{"id":553679,"date":"2021-03-05T07:00:55","date_gmt":"2021-03-05T07:00:55","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/05\/the-modern-economy-is-powered-by-you\/"},"modified":"2021-03-05T07:00:55","modified_gmt":"2021-03-05T07:00:55","slug":"the-modern-economy-is-powered-by-you","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/05\/the-modern-economy-is-powered-by-you\/","title":{"rendered":"The modern economy is powered by you"},"content":{"rendered":"<p><strong>Your browsing history, your online purchases, your likes and dislikes, these are the <\/strong><strong>currencies that power the data economy<\/strong>, a vast digital ecosystem of buying and selling growing so rapidly in tandem with the \u201cnormal\u201d economy that it has been referred to by some as a \u201c<a href=\"https:\/\/www.santafe.edu\/news-center\/news\/mckinsey-arthur-digitization-second-economy\">second economy<\/a>\u201d that is gradually superseding the existing one we know. The business of gathering, sorting, selling and buying data constitutes the data economy, a field unquestionably dominated by the Big Five: Amazon, Apple, Google, Facebook and Microsoft. In 2017, The Economist called data <a href=\"https:\/\/www.economist.com\/leaders\/2017\/05\/06\/the-worlds-most-valuable-resource-is-no-longer-oil-but-data\">\u201cthe world\u2019s most valuable resource,\u201d<\/a><\/p>\n<p><strong>How big is the data economy?<\/strong> It\u2019s difficult to estimate, and though different sources disagree on the economy\u2019s size, the consensus is it is rapidly growing. In its <a href=\"https:\/\/www.idc.com\/getdoc.jsp?containerId=US44797920\">worldwide datasphere forecast<\/a>, Market research firm IDC predicted that the next three years of data creation and consumption will eclipse the past 30, and forecasts 175 zettabytes (1 Zettabyte = 1 trn Gigabytes) of data use by 2025.<\/p>\n<p><strong>OK, so how can we measure it?<\/strong><a href=\"https:\/\/www.un.org\/development\/desa\/dpad\/wp-content\/uploads\/sites\/45\/publication\/FTQ_1_Jan_2019.pdf\"><\/a><a href=\"https:\/\/www.un.org\/development\/desa\/dpad\/wp-content\/uploads\/sites\/45\/publication\/FTQ_1_Jan_2019.pdf\">A UN publication<\/a> estimated that in 2017 the size of the data economy in the EU \u2014 based on the total revenue of all firms in the business of buying and selling data \u2014 was only 0.49% of GDP, while in the US it was equivalent to 1%. Estimates from Statistics Canada \u2014 calculated based on the value of stock of companies in the data business as well as their software and intellectual property \u2014 put the value of the data economy somewhere between USD 157-218 bn, meaning the size of the data economy in the US would be between USD 1.4-2 trn, or 5% of the US\u2019 stock of private physical capital. There is no unified methodology for sizing up the data economy as of yet, and so estimates will vary.<\/p>\n<p><strong>Who benefits the most from the data economy? <\/strong>Large firms are already at an advantage as they have more resources to collect more data, thereby growing their ability to collect, and profit off of, even more data. The inequality also runs along geographic lines, with America and China accounting for 90% of the market capitalisation of the world\u2019s 70 largest digital platforms, and Africa and Latin America accounting for only 1%.<\/p>\n<p><strong>This is an economy reliant on surveillance for its survival: <\/strong>Gone is the era of the internet as an anonymous space; the monetization of our behavioural data requires that we leave digital footprints everywhere, raising a plethora of ethical questions about the boundaries of privacy in the digital age. Harvard professor Shoshana Zuboff, who popularized the term <a href=\"https:\/\/news.harvard.edu\/gazette\/story\/2019\/03\/harvard-professor-says-surveillance-capitalism-is-undermining-democracy\/\">surveillance capitalism<\/a> to describe this new business model, warns that the ubiquity of data collection from the moment we wake up to the moment we fall asleep (and indeed, <a href=\"https:\/\/www.propublica.org\/article\/your-medical-devices-are-not-keeping-your-health-data-to-themselves#:~:text=What%20Do%20They%20Collect%3F,that%20leaks%20from%20the%20mask.\">sometimes as we sleep<\/a>) risks turning us into automatons. The ambitions of the data economists, she argues, is to perfectly map out our behaviours in order to influence and predict the next pair of shoes we buy, the next restaurant we eat at, and our next holiday destination before we even know it ourselves.<\/p>\n<p><strong>And of course, the personal is used for the political:<\/strong> Our browsing data can be used for commercial ends, such as pushing a particular brand and ads onto our screens, but is also now being deployed for more sinister purposes. The <a href=\"https:\/\/www.wired.com\/amp-stories\/cambridge-analytica-explainer\/\">Cambridge Analytica scandal<\/a> demonstrated how the use of and manipulation of data can be used to undermine democracy, while you only need to look at <a href=\"https:\/\/nhglobalpartners.com\/chinas-social-credit-system-explained\/\">China\u2019s Social Credit System<\/a> to understand how it can be wielded to construct an entire system of social control.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Your browsing history, your online purchases, your likes and dislikes, these are the currencies that power the data economy, a vast digital ecosystem of buying and selling growing so rapidly in tandem with the \u201cnormal\u201d economy that it has been referred to by some as a \u201csecond economy\u201d that is gradually superseding the existing one [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":553680,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9776],"tags":[901,2604,2938],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-553679","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-data-economy","tag-data","tag-enterpriseyourwealth","tag-the-data-economy","wpautop","entry"],"acf":{"mongo_id":"ceff1f91-d73f-4686-a0a4-bf04f82248fe","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/3\/5.jpg","photo_position":"above","related_issue":[553675],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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The demand pulled the average yield on the six-month T-bills by almost 200 bps,\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":577604,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/29\/economy-grew-4-4-y-o-y-in-the-first-quarter-of-2022-despite-global-headwinds\/","url_meta":{"origin":553679,"position":2},"title":"Economy grew 4.4% y-o-y in the first quarter of 2022 despite global headwinds","author":"enterpriseam admin","date":"29 November 2022","format":false,"excerpt":"Egypt\u2019s economy grew 4.4% y-o-y in 1Q FY 2022-2023, according to preliminary data from the Planning Ministry. GDP growth in the first quarter of the state\u2019s current fiscal year (which starts in July) came despite continued global headwinds thanks to the pandemic, the war in Ukraine, and climate change, Planning\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/471.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":630136,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/12\/a-quiet-morning-for-egypt-in-the-foreign-press-3\/","url_meta":{"origin":553679,"position":3},"title":"A quiet morning for Egypt in the foreign press","author":"enterpriseam admin","date":"12 April 2018","format":false,"excerpt":"It was a blessedly quiet morning for Egypt on the international news front, with the Intercept\u2019s hatchet job on the Ride-hailing Apps Act topping coverage of Omm El Donia. Allison McManus writes that that \u201cwhile the new law appears to be an acceptable compromise between Uber and the country\u2019s embittered\u2026","rel":"","context":"In &quot;EGYPT IN THE NEWS&quot;","block_context":{"text":"EGYPT IN THE NEWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-in-the-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":559318,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/18\/foreign-holdings-near-pre-covid-peak\/","url_meta":{"origin":553679,"position":4},"title":"Foreign holdings near pre-covid peak","author":"enterpriseam admin","date":"18 January 2021","format":false,"excerpt":"Foreign investment in EGP bonds has continued to rebound through the beginning of 2021, with total holdings now standing at USD 26 bn, Minister Mohamed Maait told Al Arabiya and CNBC in separate interviews yesterday. This is up from USD 23 bn at the end of November and is less\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/1\/199.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595085,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/16\/africa-leads-in-mobile-money-payments\/","url_meta":{"origin":553679,"position":5},"title":"Africa leads in mobile money payments","author":"enterpriseam admin","date":"16 September 2019","format":false,"excerpt":"Africa is a global leader in mobile money payments: The region has become the global leader in mobile money innovation, adoption, and usage in the last ten years, according to the IMF, with almost 10% of GDP in transactions generated through mobile payments, compared to 7% of GDP in Asia\u2026","rel":"","context":"In &quot;THE MACRO PICTURE&quot;","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/9\/2687.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/553679","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=553679"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/553679\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/wealth\/553675"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/553680"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=553679"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=553679"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=553679"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=553679"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=553679"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}