A few months ago, TechCrunch had a post debating the role of capitalism in a world that includes AI, where jobs are disappearing at a rate faster than new jobs coming in. Capitalism has always been played as a finite game, focused on profit for a set of people, largely irrespective of the costs to others or society at large. As I wrote in “A shift in the world order“, its only real foe in the recent past has been the nation state, and its executive arm – the government. A foe increasingly struggling to even defend its own relevance, I’d say. As the dominant system of the world, we will then automatically (whether rightfully, is debatable) begin questioning capitalism’s morality codes. More than what we are doing currently, because the impact will not just be higher, it will also start affecting more people.
Earlier this year, I had written on how if it intends to survive, capitalism needs to expand its scope, and play an infinite game – whose purpose is to continue the flow of the game, and bring in new players. Something similar to what Douglas Rushkoff calls digital distributism (read) a model that aims for the circulation of money rather than the extraction of money. An evolution that capitalism needs to go through, or it runs the risk of imploding. This, of course, is not really in line with the way an earlier generation of corporations, or Silicon Valley operates. As Maciej Cegłowski writes in “The Moral Economy of Tech“, treating the world as a software project gives us a rationale for being selfish. We pretend that by maximizing our convenience and productivity, we’re hastening the day when we finally make life better for all those other people. More