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Javier Milei: Argentina invites AI to free itself www.ft.com/content/f93022fe-43f7-437d-abd8-06c457c0a43c

1515 sats \ 2 comments \ @0xbitcoiner 10 Jun AI Politics_And_Law history econ

As we enter a new era of technology, AI must be permitted to develop without premature regulation

The writer is president of Argentina

On March 20 1602, the founding of the Dutch East India Company gave the world the limited liability company — and unleashed capitalism’s full potential. Only when law placed a ceiling on risk did capital deploy with genuine force. The industrial revolution ignited some years later was made complete not by engineering, but by Dutch corporate law. The machine and the legal entity were, together, the double helix of modern prosperity.

Since then, global GDP has increased more than 200 times, income per capita has risen 15-fold, and population has multiplied by 15. The limited liability company certainly deserves a place among the 10 most consequential inventions in history.

The concept did not go unchallenged. As late as 1824, critics wrote that limited liability let wealthy men “offer a portion of their excesses for the formation of a company, to play with that excess . . . and then, should the funds prove insufficient to answer all demands, to retire into the security of their unhazarded fortune, and leave the bait to be devoured by the poor deceived fish.”

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97 sats \ 1 reply \ @0xbitcoiner OP 10 Jun

We must not grant AI agents legal personhoodWe must not grant AI agents legal personhood
What kind of sanctions could keep a non-human corporation in check?

The writer is a historian, philosopher and author. His latest book is ‘Nexus’

When I spoke at the World Economic Forum in January of this year, I warned that governments might one day grant AI models legal personhood. I never imagined that “one day” would come around a mere four months later.

Last week, in this newspaper, President Javier Milei of Argentina announced the creation of a new legal category for non-human corporations.

Like traditional corporations, these non-human corporations will enjoy the benefits of legal personhood. They will presumably be able to own assets, hire employees, participate in international trade, sue you in court, and even donate to political campaigns. Unlike traditional corporations, they will be able to do all of this without a single human’s input or liability. All the decisions about buying, selling, hiring, investing, litigating and donating can be done by AI agents. “Human shareholders may participate,” wrote the president of Argentina, “but are not required.”

Milei is a very bold politician, and his determination to improve Argentina’s economic fortunes is commendable. He is correct when he says that the invention of the limited liability corporation was one of the most consequential inventions in history and that creating non-human corporations may be an equally consequential step.

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49 sats \ 0 replies \ @optimism 10 Jun

In both cases I'd ask: why would an AI need to obtain limited liability? Can an AI be liable today? If yes, awesome, I'm going to sue them all.