The Role of It In Moving Towards A Socially-Beneficial Economy
Many scholars and economists have raised the issue of the degradation of the principles behind the theory of capitalism and their lack of validity in today’s world. Among the many principles that do not hold today, the so-called “sanctity of the market” and the “invisible hand” are two of the most clearly wrong today. Behind these principles, there are many assumptions that were quite established and permanent at the time when the book was written but that do not hold anymore. These principles have guided the world economy for a long time and reasonably well. However, the introduction of IT systems, their evolution in processing power, memory and connectivity and the capabilities that these advances bring, have resulted in the capability to practice “unenlightened self-interest” in the large scale. That is, to control the evolution of the markets in the interest of a selected elite, that will have catastrophic consequences (referred as the “tragedy of the commons”). In this paper we present the first IT system capable of reverting the situation, bringing us back in the direction of enlightened self-interest and promoting a more socially-beneficial economic activity.
Index Terms- About four key words or phrases in alphabetical order, separated by commas.