Monday, February 18, 2019
The antifragility of capitalism..............
We come here to the great paradox and tentative explanation about why the networked public, so destructive of the status quo, has tolerated and to some extent embraced the standing economic system. . . . In the current environment, as I understand it, businesses have proved no wiser, more far-seeing, or successful than other institutional actors. But capitalism, as a whole, has made more productive use of the failure of its parts than most institutions under assault by the public. To borrow Taleb's terminology, capitalism appears to be "antifragile": it "regenerates itself continuously by using, rather than suffering from, random events, unpredictable shocks, stressors, and volatility." This has allowed the system to prosper despite the horrors of 2008, while, not unrelatedly, bestowing on the consumer a multitude of new technologies and products.
-Martin Gurri, Revolt of the Public