The Perfect Storm: Artificial Intelligence, Financialisation, and Venture Legalism

Abstract

This article analyses the limits of legal norms and institutions in holding to account the emerging power of Artificial Intelligence (AI) and Machine Learning. It demonstrates how a symbiosis of capitalism and new forms of digital power is mutating to produce novel and dangerous styles of organised irresponsibility that go beyond the reach of conventional legal mechanisms. It draws on the work of Pashukanis, Baudrillard, and Alain Supiot to show how this transformation is taking place. Referring to the role of AI in the spread of Financial Technologies, it introduces a new term – ‘venture legalism’ – to describe how unprecedented risks are currently being created. It concludes by observing how ethical and democratic registers are equally implausible modes of accountability.