Pocket Change: The new global oligarchy
Pocket Change is a monthly series of notes on disruption, authored by 18 Coffees co-founder Caleb Gardner. Be the first to read Pocket Change — subscribe to the email newsletter here.
We thought we knew what disruption looked like, after two years of a global pandemic. But the invasion of Ukraine by Russia in late February, and the corresponding international response, may have been more consequential in terms of re-ordering our economy than the coronavirus. Both have contributed to a retreat from globalization unlike anything we’ve seen in our lifetimes.
In the short term, that means more inflationary pressure and rising interest rates, with workers expecting wages to keep rising to meet the demand. The economic pressure will keep the focus on the relationship between employees and employers, with the best talent asking if workplaces are worth it if wage increases aren’t keeping up with inflation.
But is it sustainable to balance isolated economies with a globally connected tech environment? If you’ve been keeping up with Web3 trends like I have, there is a lot of talk about decentralizing the internet and empowering individual creators through tools like NFTs. If governments become increasingly isolated and centralized—or if, as some have predicted, the world becomes bifurcated between Western economies and those of Russia and China—what effect will that have on the ability to share in the economic benefits of Web3?
I’m afraid the more likely outcome is that Web3 is creating a new class of wealthy elite who are able to escape the most negative economic effects of centralizing economies, while new tech power centers – rail providers such as Coinbase and OpenSea – will end up centralizing power just as much as companies like Meta. What we’re seeing is not a bifurcation between East and West, but between individual citizenry and a new global class of tech-savvy oligarchs.
Right now, many of our economic assumptions are being reimagined. Our response should be the same as our response to any disruption: keep your thinking agile; stay involved in public life; and be a champion for change at your organization.
Keeping an eye on:
CRYPTO LATECOMERS — Speaking of Web3, here’s an excellent, unbiased guide to crypto from New York Times reporter Kevin Roose.
CYBER VACANCIES — Amid the risk of cyber attacks, many corporate cybersecurity jobs are sitting empty, with the shortfall expected to rise.
SUPERPOWERED SWEATS — What if business attire was always a scam? New research shows that working from home – and wearing what we want – helps workers feel comfortable and authentic.
ECO TRADE-OFFS — Is working from home better for the environment? The truth is more complicated than we realize.
HUMAN FUTURES — Even with automation, the future of work is destined to be more human, not less, according to a new report released by Bain & Company.
SUPER SOUNDTRACKS — This oral history of how Prince came to create the iconic soundtrack to 1989’s “Batman” is as funky and delightful as the late musician himself.
