'Capitalism has to become more humane': a Stanford economist on big tech

a day ago

Billionaires increasingly hoard cultural and technological influence, eroding democracy, as noted by economist Mordecai Kurz.
Historical parallels exist: industrialists in the first Gilded Age used social Darwinism to justify influence; today, tech moguls like Dario Amodei claim mystical potential for AI.
Kurz links economic disenfranchisement, not cultural forces, to the rise of movements like Maga, stemming from Reagan-era reversals of New Deal reforms.
Tech giants diminish voter power via monopolistic practices, such as startups aiming for acquisition over competition and leveraging lobbying influence.
Unregulated social media and AI drive polarization, misinformation, and job displacement, threatening democracy; Kurz advocates legal liability for tech firms.
Despite challenges, Kurz predicts reform will follow extreme technological consolidation, involving wealth redistribution, subsidized education, and policies ensuring AI assists, not replaces, workers.
He calls for more regulated, humane capitalism that supports democracy and leaves no one behind.

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