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1 results

  • 10 - Regulation and the Market

  • from Part II - Regulation
  • David Grant, University of Melbourne
  • Book:
    Privacy in the Age of Neuroscience
    Published online:
    09 April 2021
    Print publication:
    15 April 2021, pp 272-302

  • Summary

    The mythology of the Market is strongly evident, indicated by the corporate camouflage of existential desire by the wide range of constructed desires. This mythology has materialised in the personalisation of the idea of the corporation. Its functioning is revealed by the commodification of individuals within models of regulatory capitalism and by the structural embedding of debt as credit. These trends have been promoted by the digitisation of corporate function, by algorithmic profiling of individuals as consumers and by the exploitation of Big Data. This has morphed into surveillance capitalism. The non-mythological way forward would start with focusing on all shareholders, including all citizens on whom the corporation impacts. This is the reimagining of corporations on purpose-based, fiduciary principles. This in turn would require the redrafting of competition and consumer protection law, as well as shifting the control of personal data to the individual. It would also require changes to employee relations strategies.