A Data-Driven End to Capitalism as We Know It
There’s a Faustian bargain to make from Covid-19 that could increase our ownership of the 21st century.
Let’s make a deal.
Photographer: Aksaran/Gamma-Rapho/Getty
From interest rates to fashion, pandemics in the past — like the Black Death in the 14th century — have left deep imprints on economic life. This time may be no different. In the aftermath of the coronavirus, governments can reimagine capitalism by giving all of us a stake in the most valuable byproduct of our day-to-day living: data. But make no mistake. It will still be a Faustian bargain.
A global data profit will be a very different GDP from gross domestic product. The case for technology companies to share it with we, the people who supply them the bits and bytes, is compelling. In fact, it could even emerge as a better universal basic income — another revolutionary concept whose time may have come — for the post-Covid world.