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So where does this leave us? | So where does this leave us? | ||
[[Rent-seeking]] encourages us to squirrel away [[Verbiage|verbal mush]] on the grounds that it is “proprietary technology”: | [[Mick Jagger]] and [[Keith Richards]] composed [[Satisfaction]] in 15 minutes whilst sitting by a pool in Florida. They are still, 55 years later, reaping colossal dividends from that inspired quarter hour. Fair play to them: this may be what the law prescribes, but it is bad law and it is a horrible model for [[reg tech]]. | ||
[[Rent-seeking]] encourages us to squirrel away [[Verbiage|verbal mush]] on the grounds that it is “proprietary technology”: [[rentier]]s straight-facedly say “my [[fifteen minutes]] of effort must perpetually be rewarded.” | |||
This is a profoundly ''awful'' disposition. There is ''nothing'' — utterly nil — that is special, clever or even ''desirable'' about legal [[boilerplate]]. | |||
Boilerplate is to witness [[marginal utility]] at the point it touches zero: it is the dreary formality one must go through ''to get to the heart of the deal''. The same goes for that ISDA schedule — yes, friends, the whole god-forsaken thing, even the customised {{isdaprov|ATE}}s. No-one ''cares''. No-one ''likes'' it. No-one ''wants'' it. It is a regrettable externality; a grim fact of life. It is not the sausages; it is [[Ask nicely|the mask you need to go into the supermarket]] so you can ''get'' the sausages. | |||
===[[Extended phenotype]]s and the mercurial arrow of [[causation]]=== | ===[[Extended phenotype]]s and the mercurial arrow of [[causation]]=== | ||
So these [[feedback loop]]s drive us ''away'' from the place we want to go. Instead of a self-service ethos of simplified, standardised, user-friendly<ref>And no, the “user” is ''not'' the [[legal eagle]]: the user is the ''client''.</ref> components that, though continual refinement are honed, standardised and | So these [[feedback loop]]s drive us ''away'' from the place we want to go. Instead of a self-service ethos of simplified, standardised, user-friendly<ref>And no, the “user” is ''not'' the [[legal eagle]]: the user is the ''client''.</ref> components that, though continual refinement, are honed, standardised and simplified, we have processes which keep their existing convolution, get worse, all the time supporting a more elaborate infrastructure that purportedly is there to support them. | ||
Recall once again, {{author|Yuval Harari}}’s observation about the domestication of wheat,<ref>Harari’s suggestion, which owes something to [[Douglas Adams]] and his [[The Hitch-Hiker’s Guide to the Galaxy|pan-dimensional hyper-intelligent mice]], is that ''wheat'' domesticated ''homo sapiens'' and not ''vice versa''. See https://www.ynharari.com/topic/ecology/ </ref> and apply it here: is the [[rent-seeking]] re-intermediated support structure that has evolved some kind of [[extended phenotype]]: a marvellous beaver dam; an adaptation wrought magically on the environment so delicate but vital process can survive, ''or is it the ''opposite''? Is the ''process'' an adaptation, an [[extended phenotype]] upon which the whole [[rent-seeking]] infrastructure depends to survive? Which way does the causal arrow flow? | |||
''Who'' has domesticated ''whom''? | |||
Bear in mind that staying with this process is not a zero-cost option. This infrastructure is ''monstrously'' expensive. Every year, it costs tens or hundreds of millions of dollars. ''For each firm''. | |||
Spend your good money here, instead of throwing it after the bad money you’ve spent there. | |||
''[[Contract negotiation]] is not a profit centre for ''any'' client. It is a cost.'' | |||
===What to do=== | ===What to do=== | ||
Design a system with feedback | Design a system with [[feedback loop]]s that push us towards a simplified, standardised centre, that emphasises transparency and commonality, not proprietary technology. In essence, a GitHub for legal terms: | ||
*'''A centralised hub''' with free, unlimited access for everyone whether as a user or a contributor. | *'''A centralised hub''' with free, unlimited access for everyone whether as a user or a contributor. | ||
*'''A phased approach''' moving gradually from traditional text-based contracts — how folks do things now, for better or worse — to networked, authenticated smart contracts. | *'''A phased approach''' moving gradually from traditional text-based contracts — how folks do things now, for better or worse — to networked, authenticated smart contracts. |