How artificial intelligence could kill capitalism

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If you believe the hype, then Artificial Intelligence (AI) is set to change the world in dramatic ways soon. Nay-sayers claim it will lead to, at best, rising unemployment and civil unrest, and at worst, the eradication of humanity. Advocates, on the other hand, are telling us to look forward to a future of leisure and creativity as robots take care of the drudgery and routine.

A third camp – probably the largest – are happy to admit that the forces of change which are at work are too complicated to predict and, for the moment, everything is up in the air. Previous large-scale changes to the way we work (past industrial revolutions) may have been disruptive in the short-term. However, in the long term what happened was a transfer of labor from countryside to cities, and no lasting downfall of society.

However, as author Calum Chace points out in his latest book ‘Artificial Intelligence and the Two Singularities’ this time there’s one big difference. Previous industrial revolutions involved replacing human mechanical skills with tools and machinery. This time it’s our mental functions which are being replaced – particularly our ability to make predictions and decisions. This is something which has never happened before in human history, and no one exactly knows what to expect.

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The zero marginal cost economy

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The consumer “sharing economy” gives us a taste of what it’s like to live in a world where we own less.

There’s a tremendous change going on right now in our society. Those of us who enjoy services like Uber and Kickstarter are experiencing it firsthand. The sharing and collaboration practices of the internet are extending to transportation (Uber), hotels (Airbnb), financing (Kickstarter, LendingClub), music services (Spotify) and even software development (Linux, Drupal).

 

 

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OECD predicts global capitalism will collapse in 50 years

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Symbol of capitalism

The Organization for Economic Cooperation and Development, a pro-establishment, pro-market thinking organization has released a report predicting a collapse in global economic growth rates, a rise in feudal wealth disparity, collapsing tax revenue and huge, migrating bands of migrant laborers roaming from country to country, seeking crumbs of work. They prescribe “flexible” workforces, austerity, and mass privatization.

 

 

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Joseph Stiglitz Explains Why We Have To Change Capitalism

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Joseph Stiglitz

In an exclusive extract from his new book, Freefall, the former World Bank chief economist, Joseph Stiglitz, reveals why banks should be split up and why the West must cut consumption. 

In the Great Recession that began in 2008, millions of people in America and all over the world lost their homes and jobs. Many more suffered the anxiety and fear of doing so, and almost anyone who put away money for retirement or a child’s education saw those investments dwindle to a fraction of their value.

 

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Capitalism vs. Socialism: Marx Was Correct!

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Often Maligned Visionary Karl Marx

The work of Karl Marx is ultra relevant to understanding the world’s current financial mess, don’t let anyone tell you otherwise. Marx has become intellectually indispensable to many again, as if there ever should have been any doubt. It’s fascinating to consider that during the time period when Marx was writing “Capital,” there were few factories in England –it was largely an agrarian society still– yet somehow Marx was able to see clearly the mess that we would be in today. He’s the most accurate prophet in all of history, there should be no doubt about this. Marx viewed history with a very, very long telescope. How he was able to see so far into the future is a mystery of his particular genius, but Marx accurately extrapolated how capitalism’s endgame would play itself out at the very birth of the system. Marx saw how utterly destructive this system would ultimately become. Look around you: Marx was right.

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Gates Issues Call For “Creative Capitalism”

 Gates Issues Call For “Creative Capitalism”

The battle between the “thinkers” and the “do-ers” takes shape

Capitalism has improved the lives of billions of people — something that’s easy to forget at a time of great economic uncertainty. But it has left out billions more. They have great needs, but they can’t express those needs in ways that matter to markets. So they are stuck in poverty, suffer from preventable diseases and never have a chance to make the most of their lives.

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