Written by a noted French economist, this book contains seven chapters which are divided into two sections. “The New Wave” starts with a cultural economic survey, “From Chaplin to Godard,” covered in 14 pages, followed by “Burnout,” “The New Consumer Society,” and “From Financial Capital to Human Capital.”

“Can Capitalism Survive?” is the compelling theme of Section 2. It starts with a 10-page chapter on “Sad Stories of the Death of Kings.” The real political and economic core of the book is in the final two chapters, totaling only 32 pages: “The Island of the Unemployed” and, again, “Can Capitalism Survive?”

Cohen’s argument is that the dehumanization of Taylorist assembly line production, and the sharp divisions of labor thereby engendered, discouraged mindful involvement and community. He feels that we have now undergone a comparable revolution as a result of the adoption of information technology, allegedly rooted in the student rebellions of 1968 in France. That movement shattered standardization, in his view, and, by our millennium, work consists of decentralized structures, encouraging autonomy and initiative. Now, the problem is preventing psychic stress and burnout. Cohen argues that this final revolution in human life is not yet complete, however it will be once human capital is not dominated by financial capital.

The book was translated from French (in part by the author), and the back jacket notes it received an award in France in 2000, indicating that the writing may have been concluded in 1999. For this reason, it may be charitable to forgive the author for his apparent ignorance of the many books and papers published in the last few years that might better inform his arguments [1, 2, 3]. This does not forgive the paucity of such references from works published earlier however [4, 5, 6, 7]. Less forgivable for an academic text, which this clearly is in both language and tone, is the paucity of citations to buttress the author’s statements. A few examples of unreferenced assertions are:

• “According to ordinary estimates, half of a firm’s stock value comes from the human capital” (p. 59);
• “Within just a few years, the same rules of capitalism were suddenly transformed” (p. 53);
• “The era of human capital we are entering was not ’desired’ by capitalism. It is much more an effect of democracy” (p. 110); and
• “[The twentieth] century in which humans were largely freed of the oppression of famine and in which they received education and universal health care...” (p. 14)

I can’t help but comment that this last would be a particular surprise to many of us in the United States who have no health insurance. And I am surprised to learn that famine is no longer a problem on this planet.

These broad-brush statements are typical of the sweeping generalizations and ebullient prose throughout the book. The chapters read more as speeches meant to inspire than as reasoned and substantiated intellectual discourse. No mention is made at all of the increasing use of information and computing technologies by the military. No mention is made either of governmental surveillance or of personal privacy issues, even though these have been so admirably addressed by individual European countries, as well as by the European Union. Surveillance technologies in the workplace are generalized about, with few examples, and no specific technological referents.

This book exhibits an intellectual mush. We roam from references to film content, through the arts, and into Marxist economics. On the positive side, it is refreshing to bring a wide range of references into the discussion of the societal implications of technology. A coherent framework would help the debate, however, and such a framework is sorely lacking here. Using the May 1968 student protests as a departure point may make for exciting speechmaking and rousing of the masses, until one stops to think through the point. What is the point? Most of those reading this book will finish it without finding the answer.

I do find it refreshing to see Marx brought into a discussion of contemporary capitalism and its future. The analysis by Marx of the formation and maturation of what has indeed become the dominant economic order is both relevant, and necessary to dissect. But even here, as it pertains to what is exhibited within this slim volume, one must wonder about the ability of this author to interpret Marx. The theory of surplus value, as it is briefly described here, could arguably differ substantially from that put forth by its originator. Cohen explains wage pressures on owners as being promulgated by Marx as derived from what slave labor would cost to maintain (p. 102); this is an example of a missed point, although this level of detailed economic debate might be a bit uninteresting to many computer scientists [4].

While there are several books available on the impact of computer technologies on the social, economic, military, and political order, it is true that more intellectual effort can be brought to bear on the vast array of topics that spin off. We are all living in the midst of a sea of changes, and many feel the tides are sweeping over them. The tides of change seem strong and bewildering. Some see the potential for harnessing them for good, while others feel they are drowning in evil. Is there hope that we can even see the shore ahead? We’ll have to await other efforts before the view becomes clearer.