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Overconnected: The Promise and Threat of the Internet by William H. Davidow

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SEVEN

From Fishing to Finance

The remote and rugged island of Iceland started out toward a state of overconnection in 1994 with the injection of a free market ethos into what had long been a largely nationalized economy. Then the coming of the Internet supercharged those changes, and everything accelerated. Transactions that might have taken a few days and a modicum of forethought now took a few minutes, and soon Iceland was ensnared in a web of interconnections, thereby embedded in a new environment for which elected officials, regulators, and citizens were completely unprepared. A nation skilled in fishing was no longer attempting to net cod in the treacherous North Atlantic. It was now betting its future on big catches in the volatile world ...

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