TL;DR
This paper examines blockchain technology through a Marxist lens, analyzing its social and political implications in the context of current societal shifts in labor and capital.
Contribution
It applies Marxist economic theory to contemporary blockchain developments, offering a novel perspective on its social and political significance.
Findings
Blockchain's social impact analyzed via Marxist theory
Relevance of Marxist ideas in understanding modern blockchain
Insights into current societal shifts in labor and capital
Abstract
Blockchain is often presented as a technological development; however, clearly it is not only that: the `Blockchain buzz' exists in the context of current social and political developments. In this essay, we analyse blockchain technology and its social and political context from a perspective of Marxist economic theory. Since arguably the last great inflection point in society and technology was analysed by Marx in terms of labour and capital and since we seem to be experiencing a shift in the balance between these forces today, it makes sense to revisit the Marxist ideas and apply them to the current situation, to see how well they still apply and if necessary to update them for current events.
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