Posts tagged capitalism

With Robinhood, “you’re able to put it on your homescreen and flip between Instagram and Snapchat; it doesn’t feel as serious as…

investment, capitalism, kapital, memes, stonks, gamification, 2021, WSB

video link

With Robinhood, “you’re able to put it on your homescreen and flip between Instagram and Snapchat; it doesn’t feel as serious as it used to,” he said. “It’s just an app you open up on your phone, there’s graphs, and numbers, and it’s easy to understand and learn really quickly.”

Many young users on the WallStreetBets forums have complained that no matter what they do, the deck is always stacked against them. Many say they seek to expose the entire financial system for the game that it is. Meme stocks are part of that. Some will hype up a novelty stock or trade it as a stunt.

(via https://www.nytimes.com/2021/01/29/technology/stock-traders-reddit-tiktok-youtube.html )

Accelerationism: how a fringe philosophy predicted the future we live in

accelerationism, Hyperdub, CCRU, Zelazny, Nick-Land, Mark-Fisher, capitalism, politics, philosophy, The Guardian

At any one time, there have probably only been a few dozen accelerationists in the world. The label has only been in regular use since 2010, when it was borrowed from Zelazny’s novel by Benjamin Noys, a strong critic of the movement. Yet for decades longer than more orthodox contemporary thinkers, accelerationists have been focused on many of the central questions of the late 20th and early 21st centuries: the rise of China; the rise of artificial intelligence; what it means to be human in an era of addictive, intrusive electronic devices; the seemingly uncontrollable flows of global markets; the power of capitalism as a network of desires; the increasingly blurred boundary between the imaginary and the factual; the resetting of our minds and bodies by ever-faster music and films; and the complicity, revulsion and excitement so many of us feel about the speed of modern life. “We all live in an operating system set up by the accelerating triad of war, capitalism and emergent AI,” says Steve Goodman, a British accelerationist who has even smuggled its self-consciously dramatic ideas into dance music, via an acclaimed record label, Hyperdub. “Like it or not,” argues Steven Shaviro, an American observer of accelerationism, in his 2015 book on the movement, No Speed Limit, “we are all accelerationists now.”

via https://www.theguardian.com/world/2017/may/11/accelerationism-how-a-fringe-philosophy-predicted-the-future-we-live-in

A growing number of people think their job is useless. Time to rethink the meaning of work

Medium, work, post-work, bullshit jobs, capitalism, WEF, automation

So, will there still be enough jobs for everyone a few decades from now? Anybody who fears mass unemployment underestimates capitalism’s extraordinary ability to generate new bullshit jobs. If we want to really reap the rewards of the huge technological advances made in recent decades (and of the advancing robots), then we need to radically rethink our definition of “work.”

via https://medium.com/world-economic-forum/a-growing-number-of-people-think-their-job-is-useless-time-to-rethink-the-meaning-of-work–5f0b11f08d57

Zebras Fix What Unicorns Break

Medium, unicorn, zebra, capitalism, post-capitalism

We believe that developing alternative business models to the startup status quo has become a central moral challenge of our time. These alternative models will balance profit and purpose, champion democracy, and put a premium on sharing power and resources. Companies that create a more just and responsible society will hear, help, and heal the customers and communities they serve.

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via https://medium.com/@sexandstartups/zebrasfix-c467e55f9d96

What $50 Buys You at Huaqiangbei, the World’s Most Fascinating Electronic Market.

Medium, capitalism, china, consumer electronics, Shenzen, HQB

We’ve long been fascinated by the Huaqiangbei electronics market area of Shenzhen. (Hereafter, we’ll just call it HQB.) If you need some bit of electronics or a phone accessory, you can find it in HQB. There is an entire multi-floor shopping mall that sells nothing but phone cases. There’s one that specializes in smartwatches. There’s a mall that sells cellphones wholesale. There’s one just for surveillance cameras. And then there are the component markets. Need a chip? Or 250,000 chips? Somebody there can get them for you.

via https://shift.newco.co/what–50-buys-you-at-huaqiangbei-the-worlds-most-fascinating-electronics-market-f0384d9fca32

Accelerationism… and Degrowth? The Left’s Strange Bedfellows

politics, Accelerationism, degrowth, economics, collapsonomics, capitalism, utopianism, pluralism, d

While degrowth does not have a succinct analysis of how to respond to today’s shifting socio-technical regimes—accelerationism’s strong point – at the same time accelerationism under-theorizes the increased material and energetic flows resulting from this shifting of gears. Put another way, efficiency alone can limit its disastrous effects. As degrowth theorists have underlined, environmental limits must be politicized; control over technology must therefore be democratized; metabolic rates must be decelerated if Earth is to remain livable. To conclude, accelerationism comes across as a metaphor stretched far too thin. A napkin sketch after an exciting dinner-party, the finer details colored in years afterwards—but the napkin feels a bit worn out. Big questions need to be asked, questions unanswered by the simplistic exhortation to “shift the gears of capitalism.” When the gears are shifted, the problem of metabolic limits won’t be solved simply through “efficiency”—it must acknowledge that increased efficiency and automation has, and likely would still, lead to increased extractivism and the ramping up of environmental injustices globally. Or another: what does accelerationism mean in the context of a war machine that has historically thrived on speed, logistics, and the conquest of distance? Is non-violent acceleration possible, and what would class struggle look like in that scenario? To be fair, the word “degrowth” also fails to answer many big questions. There has been little discussion on whether mass deceleration is possible when, as Virilio shows, all mass changes in social relations have historically occurred through acceleration. Can hegemony decelerate? If degrowth lacks a robust theory of how to bring about regime shift, then Williams and Snricek’s brand of accelerationism doesn’t allow for a pluralist vocabulary that looks beyond its narrow idea of what constitutes system change. And yet, the proponents of each ideology will likely be found in the same room in the decades to come. Despite their opposite ‘branding’, they should probably talk. They have a lot to learn from each other.

via http://www.resilience.org/stories/2016–09–29/accelerationism-and-degrowth-the-left-s-strange-bedfellows

Monetizing Your Attention: Introducing Persona Attention Bonds

Medium, attention, monetization, markets, capitalism, economics

Recently, I’ve been thinking of ways to collect some different form of value, besides money or just another token. One of the more interesting ideas is that in age of abundance, our time and thus attention is the most valuable asset. Maciej Olpinksi has written about the attention economy in relation to blockchain tech and similarly inspired me to think about ways to monetize that.

via https://medium.com/@simondlr/monetizing-your-attention-introducing-persona-attention-bonds-c586111f0882

"What’s now captured the interest of intellectuals is the elephant chart, the idea that over the past 30 years the winners were…

capitalism, progress, inequality, Branko Milanovic, Black Elephant, Bloomberg

“What’s now captured the interest of intellectuals is the elephant chart, the idea that over the past 30 years the winners were emerging market middle classes and the 1 percent in developed markets, but the developed markets’ middle classes were stagnant,” he wrote. “And I think we’ve finally found the correct framework for thinking about intersection of politics and macroeconomic trends.”

http://www.bloomberg.com/news/articles/2016-06-27/get-ready-to-see-this-globalization-elephant-chart-over-and-over-again

James C. Scott reviews ‘The World until Yesterday’ by Jared Diamond

review, history, violence, statecraft, capitalism, tribalism, slavery

The fact is that slaving was at the very centre of state-making. It is impossible to exaggerate the massive effects of this human commodity on stateless societies. Wars between states became a kind of booty capitalism, where the major prize was human traffic. The slave trade then completely transformed the non-state ‘tribal zone’. Some groups specialised in slave-raiding, mounting expeditions against weaker and more isolated groups and then selling them to intermediaries or directly at slave markets. The oldest members of highland groups in Laos, Thailand, Malaysia and Burma can recall their parents’ and grandparents’ memories of slave raids. The fortified, hilltop villages, with thorny, twisting and hidden approaches that early colonists found in parts of South-East Asia and Africa were largely a response to the slave trade.

http://www.lrb.co.uk/v35/n22/james-c-scott/crops-towns-government

Random Darknet Shopper

Mediengruppe Bitnik, art, darknet, deepweb, bot, economics, trade, capitalism, automation, intent, A

The Random Darknet Shopper is an automated online shopping bot which we provide with a budget of $100 in Bitcoins per week. Once a week the bot goes on shopping spree in the deep web where it randomly choses and purchases one item and has it mailed to us. The items are shown in the exhibition «The Darknet. From Memes to Onionland» at Kunst Halle St. Gallen. Each new object ads to a landscape of traded goods from the Darknet.

https://wwwwwwwwwwwwwwwwwwwwww.bitnik.org/r/

The Paradox of Art as Work

art, creativity, work, capitalism, production, culture, artists, doing nothing

In the popular imagination, artists tend to exist either at the pinnacle of fame and luxury or in the depths of penury and obscurity — rarely in the middle, where most of the rest of us toil and dream. They are subject to admiration, envy, resentment and contempt, but it is odd how seldom their efforts are understood as work. Yes, it’s taken for granted that creating is hard, but also that it’s somehow fundamentally unserious. Schoolchildren may be encouraged (at least rhetorically) to pursue their passions and cultivate their talents, but as they grow up, they are warned away from artistic careers. This attitude, always an annoyance, is becoming a danger to the health of creativity itself. It may seem strange to say so, since we live at a time of cultural abundance and flowering amateurism, when the tools of creativity seem to be available to anyone with a laptop. But the elevation of the amateur over the professional trivializes artistic accomplishment and helps to undermine the alre

http://www.nytimes.com/2014/05/11/movies/the-paradox-of-art-as-work.html?_r=0

Work It - Jacobin

work, capitalism, exchange, labour, anti-work, doing nothing

The problem that crops up in all discussions of this kind, however, is the ambiguity of the term “work,” particularly in a capitalist society. It has at least three distinct meanings that are relevant. One, it can mean activity that is necessary for the continuation of human civilization, what Engels called “the production and reproduction of the immediate essentials of life.” Two, it can mean the activity that people undertake in exchange for money, in order to secure the means of continued existence. Three, it can mean what Gourevitch is talking about, an activity that requires some kind of discipline and deferred gratification in pursuit of an eventual goal. These three meanings tend to get conflated all the time, even though they all appear seperately in reality. This is the point I’ve tried to make going back to my earliest writing on this topic. “Work” manifests itself in all eight possible permutations of its three meanings.

https://www.jacobinmag.com/2014/02/work-it/

Wages For Facebook

wages, work, facebook, labour, value, capitalism, exploitation, doing nothing

The difficulties and ambiguities in discussing wages for facebook stem from the reduction of wages for facebook to a thing, a lump of money, instead of viewing it as a political perspective. The difference between these two standpoints is enormous. To view wages for facebook as a thing rather than a perspective is to detach the end result of our struggle from the struggle itself and to miss its significance in demystifying and subverting the role to which we have been confined in capitalist society.

http://wagesforfacebook.com/

Rise of the distorporation

The Economicst, economics, corporatism, distortion, capital, capitalism

The shift to the distorporation comes at the expense of the “C” corporation, the formal name for the familiar limited-liability joint-stock structure that emerged a century ago (see chart 1). The newer structures still protect investors from liability. But the requirement for partnerships to pass through their money blocks the accumulation of earnings. In C corporations retained earnings can be used to fund investment and growth, assuring persistence. Without them, pass-through businesses have to be far more intertwined with investors. Staying alive means routinely inhaling capital, as well as exhaling.

http://www.economist.com/news/briefing/21588379-mutation-way-companies-are-financed-and-managed-will-change-distribution

FBI seizes underground drug market Silk Road

Silk Road, FBI, prohibition, crime, TOR, capitalism

It appears the Federal Bureau of Investigation has finally cracked down on Silk Road, the underground marketplace where users could buy cocaine, heroin, meth, and more using the virtual currency Bitcoin. Journalist Brian Krebs has just published a purported copy of a complaint filed in the Southern District of New York against Ross Ulbricht, who is alleged to be the mastermind behind the site and the handle Dread Pirate Roberts. Ulbricht is being charged with narcotics trafficking conspiracy, computer hacking conspiracy, and money laundering conspiracy. The site, which is only accessible through the anonymizing Tor network, has been pulled and replaced with an FBI notice. The Silk Road forums are still operating, suggesting they were hosted on a different server.

http://www.theverge.com/2013/10/2/4794780/fbi-seizes-underground-drug-market-silk-road-owner-indicted-in-new

On the Phenomenon of Bullshit Jobs

graeber, capital, work, bullshit jobs, cabinet makers frying fish, prodcutivity, capitalism, power

If someone had designed a work regime perfectly suited to maintaining the power of finance capital, it’s hard to see how they could have done a better job. Real, productive workers are relentlessly squeezed and exploited. The remainder are divided between a terrorised stratum of the, universally reviled, unemployed and a larger stratum who are basically paid to do nothing, in positions designed to make them identify with the perspectives and sensibilities of the ruling class (managers, administrators, etc) – and particularly its financial avatars – but, at the same time, foster a simmering resentment against anyone whose work has clear and undeniable social value. Clearly, the system was never consciously designed. It emerged from almost a century of trial and error. But it is the only explanation for why, despite our technological capacities, we are not all working 3-4 hour days.

http://www.strikemag.org/bullshit-jobs/

Four Futures

futurism, scenarios, capitalism, abundance, scarcity, egalitarianism, hierarchy

Taken to its logical extreme, this dynamic brings us to the point where the economy does not require human labor at all. This does not automatically bring about the end of work or of wage labor, as has been falsely predicted over and over in response to new technological developments. But it does mean that human societies will increasingly face the possibility of freeing people from involuntary labor. Whether we take that opportunity, and how we do so, will depend on two major factors, one material and one social. The first question is resource scarcity: the ability to find cheap sources of energy, to extract or recycle raw materials, and generally to depend on the Earth’s capacity to provide a high material standard of living to all. A society that has both labor-replacing technology and abundant resources can overcome scarcity in a thoroughgoing way that a society with only the first element cannot. The second question is political: what kind of society will we be? One in which all people are treated as free and equal beings, with an equal right to share in society’s wealth? Or a hierarchical order in which an elite dominates and controls the masses and their access to social resources?

http://jacobinmag.com/2011/12/four-futures/