{"id":6608,"date":"2021-09-22T16:03:30","date_gmt":"2021-09-22T16:03:30","guid":{"rendered":"https:\/\/newmoneyreview.com\/?p=6608"},"modified":"2021-10-13T12:15:06","modified_gmt":"2021-10-13T12:15:06","slug":"fintech-and-the-great-rupture","status":"publish","type":"post","link":"https:\/\/newmoneyreview.com\/index.php\/2021\/09\/22\/fintech-and-the-great-rupture\/","title":{"rendered":"Fintech and the great rupture"},"content":{"rendered":"

The combination of finance and technology is driving the biggest change in human history in 500 years, says Viktor Shvets, my guest on this week\u2019s podcast<\/a>.<\/p>\n

Shvets, a Hong Kong-based investment banker with Macquarie and a widely followed markets analyst, specialises in the intersection between finance, technology, politics and history.<\/p>\n

\"\"<\/p>\n

Viktor Shvets<\/em><\/p>\n

Viktor\u2019s background\u2014he grew up in the former USSR before moving to Australia in his early 20s\u2014has given him a unique perspective into the great geopolitical shifts we\u2019re living through.<\/p>\n

He\u2019s recently turned that perspective into a new book, \u201cThe Great Rupture\u201d, a study of the profound impact of technology and financialisation on our collective future.<\/p>\n

I found the book erudite, thought-provoking, convincing and at times a little scary.<\/p>\n

Here are some excerpts from the podcast discussion.<\/p>\n

Listen in<\/a> to hear more.<\/p>\n

The past is no longer a guide to the future<\/strong><\/p>\n

\u201cThe recipe for success over the last 500 years is now changing very rapidly.\u201d<\/p>\n

Economic success, personal and political freedom<\/strong><\/p>\n

\u201cIs it possible to be wealthy, prosperous and even innovative even though you don\u2019t enjoy the same degree of freedom? The lessons of the last five centuries are that without freedom you can\u2019t have those things.\u201d<\/p>\n

The industrial age and the information age<\/strong><\/p>\n

\u201cThere are fundamental differences between the two. In the industrial age, capital was scarce, most activities were highly capital-intensive and labour was a primary driver of productivity. That\u2019s why you needed literacy and a skilled workforce.\u201d<\/p>\n

\u201cIn the information age, we are drowning in capital and we have 5-10 times more than we require. Most activities these days are not that capital-intensive. The capacity constraints are much more fluid. And labour is losing marginal pricing power.\u201d<\/p>\n

\u201cThe recipe for success over the last 500 years is now changing very rapidly.\u201d<\/p><\/blockquote>\n

Capitalism is over<\/strong><\/p>\n

\u201cWhat we have right now is not capitalism. It\u2019s just a question of how we define it and what are the rules for the new world.\u201d<\/p>\n

Financialisation is driving us towards a black hole <\/strong><\/p>\n

\u201cWe are rushing towards a black hole. On the other side, a different world lies. The two forces pushing us there are financialisation and the information age.\u201d<\/p>\n

\u201cAny idea gets very easily funded. The low cost of capital is like pouring kerosene on the bonfire of the information age. It\u2019s accelerating the progress of technology.\u201d<\/p>\n

\u201cThe idea of having a long-living corporation, transacting in its own name, will seem ridiculous.\u201d<\/p><\/blockquote>\n

Central bank money creation is no longer inflationary<\/strong><\/p>\n

\u201cThe more you grow the money supply faster than nominal GDP, the more you create disinflation rather than inflation. Money is getting stuck in the cloud of finance, rather than reaching the ground where people live.\u201d<\/p>\n

The end of the corporation<\/strong><\/p>\n

\u201cIn the future, the idea of having a long-living corporation, transacting in its own name, will seem ridiculous.\u201d<\/p>\n

Freedom may be optional<\/strong><\/p>\n

\u201cThe mixture of technology and financialisation could lead us into a world where freedom becomes optional.\u201d<\/p>\n

\u201cBaby boomers\u2019 obsession with freedom, choice and efficiency led to many bad outcomes, from environmental degradation to income and wealth inequality. Going forward, we will have less freedom. An emphasis on fairness and equality will be far more prevalent.\u201d<\/p>\n

Curtains for Facebook, Amazon and Netflix?<\/strong><\/p>\n

\u201cThe large digital consumer platforms are sunsetting. They\u2019re suffering from diseconomies of scale and they are going to be attacked from a political, regulatory and societal level, as well as by start-ups.\u201d<\/p>\n

Sign up here<\/a> for the New Money Review newsletter<\/em><\/p>\n

Click here<\/a> for a full list of episodes of the New Money Review podcast: the future of money in 30 minutes<\/em><\/p>\n

Related content from\u00a0New Money Review<\/em><\/span><\/p>\n

We need sustainable money<\/a><\/p>\n

Keeping money public<\/a><\/p>\n

Breaking the buck<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The combination of finance and technology is driving the biggest change in human history in 500 years, says Viktor Shvets, my guest on this week\u2019s podcast. 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