holdings Ltd , Mastercard Inc , Facebook Inc , Baidu Inc , India Jio Platforms Ltd , Alphabet Inc , Netflix Inc , University Of Westminster , Xiaomi Corp , Samsung Electronics Co , Paypal Holdings Inc , Columbia Law School Professor Katharina Pistor , Alibaba Group Holding Ltd , China Ant Group Co , Apple Inc , Visa Inc , Tencent Holdings Ltd , Bloomberg Opinion , Black Death , Alibaba Group Holding , Tencent Holdings , Samsung Electronics , Jio Platforms Ltd , Southeast Asia ,

Owning databases that we help build: Can it end capitalism as we know it?


From interest rates to fashion, pandemics in the past like the Black Death in the 14th century have left deep imprints on economic life. This time may be no different. In the aftermath of the coronavirus, governments can reimagine capitalism by giving all of us a stake in the most valuable byproduct of our day-to-day living: data. But make no mistake. It will still be a Faustian bargain.
A global data profit will be a very different GDP from gross domestic product. The case for technology companies to share it with we, the people who supply them the bits and bytes, is compelling. In fact, it could even emerge as a better universal basic income another revolutionary concept whose time may have come for the post-Covid world. ....

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