,ACTION ,IS ,SOMETIMES ,CLE>] ,?AN ,TALK ,:Y ,WE ,WILL ,ALWAYS ,NE$ ,TRADE ,PEOPLE 3 ,AU?OR 3 ,WILLIAM ,GILLIS ,TEXT 3 ,IS IT POSSIBLE = \R 5EMIES TO DISCOV] ACTUAL 9SIW9'S 9SIW9ISM & SO !Y HURT !MSELVES BY /ICK+ ) ,LAM>CKISM4 ,MO/ PEOPLE CAN ADMIT !IR 5EMY 9V5T$ A USEFUL M\SETRAP1 BUT IT'S MU* H>D] :5 ONE'S IDEOLOGICAL 5EMIES MAKE A CLAIM ?AT HAS RHETORICAL P[] = !IR POSITION4 ,! CALCULATION_/KN[L$GE PROBLEM -- A FAMILY ( CRITIQUES DISCOV]$ BY B\RGEOIS ECONOMI/S -- HAS TRADITIONALLY BE5 US$ BY CAPITALI/S TO SUGGE/ ,!RE ,IS ,NO ,ALT]NATIVE TO ! EXI/+ ORD]4 ,IF 9DE$ M>KETS >E NECESS>Y = SOME COMPLEX ECONOMIC PRODUCTION !N ?AT SUGGE/S SOME MEASURE ( ! HORRORS & DYSFUNCTION ( CAPITALISM >E TI$ TO IT4 ,! 9/ANTLY OBVI\S RETREAT IS TO AB&ON COMPLEX PRODUCTION1 OR SOME MEASURE ( IT4 ,BUT = ?OSE :O RECOGNIZE ?AT TE*NOLOGY ONLY POSSIBLE ?R\< COMPLEX PRODUCTION (F]S QUITE SIGNIFICANT EXPANSIONS TO \R FRE$OM TO ACT1 ! PROBLEM IS A PRESS+ ONE4 ,!RE HAS BE5 PRECI\S LITTLE S]I\S WORK ON ! TOPIC 9 ! LEFT1 & ! CONT5T ( ! RESPONSES DRAMATICALLY DIFF] DEP5D+ ON :E!R ONE EMBRACES C5TRAL PLANN+ OR REJECTS IT1 & TO :AT DEGREE4 ,?IS LEADS TO AMUS+ SITUATIONS :]E ?OSE 9 FAVOR ( DEC5TRALIZ$ SOLUTIONS CITE ! RESPONSES ( ?OSE 9 FAVOR ( C5TRALIZ$ SOLUTIONS4 ,IT'S A BIT ( A MESS4 ,!RE >E ALSO A NUMB] ( M>XI/S & AN>*O-COMMUNI/S :O RESPOND BY HONE/LY ADMITT+ ! PROBLEM HASN'T BE5 SOLV$ -- AS ,G ,A ,COH5 PUT IT1 0! PR9CIPAL PROBLEM ?AT FACES ! SOCIALI/ IDEAL IS ?AT WE DO NOT KN[ H[ TO DESIGN ! MA*9]Y ?AT W\LD MAKE IT RUN0 -- BUT IT MAY /ILL BE WOR? PURSU+ ) OP5-5D$ HOPE4 ,9 CONTRA/ ! WOR/ RESPONSE 9 ALL ( ?IS IS >GUABLY ! QUICK DISMISSAL ?AT ! PROBLEM ONLY APPLIES TO /ATE SOCIALISM4 ,SIMPLY PUT1 POLITICAL DEC5TRALIZATION IS NOT ! SAME ?+ AS DEC5TRALIZATION ( 9=MATION FL[4 ,NOR DOES IT PROVIDE ASSURANCES ( ACCURATE 9=MATION4 ,A COLLECTIVE MEET+ MAY 9VOLVE EQUAL AU?ORITY BUT /ILL HAVE ! /RUCTURE ( ! MEET+ FUNCTIONALLY C5TRALIZ$4 ,IF ONLY ONE P]SON IS SPEAK+ AT A TIME 9 A SPOKESC\NCIL1 ?AT'S A C5TRALIZ$ SY/EM3 AT ANY ONE TIME ONLY ONE P]SON IS BROADCA/+ 9=MATION & EV]YONE ELSE RECEIVES4 ,?AT :O IS SPEAK+ ROTATES CAN CREATE AN EQUALITY ( POLITICAL AU?ORITY1 BUT IT DOES NOT *ANGE ! NETWORK /RUCTURE ( H[ ! 9=MATION FL[S4 ,?IS IS IMM$IATELY APP>5T TO ?OSE ( US :O SAT ?R\< L>GE SPOKESC\NCILS 9 ! C\NT]-GLOBALIZATION ]A -- ONCE Y\ HAVE DOZ5S OR EV5 HUNDR$S ( PEOPLE ! MEET+ =M GR[S CATA/ROPHICALLY 9EFFICI5T AT SOLV+ ANY?+ COMPLEX4 ,TRY+ TO SOLVE ! PROBLEMS BY ONLY HAV+ SMALL MEET+S & CREAT+ TI]S ( REPRES5TATION />TS TO CREATE POLITICAL AU?ORITY VIA REPRES5TATION BUT IT ALSO DEGRADES ! FIDELITY ( ! 9=MATION CONVEY$4 ,WE'VE ALL SE5 CASES :]E CONC]NS OR P>TICUL>S RAIS$ BY AN 9DIVIDUAL 9 AN AFF9ITY GR\P OR BREAKAWAY COMMITTEE >E SIMPLY NOT CONVEY$ AT ALL TO ! L>G] ASSEMBLY BECAUSE ( TIME CON/RA9TS4 ,BUT NO MATT] ! /RUCTURE BY :I* CONV]SATION IS FACILITAT$1 !RE >E /ILL FUNDAM5TAL CON/RA9TS POS$ BY HUMAN LANGUAGE1 :E!R WRITT5 OR SPOK54 ,:ILE !RE >E SOME BASE NE$S WIDELY %>$ BY HOMO SAPI5S1 MO/ ( \R 9DIVIDUAL LIVES >E 9CR$IBLY UNIQUE4 ,\R DESIRES1 ASPIRATIONS1 & PREF]5CES >E NOT EASILY CONVEYABLE TO O!R PEOPLE4 ,?IS 9SIRY+ CAPACITY ( LANGUAGE4 ,CONSID]ATION ( & DELIB]ATION BETWE5 DESIRES CAN OCCUR F> FA/] & F> MORE PRODUCTIVELY )9 ! BRA9 ( A S+LE 9DIVIDUAL ?AN IT CAN OCCUR BETWE5 9DIVIDUALS :5 =C$ ?R\< ! LIMIT$ *ANNEL ?AT IS DIALOGUE4 ,EV5 ! CLOSE/ LOV] IS USUALLY F> LESS QUALIFI$ TO MAKE A DECISION ?AN Y\ >E Y\RSELF4 ,ONLY Y\ HAVE DIRECT & RELATIVELY IMM$IATE ACCESS TO ! VA/ NETWORK ( CONT+5T DESIRES & PREF]5CES 9 Y\R [N HEAD4 ,:5 ,I WAS HOMELESS AS A *ILD ,I W\LD TRY TO 9TRICATELY FILL \T ! *RI/MAS WI%LI/ =MS PROVID$ BY *UR*ES4 ,FROM SU* EXP]I5CE ,I REALIZ$ ! PROBLEM3 MANY GIFTS >E ( LESS USE )\T O!R GIFTS1 SOME FULFILL SOME NE$S OR DESIRES1 BUT NOT O!RS4 ,CONVEY+ ALL ?OSE DETAILS 9 A =M IS NE>LY IMPOSSIBLE4 ,?AT PROBLEM IS MAGNIFI$ :5 DOZ5S1 HUNDR$S OR ULTIMATELY BILLIONS ( ?OSE =MS MU/ BE PROCESS$ ?R\< & WEI<$ AGA9/ ONE ANO!R & ! V>I\S O!R CONSID]ATIONS & CO/S ATT5DANT4 ,PROCESS+ IS NOT MAGIC1 A SUP]COMPUT] ! SIZE ( ! SUN CAN'T CRACK SOME 5CRYPTION S*EMES & SO TOO >E !RE SIGNIFICANT & 9ESCAPABLE CON/RA9TS ON PROCESS+ ?R\< ECONOMIC CONSID]ATIONS4 ,!SE WID] CONSID]ATIONS & CO/S >E 9H]5T -- !RE IS NO SU* ?+ AS A WORLD 5TIRELY FREE ( SC>CITY4 ,SURE SOME 0NE$S0 CAN BE MET RA!R TRIVIALLY )\T ! >TIFICIAL SC>CITIES CREAT$ BY ! PRES5T CAPITALI/ ORD]1 BUT !RE IS NO OBJECTIVE L9E DEM>K+ 0NE$S0 FROM 0WANTS40 ,AN>*I/S 9 P>TICUL>1 PRONE AS WE >E TO FRAM+ AN>*ISM 9 T]MS ( PURSU+ 9F9ITE DESIRE1 DEM&+ EV]Y?+1 >E EI!R =C$ TO TAKE AN ABRUPT U-TURN 9TO A K9D ( ,BUDDHI/ QUIETISM OR WE MU/ RECOGNIZE ?AT \R DESIRES & ASPIRATIONS WILL ALWAYS EXP& & *AFE UP AGA9/ MAT]IAL CON/RA9TS ( SOME K9D4 ,EV]Y *OICE HAS TRADE(FS1 & ?IS IS :Y ! MO/ FULLY AG5TIAL EXPRESSION ( *OICE IS NOT A PROCLAMATION ( DESIRE1 BUT A TRADE4 ,IT'S NOT 5\< TO SAY Y\ REALLY REALLY SUP] EXTRA PREF] ,X1 SU* SUP]LATIVES1 NO MATT] H[ BUREAUCRATIZ$1 WILL NEV] MAT* ! FRANK & IMM$IATE CL>ITY ( REVEAL$ PREF]5CE4 ,& %[+ Y\'RE WILL+ TO TRADE A HUNDR$ ,Y = ,X ONLY MEANS SOME?+ IF Y\ CAN 9 FACT ACTUALLY DO SO4 ,NOT ) SOMEONE ELSE'S ,Y1 BUT ) Y\R 0[N04 ,?IS TRU?-=C+ REALITY ( P]SONAL /AKE IS P>T ( :Y PR$ICTION M>KETS >E ABLE TO -- 9 AGGREGATE ACROSS MANY P>TICIPANTS -- DO SO WELL4 ,:AT IS BE+ SKET*$ H]E TAKES 9SPIRATION FROM ! REAL WORLD EM]G5CE & FL\RI%+ ( SOME M>KETPLACES1 BUT IS 9T5TIONALLY AB/RACT$ FROM ! CAPITALI/ HELLWORLD WE EXI/ )9 BECAUSE AS AN>*I/S WE %\LD BE UN9T]E/$ 9 M]ELY SOLV+ = 0BETT] ?AN0 ! EXI/+ ORD]4 ,?IS IS NOT A DEF5SE ( A V]Y SPECIFIC M>KET =M1 NOR A CLAIM ?AT M>KETS %\LD DRIVE LIT]ALLY EV]Y PROCESS4 ,?IS IS M]ELY A CLAIM ( ! USEFULNESS ( DEC5TRALIZ$ NETWORKS :]E 9DIVIDUALS TRADE ?+S ( VALUE TO !M4 ,AS ,I HAVE ALWAYS >GU$1 M>KETS >E A TOOL1 NOT A GOD4 ,! NEOCLASSICAL TEXTBOOK JU/-SO-/ORIES ( PEOPLE ON A DES]T$ ISL& >E NOT AN ACCURATE REFLECTION ( ! EM]G5CE ( M>KETS1 BECAUSE 9 A SMALL COMMUNE CONT5T ) A SMALL NUMB] ( FAIRLY SIMPLE & /ATIC NE$S !RE IS LITTLE IMPETUS = MU* TRADE4 ,! UTILITY ( TRADE EM]GES FIR/ :5 Y\ WANT TO COORD9ATE \TSIDE ( SMALL COMMUNITIES 9TO L>G] MORE COSMOPOLITAN SOCIETIES4 ,BUT IT IS RE9=C$ SECONDLY :5 CONDITIONS *ANGE RAPIDLY1 :E!R 5VIRONM5TAL1 SOCIAL1 OR 9 T]MS ( 9DIVIDUAL DESIRE4 ,IT W\LD BE ONE ?+ IF NO ADAPTATION WAS NECESS>Y1 NO MATT] H[ COMPLEX ! CONSID]ATIONS1 WE C\LD 9 !ORY EV5TUALLY SOLVE !M TO SOME MEASURE ( TOL]ABL5ESS & !N JU/ KEEP ?AT SOLUTION 9 PLACE =EV]4 ,! PROBLEM EM]GES :5 AN ECONOMY NE$S TO ADAPT1 P>TICUL>LY :5 IT NE$S TO H&LE A HI< AM\NT ( *ANG+ P>TICUL>S AT A V]Y FA/ SPE$1 H>D] /ILL :5 9V5TIONS SPUR FE$BACK+ ACCEL]ATION4 ,! ,U,S,S,R'S /ATE CAPITALI/ DYSFUNCTION IS N[ WIDELY ACKN[L$G$1 BUT IT'S NOT YET WIDELY UND]/OOD4 ,9C5TIVE /RUCTURES W]E OBVI\SLY MAL=M$1 )\T P]SONAL /AKE WORKPLACES DEALT ) UNC]TA9TY BY OV]-REQUE/+ RES\RCES1 CREAT+ MORE & MORE 9T5SE REQUE/S1 HOP+ TO GET :ATEV] !Y C\LD4 ,BUT MORE G5]ALLY PRICES W]E 9DE$ A MATT] ( 0CALCULATIONAL *AOS0 ) DE FACTO PRICES OR 9PUT-\TPUT FL[S SET 9 MANY CASES ONLY ?ANKS TO ! BLACK M>KET OR BY /EAL+ PRICES FROM ! WE/1 ) AG5TS LIT]ALLY /EAL+ ORD] CATALOGS TO HELP !M PLAN3 0,GOSPLAN (FICIALS US$ ! PRICES QUOT$ = GOODS 9 ! CATALOG TO OBTA9 RELATIVITIES BETWE5 ?IS & ?AT ITEM4 ,!Y W\LD !N TRY TO MAT* ! GOODS ( ! CATALOG TO :AT WAS AVAILABLE 9 ! ,SOVIET ,UNION & !N FIX PRICES ACCORD+ TO ! RELATIVITIES PRESCRIB$ BY ,SE>S ,ROEBUCK40.<#a.> ,PROBABLY ! MO/ CIT$ MOD]N RESPONSE TO ! KN[L$GE & CALCULATION PROBLEM IS ?AT ( ,COCK%OTT & ,COTTRELL1 AU?ORS ( ,T[>DS A ,NEW ,SOCIALISM1 & !Y'VE WORK$ ACROSS A NUMB] ( PAP]S TO TRY TO SALVAGE PLANN+ & PROVE ?AT ! QUE/ION ( :AT ECONOMIC 9PUTS TO APPLY TO :AT \TPUTS CAN BE SOLV$ ) L9E> PROGRAMM+4 ,!Y >E /ATI/ M>XI/S & >E TRY+ TO SOLVE = 0! PLANN+ PROBLEM0 :I* IS NOT QUITE A FULLY DEC5TRALIZ$ COMMUNISM1 BUT !Y MAKE FE9TS T[>DS H[ PLANN+ CAN BE 0DEC5TRALIZ$0 9TO REGIONAL_/ETC CLU/]S & 5DORSE 0DEMOCRACY0 -- :I* IS 5\< APP>5TLY TO GET !M ACCOLADES AMONG SOME ANTI-M>KET AN>*I/S4 ,FIR/ (F IT'S WOR? NOT+ ?AT ! TOY MODELS ( ,COCK%OTT & ,COTTRELL DO NOT ABOLI% M>KETS -- FOLL[+ ,OSK> ,LANGE & O!R SOCIALI/S 9 ! CALCULATION DEBATE1 !Y 9T5TIONALLY RETA9 A CONSUM] M>KET1 EXPLICITLY RECOGNIZ+ ! PROBLEM ( 9DIVIDUAL DESIRES & ! UTILITY ( REVEAL$ PREF]5CE4 ,Y\ W\LD /ILL GO TO ! M>KETPLACE_//ORE EQUIVAL5T 9 !IR SY/EM & EX*ANGE SOME =M ( CURR5CY = GOODS4 ,!Y'RE M]ELY TRY+ TO REMOVE M>KET RELATIONS 9 ! PRIOR PRODUCTION *A9 7A RA!R >BITR>Y CLEAV+ ?AT REQUIRES OR ASSUMES AN EXCLUSIVELY HI]>*ICAL FL[ FROM RAW 9PUTS TO M9OR P>TS TO L>G] P>TS1 TO CONSUM] GOODS1 TO CONSUMPTION74 ,BUT ?IS IS ONLY DOABLE ?R\< A SLEITICUL>ITIES 9TO A H&WAV$ MATRIX ASSUM$ TO BE /ATIC4 ,:AT ?IS MEANS IS !IR :OLE SY/EM FALLS AP>T IF ?OSE ?+S *ANGE OR !MSELVES BECOME RESPONSIVE TO *ANGES 9 ! FL[ ( 9PUTS & \TPUTS4 ,!RE IS NO ROOM = ! FLUID RISE & FALL ( WORKPLACES OR COOP]ATIVES FROM FREE ASSOCIATION1 NOR IS !RE SPACE = REV]SE & LAT]AL FL[S 9 ! PRODUCTION 0*A904 ,TRADE NETWORKS 7ULTIMATELY BETWE5 9DIVIDUALS7 PROVIDE MORE FLUID CAPACITY TO FALL AP>T & RE/RUCTURE1 AS WELL AS 9C5TIVES = BOTTOM UP ADAPTATION & SOLUTION-F9D+1 UTILIZ+ ! TACIT LOCALIZ$ KN[L$GE ?AT EA* 9DIVIDUAL HAS1 BUT CANNOT EASILY EXPRESS4 ,TO GIVE JU/ ANO!R EXAMPLE ,COCK%OTT & ,COTTRELL /ILL HAVE TO >BITR>ILY SET A NUMB] ( POT5TIAL \TPUTS 7EG DIFF]5T CONSUM] GOODS71 BUT !RE IS NO EFFICI5T ME*ANISM TO SEEK \T :I* POT5TIAL CONSUM] GOODS %\LD BE CONSID]$ & :I* %\LD NOT4 ,ON ! M>KET ?IS EM]GES BOTTOM-UP VIA 9DIVIDUALS :O HAVE TACIT KN[L$GE ( NI*E M>KET DEM&S & !IR WILL+NESS TO ESS5TIALLY /AKE BETS ON IT4 ,ONE DOESN'T NE$ TO WORK H>D TO SEE ?AT ,ALL5DE'S ,CYB]SYN WAS NOT JU/ 0BE=E ITS TIME0 BUT A DOOM$ DREAM4 ,! 0DEC5TRALIZATION0 PROMIS$ 9 !SE SORTS ( S*EMES IS NEV] FULL OR REAL4 ,IT'S MORE PROP]LY ?\DS 9 REPRES5TATIVE SCALE ALONG SET PA?S1 RA!R ?AN BE+ MADE 9 AD HOC & HORIZONTAL RELATION%IPS4 ,9 P>T BECAUSE IT]ATIVE-UPDATE 0PLANN+0 9 SU* CASES RISKS BECOM+ A *AOTIC /ORM ( MESSAGES BETWE5 ?\S&S ( COLLECTIVES )\T OV]ALL PRICE SIGNALS TO PROVIDE QUICK RE/ORATIVE T5D5CIES4 ,ANO!R AV5UE TAK5 BY FELL[ TRAVEL]S 9 ?IS BRAN* IS TO SIMPLY PO9T AT ! ACC\NT+1 /OCK1 & 9FRA/RUCTURE MANAGEM5T S*EMES ( MOD]N PRODUCTION BEHEMO?S LIKE WALM>T & EXTRAPOLATE ?AT WE %\LD BE ABLE TO SIMPLY SOCIALIZE !SE4 ,IT %\LD GO )\T SAY+ ?AT !SE >E NOT EASILY ADAPTABLE TO AN>*I/ ASPIRATIONS1 SPECIFICALLY GE>$ AS !Y >E TO G>GANTUAN MASS PRODUCTION ?R\< /ATE-CREAT$ ECONOMIES ( SCALE1 TO SAY NO?+ ( ! C5TRALIZ$1 V]TICALI/1 & G5]ALLY AU?ORIT>IAN COMM& PREMISE4 ,BUT MOREOV] !SE DI/RIBUTION S*EMES >E 9 MANY WAYS 9EFFICI5T -- ,C,O,V,I,D-#a#i HAS BE5 A GREAT EXAMPLE ( H[ FIX$ & OSSIFI$ SUPPLY *A9S GIVE Y\ EFFICI5CIES UNTIL !RE'S SUDD5LY A *ANGE ?AT REQUIRES SIGNIFICANT REORGANIZATION \TSIDE Y\R EXI/+ ASSUMPTIONS4 ,?IS IS NOT TO SAY ?AT FETI%IZ+ COMPETITION 9SIDE A BLOAT$ FIRM AS ,$DIE ,LAMP]T 9FAM\SLY DID )9 ,SE>S IS GONNA GIVE GREAT RESULTS EI!R1 S9CE ?AT'S JU/ A TOP-D[N IMPOS$ M>KET1 ) >BITR>Y 9C5TIVE /RUCTURES ?AT >E H>D TO DET]M9E OR EV5 MAP AS A PLANN]4 ,& ?IS ALL TAKES US TO A HUGE EXPANSE ( OBJECTIONS TO M>KETS ?AT BASICALLY BOIL D[N TO 0BUT CAPITALISM HAS MANY PLANN$ OR NON-M>KET ASPECTS & IT K9DA SURVIVES40 ,?IS IS ESS5TIALLY ANO!R V>IATION ( ! APPEAL TO ! ,U,S,S,R4 ,CAPITALISM IS MO/LY 9EFFICI5T :5 MEASUR$ 9 T]MS ( ! SATIATION ( 9DIVIDUAL DESIRES1 ALL ITS EFFICI5CIES >E OPTIMIZ$ >\ND MA9TA9+ & /R5G!N+ P[]4 ,IT IS A PROJECT ( P[]1 = P[]4 ,BREAK ! 9/ITUTIONS1 LIQUIDATE ! ECOSY/EMS ( P[]1 & PRETTY MU* ANY?+ W\LD BE BETT]4 ,BUT BETT] ISN'T ! SAME ?+ AS OPTIMAL OR EV5 TOL]ABLE4 ,\R T>GET %\LD BE MANY ORD]S ( MAGNITUDE IMPROVEM5TS OV] CAPITALISM SO ?AT WE CAN IMPROVE NE>LY EV]YONE'S LIVES1 & W9 A /ABLE LONG-T]M CONS5SUS 9 FAVOR ( LIB]ATION4 ,ANY TRANSITION TO A BETT] WORLD WILL BE ROCKY1 DISRUPTIVE1 & VA/LY DAMAG+4 ,IT'S EASI] TO BE LESS AFRAID ( RU9S :5 WE HAVE TOOLS TO V]Y RAPIDLY BUILD4 ,BUT IT IS WOR? NOT+ ! BOTTOM-UP WE$S ?AT EM]GE ON !IR [N 9 ! %ELL ( ! OLD1 ESPECIALLY ?OSE :I* CAPITALISM F9DS NE$ TO CONTA91 5?RALL$1 & DIRECT4 ,IT'S FAIR TO ADMIT ?AT ,SE>S WAS SOME?+ ( A PLANN$ ECONOMY1 & ONE W\LD EXPECT ITS PRICES TO BE 9ITIALLY SET BY M]ELY E/IMAT+ CO/S & !N ADD+ SOME DESIR$ PR(IT M>G94 ,BUT ! REASON ,SE>S CATALOGS W]E ( SU* VALUE TO ,U,S,S,R PLANN]S WAS PRECISELY ?AT ,SE>S FAC$ COMPETITION FROM ! SCRAPS ( LEGITIMATELY BOTTOM-UP M>KET PROCESSES 9 ,U,S CAPITALISM1 REALITIES ?AT TRANSMITT$ -- H[EV] P>TIALLY & LESS EFFICI5TLY ?AN A PURE NEOCLASSICAL !ORY -- ACTUAL PRESSURES ( SUPPLY & DEM&4 ,IF ! ,U,S,S,R WAS P>TIALLY HELD AL(T BY ! BLACK M>KETS GR[+ UP LIKE WE$S )9 IT1 ,SE>S WAS LIKEWISE HELD AL(T BY ! M>KETS GR[+ ALL >\ND IT1 EV5 ?\< ,SE>S ITSELF W\LD NO D\BT QUITE LIKE TO 5JOY ! K9D ( MONOPOLY P[] ?AT ! ,U,S,S,R /ATE HELD4 ,M>KETPLACES EXI/ 9 VIRTUALLY EV]Y COMMUNITY 9 ! WORLD4 ,:ILE ! /ATE HAS AT TIMES 9 HI/ORY PLAY$ A ROLE 9 ! CON/RUCTION ( V]Y SPECIFIC M>KETS ) DYNAMICS & 9C5TIVE /RUCTURES 9CL9$ TO RE9=CE P[]1 O!R M>KETS HAVE ALSO ALWAYS EM]G$ FROM ! BOTTOM-UP4 ,SURE1 CAPITALI/ FIRMS & FAMILY H\SEHOLDS >E ABLE TO PLAN 9T]NALLY -- TO V>Y+ LEVELS ( POSITIVE RESULTS = HUMAN LIB]ATION -- BUT WE ALSO KN[ ! ASYMPTOTIC 9EFFICI5CIES !Y FACE ) COMPLEXITY SCALES4 ,WE ALL KN[ ! WAYS ?AT ! CAPITALI/ FIRM IS PROPP$ UP BY P[] AGA9/ ! V>I\S DISECONOMIES IT FACES4 ,! 0FAMILY0 IS (T5 LIKEWISE PROPP$ UP BY BROAD] PATRI>*AL P[] SY/EMS4 ,KN[L$GE PROBLEMS >E NO LESS RELEVANT !RE1 WE JU/ SOMEH[ ACCEPT PATRI>*S1 P>5TS1 & ELD]S /EAMROLL+ OV] ! MORE COMPLEX DESIRES ( O!R FAMILY MEMB]S4 ,ANTI-M>KET AN>*I/S :O DON'T RETREAT FROM COMPLEX TE*NOLOGY & DESIRE >E /UCK 9 A B9D1 IF Y\ 0ABOLI% ECONOMY0 & ALL[ 9DIVIDUALS TO PULL :ATEV] !Y DESIRE FROM ! COLLECTIVE PILE1 !RE'S LITTLE WAY = EV5 SA9TLY 9DIVIDUALS TO UND]/& ! CO/ TRADE(FS AT PLAY4 ,IF =MAL 9/ITUTIONS >E CREAT$ -- EV5 IF !SE COMMUNES OR COLLECTIVES >E MULTIPLY OV]LAPP+ 9 A ME% SO AS TO AVOID 9SUL> CLOS$ SOCIAL TOPOLOGIES & CONT9UE C5T]+ 9DIVIDUAL AG5CY -- ?OSE 9/ITUTIONS FACE BUREAUCRATIZATION4 ,EV5 ! MO/ C]TIFIABLY 0FAIR0 BUREAUCRATIZATION ( ,P>ECON4 ,NOT A PROBLEM = ?OSE EXTROV]TS HUNG]+ = /RUCTUR$ SOCIALIZ+ VIA ,! ,MEET+ ,?AT ,NEV] ,5DS1 BUT A DY/OPIAN HELL = MO/ PEOPLE4 ,FOLKS LOVE TO H&WAVE AT CYB]NETICS1 & !RE >E SOME COMPUTATIONAL ASPECTS ?AT CAN BE FACILITAT$ ) ! SURFEIT ( COMPUTATIONAL P[] WE N[ HAVE 7AL?\< NOT = LONG IF AN AN>*I/ ECONOMY FL\ND]S71 BUT MO/ ( ! PROBLEMS >E A RESULT ( A GAP BETWE5 ! SPE$ ( 9=MATION FL[ )9 \R BRA9S & ?AT C>RI$ ON AV]AGE BY \R LANGUAGE & CULTURE P] PHONEME OR *>ACT]4 ,:5 WE HAVE BRA9-TO-BRA9 COMMUNICATIONS1 NOT TO M5TION SP>E /ORAGE & PROCESS+ ON P> ) HUMAN BRA9S WE C\LD BEG9 TO (FLOAD ! DRUDG]Y ( MEET+S & LOGI/ICS OR ACC\NT+ DISCUSSIONS4 ,?AT DAY IS NOT TODAY4 ,EVG5Y ,MOROZOV 9ADV]T5TLY PROVIDES A *>ACT]I/IC DESCRIPTION ( ?IS K9D ( OPTIMI/IC BELIEF ?AT TE* CAN SOLVE ALL1 PHRAS+ IT AS 0NGOS1 *>ITIES1 *UR*ES--CAN LEV]AGE 9=MATION TE*NOLOGY TO DO A BETT] JOB AT COORD9AT+ DISA/] RELIEF ?AN C5TRALIZ$ GOV]NM5T BUREAUCRACIES40 ,BUT ! IMPLICATION -- ?AT SOME K9D ( 0NE$S REGI/RATION0 APP1 AS ,DANIEL ,S>OS ADVOCATES1 CAN RESOLVE PROBLEMS BETT] ?AN ! M>KET M]ELY BECAUSE DEC5TRALIZ$ ORGS CAN COORD9ATE C]TA9 PROBLEMS BETT] ?AN ! /ATE -- IS FALLACI\S & EMPIRICALLY FALSE4 ,FOOD ,BANKS HAVE ADOPT$ 9T]NAL M>KETS TO BETT] COORD9ATE DI/RIBUTION BETWE5 !M BECAUSE IT WORKS BETT] ?AN NE$S REGI/RATION ) IT]ATIVE CORRECTION4 ,FUR!R1 :ATEV] ! SY/EM ( TE*NOLOGICAL FACILITATION Y\ MIKET4 ,A M>KET ) EXTRA /EPS1 MAYBE1 BUT A M>KET ALL ! SAME4 ,! FRACTAL /RUCTURE ( M>KETS 9 A LIB]AT$ WORLD1 !IR NORMS1 WILL PROBABLY EM]GE 9 COMPLEX WAYS M$IAT+ MORE T5SIONS & CONSID]ATIONS ?AN ANYONE C\LD EV] WRITE D[N4 ,I W\LD HOPE -- VIA ! SMA%+ ( P[] -- ?AT ?IS EM]G5CE WILL LOOK EM]G5TLY BOTTOM-UP & AS DELIB]ATIVELY CONSID]$ AS POSSIBLE1 BUT M>KETPLACES >E SITES ( CON/ANT CONTE/ATION ?AT WE WILL HAVE TO CONT9U\SLY /RUGGLE TO ASS]T \R VALUES OV] & )94 ,SAME AS ) ANY MEET+ PROCESS4 ,I HAVE GR[N P>TIAL TO FULLY PUBLIC L$G] M>KETS1 MORE AK9 TO ! 9=MAL M>KETS ?AT EM]GE PRIOR TO /ATE 0/&>DIZATION0 & =C$ ANONYMIZATION4 ,ONE ( ! CLAIMS AGA9/ CAPITALISM IS ?AT FIRM COMPETITION DRIVES SECRECY1 IMP$+ ACCURATE CLE>+4 ,?IS IS C]TA9LY TRUE1 & WE CAN >GUE AB\T ! DEGREE TO :I* ?IS NORM IS ABLE TO P]SI/ ONLY ?ANKS TO ! V>I\S DI/ORTIONS BR\KET ONCE FRE$ WILL /ILL REFLECT AN AGGREGATE ( \R DESIRES & ?US \R VALUES1 WE MU/ /ILL WORK TO SEE \R MO/ EMPHATICALLY HELD VALUES EMBODI$ OR NORMALIZ$4 ,TRANSP>5CY IS A H>D WON & UN5D+ /RUGGLE 9 ANY CONTEXT4 ,REMOV+1 M>G9ALIZ+1 OR SEV]ELY IMPAIR+ ANONYM\S TRANSACTIONS W\LD DO WOND]S = FIRM TRANSP>5CY1 BUT AGGRESSIVE REPORT+ & BROAD SOCIAL EXPECTATIONS WILL /ILL BE NE$$4 ,IF SOMETIMES ACTORS FAIL TO COMMUNICATE RELEVANT TACIT 9=MATION TO CREATE & EXPLOIT ASYMMETRIES 9 M>KETS1 WELL !Y C]TA9LY DO ! SAME 9 COLLECTIVE MEET+S & EV]Y O!R NON-M>KET CONTEXT EV] PROPOS$4 ,:AT ,I 9CREAS+LY SUSPECT1 H[EV]1 IS ?AT JU/ AS AN>*O-COMMUNI/S & AN>*O-COLLECTIVI/S WILL NEV] BE ABLE TO FULLY SUPPRESS BLACK M>KETS1 WE WILL HAVE TO LIVE 9 A WORLD CUT ) VE9S ( SECRECY1 DELIB]ATELY OPAQUE TRANSACTIONS & RELATIONS4 ,! REAL AN>*I/ ECONOMIC CONTE/1 ,I BELIEVE1 WILL EV5TUALLY BE RECOGNIZ$ AS OV] H[ ?AT SECRECY IS EMBRAC$1 CONTA9$1 & NAVIGAT$4 ,I HOPE WE WILL SOON BE F9ALLY READY TO MOVE ON TO TACKLE ?AT QUE/ION1 RA!R ?AN 5DLESSLY REHA%+ :E!R \R 5EMIES C\LD EV] HAVE TRULY /UMBL$ ONTO A POT5T REALIZATION ) ! KN[L$GE @& CALCULATION PROBLEM4 ,I DO NOT PRET5D TO KN[ ) REAL C]TA9TY :AT SORT ( M>KET >RANGEM5TS W\LD LIKELY EM]GE 9 A LIB]AT$ WORLD1 OR EV5 :AT W\LD BE MO/ OPTIMAL4 ,BUT ,I DO KN[ ?AT M>KETS WILL HAVE TO BE P>T ( ! MIX & ?AT FE>+ & DEMONIZ+ !M AS A :OLE IS %OOT+ \RSELVES 9 ! 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