Technological Populism and Its Archetypes: Blockchain and Cryptocurrencies

Nordic Journal of Commercial Law, No 2(2019), 66-109

46 Pages Posted: 26 May 2019 Last revised: 19 Sep 2019

See all articles by Asress Adimi Gikay

Asress Adimi Gikay

Brunel University London; Scuola Superiore Sant'Anna di Pisa, Department of Law, Politics and Development (DIRPOLIS)

Catalin Gabriel Stanescu

Centre for Market and Economic Law (CME)

Date Written: April 29, 2019

Abstract

Blockchain technology claims to disrupt the existing financial system, the way of doing business, and to empower ordinary citizens against elitist economy through decentralization of decision-making process. In the political arena, the disruptive ideology branded as ‘populism’ challenges the neo-liberal establishment. By appealing to peoples’ fears, frustrations, and dissatisfaction with the political elites, exploiting distrust in the so-called establishment, populism claims to deliver more power to the people.

In this article, we draw a parallel between core foundations of political populism and those of blockchain and propose a theory of technological populism. Technological populism as reflected by blockchain platforms exploits the rhetoric of empowering the disenfranchised through decentralized decision-making process, enabling anonymous of transactions, dehumanizing trust (trust in computation rather than trust in humans and institutions) as well as breaking the monopoly in the financial system and money supply. The rhetoric of empowering the disenfranchised against financial elites is not only propaganda, but also a method of accumulating wealth for technocratic elites.

Ultimately, the blockchain and cryptocurrency world has perfected what political populists have pioneered — unrealistic promises, turning the citizen against “the elites” only so long as they are not the elites in charge.

Keywords: Technological Populism, Populism, Distributed Digital Ledger (DLT), Bitcoin, Democracy, Blockchain, Cryptocurrencies, Anarchy, Political Promises

Suggested Citation

Gikay, Asress Adimi and Stanescu, Catalin Gabriel, Technological Populism and Its Archetypes: Blockchain and Cryptocurrencies (April 29, 2019). Nordic Journal of Commercial Law, No 2(2019), 66-109. Available at SSRN: https://ssrn.com/abstract=3379756 or http://dx.doi.org/10.2139/ssrn.3379756

Asress Adimi Gikay

Brunel University London ( email )

Kingston Lane
Uxbridge, Middlesex UB8 3PH
United Kingdom

Scuola Superiore Sant'Anna di Pisa, Department of Law, Politics and Development (DIRPOLIS) ( email )

Pisa
Italy

Catalin Gabriel Stanescu (Contact Author)

Centre for Market and Economic Law (CME) ( email )

Njalsgade 76
Copenhagen S, 2300
Denmark
+4520935996 (Phone)

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