Cognitive Mercantilism: AI panic resembles fears of early capitalism

The author draws parallels between historical fears of capitalism and current AI panic, suggesting that both involve a shift from a zero-sum worldview to a more complex understanding of wealth creation and human nature. The author references Joyce Appleby's book 'The Relentless Revolution: A History of Capitalism' to describe the historical development of capitalism and the mercantilist worldview that preceded it. Appleby argues that capitalism emerged when people began to see wealth as created rather than captured, and that ordinary people could be sources of demand and initiative. The author suggests that similar assumptions are being challenged by AI, which raises questions about the nature of work, wealth, and human potential.