Will AI Will Spell the End of Capitalism?


In 2018, the Washington Post published an opinion piece by Feng Xiang entitled “AI Will Spell the End of Capitalism.” Professor Feng teaches law at Tsinghua University and is one of China’s most prominent legal scholars. The core of his argument is set forth in the opening paragraphs:
If AI remains under the control of market forces, it will inexorably result in a super-rich oligopoly of data billionaires who reap the wealth created by robots that displace human labor, leaving massive unemployment in their wake.

But China’s socialist market economy could provide a solution to this. If AI rationally allocates resources through big data analysis, and if robust feedback loops can supplant the imperfections of “the invisible hand” while fairly sharing the vast wealth it creates, a planned economy that actually works could at last be achievable.

Does the Nordic model offer a path forward. A marriage of capitalism with, yes I will say it, a socialistic comprehensive welfare state which protects the under dawg & under achiever.

China is currently going through some upheaval as oligarchies are brought to heel as their rise led to increased income inequality in that nation.

Free market capitalism exists no where on earth as regulations & laws are in place to limit the exploitation of the masses. Unfortunately those who implement the laws & regulations are subject monetary gain from oligarchical or near oligarchical influence in many nations perhaps even every nation…


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