‘Capitalism works differently after Satoshi’
I alway say that no matter what your area of interest, blockchain has something for you, this article is a great example.
In this excellent article by the team at the Royal Melbourne Institute of Technology Blockchain Innovation Hub, the evolution of capitalism is divided into pre and post Satoshi Nakamoto world.
The basic theory of the paper is that because the forces that have given rise to economic policies (such at antitrust laws, consumer protection laws, prudential law and the like) will be reduced or eliminated in the post Satoshi world, the need for such laws will be reduced or eliminated.
Concepts such as disintermediation, deheiriarchicalisation and private infrastructure are explained. The paper considers how these these first-order structural economic effects will have have second-order consequences for economic policy—especially competition, innovation and industry policy.
The paper concludes that ‘...Blockchain adoption is beginning a process of entrepreneurially unwinding layers of accumulated market intermediation and organisational hierarchy and is laying down new economic infrastructure…. Capitalism after Satoshi will be flatter, more distributed, and less regulated.’
Excellent piece of work, thanks RMIT.