Cyberspace Capitalism, Part 1: Introduction to the Online Economy and Its Fragilities

Victor Glass
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Victor Glass: Rutgers Business School

Chapter 7 in Humanizing the Digital Economy, 2023, pp 153-177 from Springer

Abstract: Abstract The chapter begins with a description of the basic features of the online economy, but the main line of investigation is to examine instabilities in the financial market created by the Digital Revolution. A key example is financial market meltdown in 2008. The case is made that the Digital Revolution led to giant financial institutions that were too big to fail. It also produced new financial instruments that even sophisticated traders did not understand well. Coupled with new trading techniques, lack of oversight, and a herd mentality that could form overnight because of instant wire transfers, the Digital Revolution helped produce the 2008 crash.

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-37507-1_7

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DOI: 10.1007/978-3-031-37507-1_7

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