Did computer technology seriously contribute to Black Monday, October 19, 1987… the biggest stock market crash in history?
Is the new technology creating a major societal transformation as significant as the Industrial Revolution?
Maurice Estabrooks, senior economist with the Federal Government of Canada, believes the answer is “yes” to both questions. In this leading-edge book, he precisely delineates the causes, effects, and pervasive power of this emerging economic and political system.
He traces the transformation of our world from a comfortably-paced, paper-based society to one that is lightning-fast and computer-driven. He follows the turbulent decade of the eighties with its computerization of financial markets; the heavy population of ATMs and computerized retail checkout systems; the proliferation of smart cards and debit cards; the creation of the financial supermarkets such as American Express, Sears Roebuck, Citicorp, and Merrill Lynch; the merging of territories formerly held separately by commercial banks and by the securities and brokerage business; and the consequent obsolescence of regulatory institutions.
He describes the competition between global money centers for domination of this evolving computer-mediated financial marketplace and examines the resulting 24-hour global trading with its increasing volatility, speculation, and computerization… forces that synchronized ultimately on October 19, 1987, threatening the stability of our whole economy.
In addition, the author discusses how the manufacturing, resource, and services sectors are also being pulled into this vortex of transformation where they, too, are becoming computer-mediated.
His prognosis – a new global political order best described as Programmed Capitalism. His vision – new national and global institutions to ensure a programmed democratic society at the global level.
A senior economist with the federal government of Canada, Maurice F. Estabrooks has held positions as a systems analyst, engineer, planner, and manager. He studied at Mount Allison University, the University of Alberta, Carleton University, and holds degrees in physics, applied mathematics, and economics.