Technological advancement seems to be reshaping not only how people direct their attention but also the economy itself, in ways that disenfranchise the average person. The Age of Extraction by professor of law, science, and technology Tim Wu (The Master Switch; The Attention Merchants) shows how those changes are happening. As an expert in competition and antitrust policies, he exercises that knowledge while analyzing how tech platforms have altered perceptions of what competition, and the stifling of competition, among tech platforms looks like today. For example, if everyone is encouraged to use a single platform for a given service--e.g., Amazon as the primary marketplace for exchanging goods--there is little opportunity for smaller tech platforms. or even bricks-and-mortar shops, to compete.
Wu's argument is that despite the best efforts of the tech corporations to make it seem like there is a lack of resources for everyone, the amount of resources is not the problem. Rather, it is a distribution problem. He explains in a forthright and commonsense way how modern tech firms do not create value but rather extract the value conferred by its users: user data has become one of the most valuable commodities as this industry grows and consolidates its economic power.
Wu also makes it clear that to understand this centralization of power, consumers need to recognize how the idea of "platform power" has evolved. While people used to exchange information and goods in the public agora or city square, now the movement to do the same in digital spaces has added to the ability of platforms essentially to monopolize or corner parts of the wider market.
Wu argues that breaking up such monopolies is necessary in order to reinvigorate the economy and to enhance the public's ability to respond creatively to a changing world. But he also demonstrates that there are better approaches to progress. In the last chapter, Wu offers a vision of the world where tech platforms can promote an economic model that supports everyone, not just major corporations: "It is not too late to restore the early promise of the Internet economy as a common square for commerce and an agent of economic uplift for all."
Accessible and engaging, The Age of Extraction addresses a critical problem and charts a path forward through both public skepticism of "accumulated economic power" and a distrust of "unaccountable power"--essentially mapping a way to trust in ourselves above tech platforms. --Michelle Anya Anjirbag, freelance reviewer
Shelf Talker: Professor of law and expert in antitrust, technology, and competition policy Tim Wu shows readers how power, money, and technology have become intertwined and what might be done about it.