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 organising human endeavors, meaning that finance driven capitalism is being displaced by its more efficient, more sustainable, 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 a business writer, a contributing editor at The Economist and the author of ten books on big data and digitization.

Praise for Big Data - . An optimistic and practical look at the big data revolution - just the thing to get your head around the big changes already underway and the bigger changes to come - Cory Doctorow, Boing Boing Teems with great insights on the new ways of harnessing information, and offers a convincing vision of the future. It is essential reading for anyone who uses - or is affected by - big data - Jeff Jonas, IBM Fellow & Chief Scientist, IBM Entity Analytics An excellent primer - Financial Times Fascinating - Observer