The rise of blockchain and related technologies alters the traditional structures of capitalist economies. At a macroeconomic level, blockchain enables new competition in the realm of money, a sector where the state has typically enjoyed a sovereign monopoly. At an organizational level, blockchain allows decentralized forms of organizing, manifest in the rise to prominence of large global organizations that command billion-dollar market valuations, yet operate without managers or even employees (e.g., Bitcoin). Since we can now “manage” without “managers”, we need to rethink some basic assumptions that underpin the business world and design new frameworks for navigating 21st century capitalism.
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Last updated Thursday, 15 September 2022