Commentators are often dismissive of Bitcoin buyers, writing them off as naive victims of a fraudulent bubble. But if we look more carefully, we can trace the history of Bitcoin through five key narratives. Each has drawn in a different group of buyers and in doing so contributed to its long-term growth in value.
Neither the traditional economist’s focus on firms in markets nor the Marxist political economist’s focus on exploitation of wage labour by capital is a viable way of understanding the real economy. This posts proposes some steps towards an alternative view.
This text, from the closing pages of the book, calls for a different kind of economy: an evolving diverse economy with more space for gift and alternative forms, and much less for the more oppressive forms of capitalism. If they are successful, books like this one form part of a spiral in which political arguments and political movements influence each other and develop iteratively.