OnPoint Subscriber Exclusive
Longer Reads provide in-depth analysis of the ideas and forces shaping politics, economics, international affairs, and more.
American Political Economy, Disrupted
With the help of markets and the state, technological innovations such as electrification and the steam engine have periodically transformed the economic system from which they emerged. But never before has a technological revolution defined the entirety of economic, political, and social life – until now.
https://prosyn.org/eOEoiAl
NEW YORK – History shows that the interactions between a mission-driven state, financial speculators, and the market economy – what I call the Three-Player Game – can marshal the funding needed to drive technological innovation beyond the frontier of visible economic value and commercial exploitation. Over time, the fruits of such innovation have transformed the market economy itself.