In the development of AI, it is necessary to have access to huge masses of data. Foer of the Atlantic writes in his book, “The [firms that are dominant at developing AI] are the ones that have amassed the most complete portraits of us.
The collective decision to integrate within the global economic system, like the revocation of the mercantilist Corn Laws in 1846 (Kevin O’Rourke, 1999), propelled states further into interdependency and drastically improved their economies.
Over the course of many years, U.S. citizens have sat idly by and watched as the US government tries to spend its way out of an increasing portion of our nation’s problems. As our spending increases along with our national debt, we will eventually have to bring ourselves to ask the same two questions that we all ask ourselves when we find we’ve made a mistake: What went wrong and how do we fix it?
In an increasingly globalized market, some governments are becoming much more concerned with three of the main consequences of expanding international trade. The first is that domestic companies are forced to grapple with not only domestic competitors, but also foreign competitors. Second is the growing dependence on foreign firms for important goods. Finally, the existence of trade deficits (higher imports than exports) which are often seen as “unfair”. In order to address these concerns, a growing number of countries are implementing tariffs on their imports, taxing certain classes of goods originating from specified countries.
Last week, Bernie Sanders and Alexandria Ocasio-Cortez released a new piece of legislation that would cap credit card interest rates at 15% called the Loan Shark Prevention Act. The two argue that this kind of intervention in the markets is necessary in order to protect consumers from the “greed” of the credit card and banking industries. Sanders and Ocasio-Cortez both believe that banks and credit card companies are taking advantage of the poor by charging “extortion level interest rates.