Summary of Reinventing Capitalism in the Age of Big Data

Reinventing Capitalism in the Age of Big Data by Viktor Mayer-Schönberger and Tom Davenport explores how the emerging age of Big Data is changing the way businesses operate, and how it has the potential to revolutionize the economic system and create new forms of capitalism. The authors argue for the need to move away from the current rules-based system to a value-based system, driven by data, analytics, and advanced management techniques, in order to realize the potential of Big Data. They explore the impact on business models, competition, taxation, labor, and many other aspects of economic life. The authors present a vision for a data-driven future, in which organizations take full advantage of the power of data to create value, instead of relying on rules from the past.