Reinventing Capitalism in the Age of Big Data

I received a DIGITAL Advance Reader Copy of this book from #NetGalley in exchange for an honest review.

From the Publisher ---

From the New York Times bestselling author of Big Data, a prediction for how data will revolutionize the market economy and make cash, banks, and big companies obsolete In modern history, the story of capitalism has been a story of firms and financiers. That's all going to change thanks to the Big Data revolution. As Viktor Mayer-Schönberger, bestselling author of Big Data, and Thomas Ramge, who writes for The Economist, show, data is replacing money as the driver of market behavior. Big finance and big companies will be replaced by small groups and individual actors who make markets instead of making things: think Uber instead of Ford, or Airbnb instead of Hyatt. This is the dawn of the era of data capitalism. Will it be an age of prosperity or of calamity? This book provides the indispensable roadmap for securing a better future.

Remember when people did not want to go on a mailing list or give out their phone number? Now every keystroke has its consequences. This book shows how scary it is to give out your email for “special offers through the email” which can lead to an almost Big Brother use of your data, your life and everyone in it.

I really don’t think that banks will become obsolete in Canada as we have a chartered banking system whose branches pride themselves on being open until 8 pm AND Saturdays and Sundays but they could be in the USA. Ditto for cash --- with people making money on eBay and Amazon and then “getting caught” by the IRS/Revenue Canada which led to fines, penalties and being kicked off social assistance I personally believe that cash will always rule. (IMHO - Eventually the Government WILL get into Venmo and other apps and mine that big data for more taxes being paid to them.) An excellent cautionary tale for people interested in business and privacy laws!!!