Reinventing Capitalism in the Age of Big Data

Description

Markets have long been acknowledged to be a superior mechanism for managing resources but until the advent of big data, they largely functioned better in theory than in practice. Now, as ideal markets are within reach because of vastly greater access to information, we are on the verge of a major disruption. As data becomes a more valuable asset than cash, the rules for surviving and thriving are changing. REINVENTING CAPITALISM is a provocative look at how data is reinventing markets and, in so doing, is ushering in an era where the firm is no longer predominant. With richer and more comprehensive information about human wants and needs, an economy powered by data offers the possibility of increased abundance, equality, and resilience. The data-driven markets that will thrive in this environment are far better than firms at organizing human endeavors, meaning that finance driven capitalism is being displaced by its more efficient, moresustainable, and more democratic disruptor: data capitalism.

Viktor Mayer-Schonberger is the co-author (with Kenneth Cukier) of Big Data: A Revolution That Will Transform How We Live, Work, and Think. Published in 2013, the book has been translated into 20 languages and has sold more than 1 million copies worldwide. Thomas Ramge is the technology correspondent of the business magazine brand eins and writes for The Economist.

That data are a valuable resource is widely recognized. But ideas on how best to organize a data economy are far and few between. This book offers plenty of food for thought. - Ludwig Siegele, Technology Editor of The Economist Provocative - Financial Times An unnerving yet plausible portrait of a future in which 'finance capitalism will be as old-fashioned as Flower Power. - Kirkus In the past 20 years, the big platform players of the digital economy have reaped huge profits. This book explains how we can turn data-richness into a win for everyone in society. A must-read for all who believe in competition and fair distribution of wealth. - Don Tapscott, author of The Digital Economy, Wikinomics, and Blockchain-Revolution Stunning and extremely provocative ... will help us all reimagine what capitalism could become in our new, data-centric, AI based world. - John Seely Brown, Former Chief Scientist, Xerox Corp; Former Director, Xerox Palo Alto Research Center (PARC); and Co-author of Design Unbound