Hoover Daily Report

In Praise Of Hierarchy

via Wall Street Journal
Friday, January 5, 2018
Image credit: 
istock

It is a truth universally acknowledged that we now live in a networked world, where everyone and everything are connected. The corollary is that traditional hierarchical structures—not only states, but also churches, parties, and corporations—are in various states of crisis and decline. Disruption, disintermediation, and decentralization are the orders of the day. Hierarchy is at a discount, if not despised.

Networks rule not only in the realm of business. In politics, too, party establishments and their machines have been displaced by crowdfunded campaigns and viral messaging. Money, once a monopoly of the state, is being challenged by Bitcoin and other cryptocurrencies, which require no central banks to manage them, only consensus algorithms.

A subscription is required to read the full article "In Praise Of Hierarchy."