The story begins with the 2008 financial crisis. How exactly did the U.S. government bail out the financial sector? Through quantitative easing: the Treasury materialized trillions of dollars out of thin air by pressing a few keys on their keyboard. This money was used to buy bonds and securities from banks and financial institutions in order to stabilize them. The financial sector got trillions in cash.

So what did the financial sector do with this money? They invested in Silicon Valley. In the post-financial crisis era of near-zero interest rates, the tech industry was one of the few places that offered high returns on investment. As a result, it wasn't just private investors and venture capitalists that made their way to Silicon Valley, but also institutional investors: pension fund managers, insurance companies, hedge funds, and even banks.

So, that's the story of how Silicon Valley got rich. But there is also another important side to this story, which is the fact that the speed of innovations outpaces regulations: "The time gap between innovations the tech companies implement and the laws that would regulate them has also played a major role in the global growth of companies like Airbnb, Google, and Uber. It creates a gray area, unreachable by the law, where tech companies operate freely, redesigning labor protocols and privacy instruments and payment protocols to their own advantage."

The example she raises is how Uber pioneered the gig economy model. By presenting themselves as a digital platform / broker, they are able to categorize their drivers as freelance / self-employed workers, which means they do not have to provide them with benefits or other protections--despite the fact that drivers are functionally employees. All this, under the guise of the "sharing economy."

As a result? "Far from encouraging an equitable distribution of wealth, the tech industry compounded inequalities. And it did this intentionally, because to a certain degree, the greed that had characterized the financial sector leading into the financial crisis did not die; rather, it emerged, scarred, and produced a cross-pollination between Wall Street and Silicon Valley."

Meanwhile, Techtitans like Google grew rapidly by buying and absorbing new innovations and startups. As Napoleoni describes: "While serial entrepreneurs produce a constant stream of new ideas, the big Techtitans are permanently on the lookout to buy the best ones, secondarily to improve their own businesses, but primarily to prevent any competition." Google Maps was developed by buying up all the startups that provided digital map services. When Google learned that Facebook and Apple wanted to buy Waze, it stepped in and outbid them by nearly a billion dollars. It was clearly a monopolistic move.

[Napoleoni doesn't talk about this but, her book is literally called The Rise of the New Robber Barons. Remember the original robber barons? Vanderbilt, Carnegie, Rockefeller--these guys are the reason why the U.S. has antitrust laws today. No wonder SIlicon Valley spends so much time and money on antitrust cases.]

Now, the Techtitans have set their eyes on space. Why? Part of it, Napoleoni argues, has to do with the model of infinite economic growth. The human race is outgrowing the planet, so the next frontier is space. Jeff Bezos believes in a future with space settlements, Elon Musk wants to colonize Mars. But more practically, and immediately, the lower Earth orbit promises major business opportunities. The development of nano satellites has made it significantly more affordable to launch satellites. Right now, they're being used to provide satellite internet, e.g. Starlink, or Project Kuiper. Goldman Sachs thinks mining asteroids is a near future possibility. All while leaving behind a trail of space debris.

What makes all of this especially nebulous and hard to fight back against is that so much of this technological innovation is hard to understand. Napoleoni illustrates this point best with stories of fraudulent bitcoins and NFT schemes, but it goes beyond that. Most of us don't understand the wider societal significance of blockchain, let alone the technical mechanism. In the same way, many of us didn't understand the significance of the end of the gold standard or the rise of financial engineering. And now, as the Techtitans seek to transform themselves into Space Barons, we don't understand the significance of the corporatization of the lower Earth orbit or the development of relaunchable rockets.

And when we don't understand these technological innovations and its broader significance, not only do we struggle to foresee how these things will make inequality worse, we also fail to see the beneficial opportunities these technologies, if managed more wisely, could offer humanity. Blockchain could be used to improve food security, facilitate product recalls, to trace the origins of the products we buy. It could allow for secure management of personal data. Bitcoin was originally envisioned by its creator as a way to democratize money, and has already shown its usefulness in situations like wars where ordinary people can get money even when traditional banks are unreliable, without fear of surveillance. In space, satellites could be carrying solar panels (space-based solar power), providing clean and continuous energy for our use.