Radical Markets

* Book: Radical Markets. By Eric Posner & Glen Weyl.

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Description

Simon de la Rouviere:

The book "explores the ways in which our current systems are inept at producing outcomes for collective good.

In the chapters they argue:

• New forms of property rights [Common Ownership Self-assessed Tax] that reduces the negative effects of monopolistic control on property.
• New voting systems that reduces the tyranny of the majority and allows minorities a greater voice.
• New migration proposals that allows any citizen to sponsor a migrant.
• New ways at looking at anti-trust in the economy and reducing its negative effects.
• New ways to think about our data that the tech giants collect, and finding ways to price this “labor” we are giving freely to machine learning AIs.

It’s a highly recommended read. Besides backing up the ideas with proper rigour, I found the vision the most enticing: looking at ways to change & add markets that reduce negative externalities and optimally produces collective good outcomes. The best decision for the individual is also the best decision for the whole." (https://medium.com/@simondlr/radical-markets-in-the-arts-13c27d3b7283)

Discussion

Radical Markets and the Blockchain Movement: the RadicalxChange Movement

Dani Putney:

"To the uninitiated, the book explores the radical expansion of our markets by imagining the transformation of private property into a perpetual auction system for the public's benefit. Although the concept of radical markets is comprised of multiple tenets, two key points are quadratic voting, a process by which all citizens receive an equal number of votes that they choose to distribute, and data as labor, which calls for the distribution of revenue to the "laborers" who provide their data to companies.

Although Weyl did not intend to relate radical markets to blockchain technology, discussions have arisen within the cryptospace to investigate the intersection of these two realms. He was introduced to blockchain when Ethereum co-founder Vitalik Buterin referenced the book in a tweet, an action that spurred an ongoing exchange between the two.

"I didn't know who [Vitalik] was or anything about him, and I sent him my book manuscript because he was interested in reading it," Weyl told ETHNews. "He sent me about 20 pages of comments on it. They were fascinating."

The conversations between Weyl and Buterin eventually led to their collaboration with researcher Zoë Hitzig on a paper titled "Liberal Radicalism: Formal Rules for a Society Neutral Among Communities." Simply put, the research effort proposes a funding mechanism by which projects that offer the most public good are promoted and receive an appropriate amount of resources. Although the design could be applied to various examples, such as campaign finance and news media, the paper specifically references blockchain communities as a locus for the "practical application of the [liberal radical] mechanism."

With all the talk surrounding radical markets and liberal radicalism, plus the development of a subcommunity of crypto enthusiasts interested in the research, it makes sense for an organized movement to materialize. Thus emerges RadicalxChange." (https://www.ethnews.com/lets-get-radical-glen-weyl-radicalxchange-and-blockchain-technology)