Thank you so much for your thoughtful response. I like your take on distributed ownership — I hope you’re right… my sense is that this market will be dominated by software/networks/scale. My sense is distributed ownership only works today because of the need for and relatively high cost of human labor.

There is already an extraordinary and growing stratification of wealth in the US and in other developed countries. The current US administration and Congress are rapidly deregulating and giving much more power to incumbents across industries. The budget proposed yesterday by the administration would lead to massive privatization of roads, bridges, tunnels and other infrastructure — which would likely lead to structural advantages for larger companies (who can negotiate better terms with scale).

I don’t think any of this has to be the way I describe it. I really hope it’s not. But, that it could is enough to want to bring it into the discussion.

I really appreciate your thoughtfulness and ideas.