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The full treatise

As artificial intelligence turns the work of a company into skills that can be summoned and recombined at will, the firm decomposes and AI agents become economic actors, transacting and coordinating at machine speed on open, programmable economic infrastructure. The agentic economy and the onchain economy, it argues, are the same economy seen from two sides, traced from the decomposition of the firm to the question of who owns an economy that intelligence increasingly runs, and the sustained roles and opportunities for humans in this new economic system.

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The full treatise, section by section

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01 The Convergence and the Decomposition of the Firm Why platform shifts arrive as convergences, and how the firm dissolves into agentic skills. 02 Assembly, Coordination, and Why the Firm Goes Onchain Reassembling the decomposed firm, and the identity and trust that force it onchain. 03 The Monetary Substrate: Velocity, Safety, and Finality Why machine-speed money replaces leverage with velocity, and what keeps it safe. 04 Credit Markets: Machine Underwriting, Agent Working Capital, and the Prudential Layer The long tail of credit: real-time underwriting, machine working capital, and its brakes. 05 Global by Construction An economy with no single native jurisdiction: compliance, FX, and sovereignty reshaped. 06 The Supply Side: From Subscription to Consumption When the seat dies as a pricing axis and the model becomes a cost, the agent a business. 07 The Onchain Corporation Two paths to the firm whose governance, treasury, and tokens are native primitives. 08 Implications and the Concentration of Power The labor question is the ownership question; concentration is the geopolitics. 09 The Civic Vision How a widening economy is designed rather than assumed: ownership as citizenship.
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