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Web3 is the Opportunity We Have Had All Along: Innovation Amnesia and Economic Democracy

Nathan Schneider (University of Colorado Boulder, USA)

Defining Web3: A Guide to the New Cultural Economy

ISBN: 978-1-83549-601-5, eISBN: 978-1-83549-600-8

Publication date: 1 July 2024

Abstract

The class of technology variously referred to as Web3 or crypto has been heralded as a democratizing force for economics and governance. This chapter argues that, to the extent such hype is justified, it is only partly due to the affordances of the technology itself. Perhaps more important is the amnesia it has induced, as an innovative paradigm whose novelty inclines people to neglect once-stable norms. In both economics and governance, crypto offers opportunities for greater democracy, but following through on them is guaranteed by neither the technology nor the amnesia it invites.

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Citation

Schneider, N. (2024), "Web3 is the Opportunity We Have Had All Along: Innovation Amnesia and Economic Democracy", DuPont, Q., Kavanagh, D. and Dylan-Ennis, P. (Ed.) Defining Web3: A Guide to the New Cultural Economy (Research in the Sociology of Organizations, Vol. 89), Emerald Publishing Limited, Leeds, pp. 13-25. https://doi.org/10.1108/S0733-558X20240000089002

Publisher

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Emerald Publishing Limited

Copyright © 2024 Nathan Schneider