Globalization and Its Big Data: The Historical Record in Financial Markets

One revolutionary consequence of the expansion of digital technologies is their ability to change the fabric of capitalism: As they harvest enormous amounts of data, “Big Tech” firms are becoming more like banks. For instance, if the traces left by our individual pathways as we navigate the internet reveal more about our ability to repay than our credit score, then chances are that Big Tech firms will be tomorrow’s lenders. The information revolution occurring these days is a revolution of the financial system.

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