Our new cloud-based ruling class

Owners of the command capital deserve a term to distinguish them from traditional capitalists.

Once upon a time, capital goods were just the manufactured means of production. Robinson Crusoe’s salvaged fishing gear, a farmer’s plough, and a smith’s furnace were goods that helped produce a larger catch, more food, and shiny steel tools. Then, capitalism came along and vested owners of capital with two new powers: The power to compel those without capital to work for a wage, and agenda-setting power in policymaking institutions. Today, however, a new form of capital is emerging and is forging a new ruling class, perhaps even a