Part VII: The Firm

The Commanding Heights · Oct 29, 2026 · 49m

Economic activity is organized around firms, their shape evolving with each technological revolution. The originary owner-operator, the manager-employee, and shareholder-disciplined firm each had their era; the last has been made obsolete by intelligence. Tomorrow, firms will be composed of a few operators, paid and governed like capital, directing work done mostly by models. Venture becomes trading, private equity is refashioned to diffuse model capability, and the sovereign re-settles its obligations to the private sector. Read by an AI voice. Read it, with its notes and charts…