Reinventing Capitalism in the Age of Big Data
By Viktor Mayer-Schonberger and Thomas Ramge
A provocative look at how data is reinventing the market: where big firms will no longer be dominant.
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 organizing human endeavors, meaning that finance driven capitalism is being displaced by its more efficient, moresustainable, and more democratic disruptor: data capitalism.
Viktor Mayer-Schönberger 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 the technology correspondent of the business magazine brand eins and writes for The Economist.
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- Publication date:
24 Jan 2019
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Ideas on how best to organise a data economy are far and few between. This book offers plenty of food for thought — Ludwig Siegele, Technology Editor, The Economist
This landmark book . . . should challenge and inspire every corporate strategist and public policy maker — Philip Evans, Senior Advisor, The Boston Consulting Group
Anyone interested in the future of business should read this fascinating book . . . Reinventing Capitalism makes a compelling case that it will change the nature of the market itself. With brilliant insights, it explains how the shift from simple price signalling to data-rich preference matching will determine the winners and losers of the 21st century economy, and thoughtfully outlines steps to curb the excesses of this new environment — Kevin Werbach, The Wharton School, University of Pennsylvania
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