Surveillance capitalism, a term coined by Harvard Business School professor Shoshana Zuboff, refers to a market-driven process where companies, often those offering free online services like social media and search engines, collect and monetize vast amounts of personal data. This data, often collected without users’ explicit consent, is then used to create “prediction products” that are sold to businesses interested in understanding and potentially influencing consumer behavior.
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Data Collection:
Companies collect a wide range of data, including search histories, social media posts, location data, and product searches.
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Data Monetization:
This collected data is then used to generate revenue, primarily through targeted advertising and the sale of prediction products.
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Behavioral Futures Markets:
Prediction products, which anticipate future consumer behavior, are traded in markets where businesses can purchase insights into potential customers.
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Erosion of Autonomy:
Critics argue that surveillance capitalism undermines personal freedom and choice by creating a system where individuals are monitored and their behavior is predicted, potentially leading to manipulation and control.
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Impact on Innovation:Some argue that the focus on predictable outcomes within surveillance capitalism can stifle creativity and innovation by limiting the space for unexpected breakthroughs.