Feedback Loops
Peter Barnes: Capitalism
3.0 — Chapter 1: Time to Upgrade (pages 3-14)
All operating systems contain feedback loops — if certain conditions
are detected, do this; if others are detected, do that. These feedback loops
can be virtuous (the reaction fixes the problem) or vicious (the reaction
makes the problem worse). A stable system has lots of virtuous loops and
is good at weeding out vicious loops.
Sometimes, in human-made systems, virtuous loops have to be consciously
added. Consider the steam engine of eighteenth-century inventor James Watt.
Watt’s design included two critical mechanisms: the steam-driven engine
itself, and a centrifugal governor to keep the engine from getting out of
control. When the latter detects a potentially dangerous behavior — speeding — it
automatically corrects that behavior. ... read
the whole chapter
Peter Barnes: Capitalism
3.0 — Chapter 5: Reinventing the Commons (pages 65-78)
Thus far I’ve argued that Capitalism 2.0 — or surplus capitalism — has
three tragic flaws: it devours nature, widens inequality, and fails to make
us happier in the end. It behaves this way because it’s programmed
to do so. It must make thneeds, reward property owners disproportionately,
and distract us from truer paths to happiness because its algorithms direct
it to do so. Neither enlightened managers nor the occasional zealous regulator
can make it behave much differently.
In this part of the book I advance a solution. The essence of it is to fix
capitalism’s operating system by adding a commons sector to balance
the corporate sector. The new sector would supply virtuous feedback loops
and proxies for unrepresented stakeholders: future generations, pollutees,
and nonhuman species. And would offset the corporate sector’s negative externalities
with positive externalities of comparable magnitude. If the
corporate sector devours nature, the commons sector would protect it. If
the corporate sector widens inequality, the commons sector would reduce it.
If the corporate sector turns us into self-obsessed consumers, the commons
sector would reconnect us to nature, community, and culture. All this would
happen automatically once the commons sector is set up. The result would
be a balanced economy that gives us the best of both sectors and the worst
of neither. ... read
the whole chapter
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