Web3 Is the Opportunity We Have Had All Along: Innovation Amnesia and Economic Democracy

The class of technology variously referred to as Web3 or crypto has been heralded as a democratizing force for economics and governance. This chapter argues that, to the extent such hype is justified, it is only partly due to the affordances of the technology itself. Perhaps more important is the amnesia it has induced, as an innovative paradigm whose novelty inclines people to neglect once-stable norms. In both economics and governance, crypto offers opportunities for greater democracy, but following through on them is guaranteed by neither the technology nor the amnesia it invites.