Capitalism may be reinventing socialism — and probably not how you think
Source: Fortune ·
The economics of private property could be changing massively from the dual forces of AI and quantum computing.
From the source
Capitalism has been central to America’s remarkable 250-year adventure in self-government. It has transformed material life, brought mass prosperity and reduced extreme deprivation to a fraction of what it once was. Markets and private ownership have proved extraordinarily effective institutions for organizing economic activity. There is no reason, however, to assume that the institutions that worked best in the past will work best as technology changes. Capitalism rests on an assumption so fundamental that economists rarely bother making it explicit: property rights must be cheap enough to enforce. That cost may be about to rise sharply. The important question is not whether technology can continue to protect private property, but how expensive it will become to do so. A dollar in my bank account is mine because a bank can establish that I am me. A share of stock is mine because financial institutions recognize my claim. My house is mine because a registry records my ownership and…