3. See Robert E. Hall, “The Routes into and out of the Zero Lower Bound,” Economic Policy Symposium Proceedings, Jackson Hole, Federal Reserve Bank of Kansas City (2013), 2.
4. See, for example, Seb Joseph, “Outdoor Advertising Braced for Its Programmatic Moment,” Digiday, Sept. 26, 2018, digiday.com/marketing/outdoor-advertising-braced-programmatic-moment.
5. See, for example, Jon Swartz, “Millions of Free E-mailers Soon May Pay Fees; Yahoo, Hotmail to Start Charging for Certain Services,” USA Today, April 1, 2002, B1.
6. See Steven Levy, In the Plex: How Google Thinks, Works, and Shapes Our Lives (New York: Simon & Schuster, 2011), chap. 4.
7. Ibid.
8. See, for example, Steven Levy, “Inside Facebook’s AI Machine,” Wired, Feb. 23, 2017, www.wired.com/2017/02/inside-facebooks-ai-machine; Gideon Lewis-Kraus, “The Great A.I. Awakening,” New York Times Magazine, Dec. 14, 2016, www.nytimes.com/2016/12/14/magazine/the-great-ai-awakening.html.
9. Devon Maloney, “Priscilla Chan and Mark Zuckerberg’s 99% Pledge Is Born with Strings Attached,” Guardian, Dec. 2, 2015, www.theguardian.com/technology/2015/dec/02/mark-zuckerberg-and-priscilla-chans-99-pledge-is-born-with-strings-attached; Mark Zuckerberg, “A Letter to Our Daughter,” Facebook, Dec. 1, 2015, www.facebook.com/notes/mark-zuckerberg/a-letter-to-our-daughter/10153375081581634?pnref=story.
10. See Elizabeth Dwoskin, “WhatsApp Founder Plans to Leave After Broad Clashes with Parent Facebook,” Washington Post, April 30, 2018, www.washingtonpost.com/business/economy/whatsapp-founder-plans-to-leave-after-broad-clashes-with-parent-facebook/2018/04/30/49448dd2-4ca9-11e8-84a0-458a1aa9ac0a_story.html.
11. Winterberry Group, “Programmatic Everywhere? Data, Technology and the Future of Audience Engagement” (white paper, Nov. 2013), www.iab.com/wp-content/uploads/2015/07/WinterberryGroupWhitePaperProgrammaticEverywhere.pdf.
12. Sarah Sluis et al., “The Top 10 Programmatic Publishers of 2018,” AdExchanger, July 31, 2018, adexchanger.com/publishers/the-top-10-programmatic-publishers-of-2018.
13. Ibid.
14. Joe Pompeo, “‘Everyone’s for Sale’: A Generation of Digital-Media Darlings Prepares for a Frigid Winter,” Vanity Fair—Hive, Dec. 5, 2018, www.vanityfair.com/news/2018/12/a-generation-of-digital-media-darlings-prepares-for-a-frigid-winter.
15. See, for example, Astead W. Herndon, “Elizabeth Warren Proposes Breaking Up Tech Giants Like Amazon and Facebook,” New York Times, March 8, 2019, www.nytimes.com/2019/03/08/us/politics/elizabeth-warren-amazon.html; Margaret Harding McGill and Daniel Lippman, “White House Drafting Executive Order to Tackle Silicon Valley’s Alleged Anti-conservative Bias,” Politico, Aug. 7, 2019, www.politico.com/story/2019/08/07/white-house-tech-censorship-1639051.
2. Market Convergence
1. See, for example, Jack Kessler, “The French Minitel: Is There Digital Life Outside of the ‘US ASCII’ Internet? A Challenge or Convergence?,” D-Lib Magazine, Dec. 1995, www.dlib.org/dlib/december95/12kessler.html. The article describes the French Minitel system, a precursor to the modern-day internet.
2. Robert D. Shapiro, “This Is Not Your Father’s Prodigy,” Wired, June 1, 1993, www.wired.com/1993/06/prodigy.
3. See Matthew Crain, “Financial Markets and Online Advertising: Reevaluating the Dotcom Investment Bubble,” Information, Communication, and Society 17, no. 3 (2014), academicworks.cuny.edu/qc_pubs/157.
4. Tim Wu, The Attention Merchants: The Epic Scramble to Get Inside Our Heads (New York: Alfred A. Knopf, 2016), 210.
5. Ibid., 208.
6. Steven Levy, In the Plex: How Google Thinks, Works, and Shapes Our Lives (New York: Simon & Schuster, 2011), chap. 2.
7. Ibid., 84.
8. Ibid., 77–78.
9. Ibid., 87.
10. Ibid., 90.
11. Ibid., 94.
12. Ibid., 83.
13. Ibid., 110.
14. Ibid., 116.
15. Ibid., 118.
16. Ibid., 117.
17. Robert A. Guth and Kevin J. Delaney, “Selling Web Advertising Space Like Pork Bellies; Exchanges That Pair Buyers, Sellers for Available Ad Slots Attract Internet Giants,” Wall Street Journal, May 29, 2007, B1.
18. Steve Lohr, “Your Ad Here,” New York Times, May 16, 2007, H1.
19. See, for example, Mike Nolet, “Exchange v. Network, Part I: What’s the Difference?,” Mike on Ads (blog), Aug. 16, 2007, www.mikeonads.com/2007/08/16/exchange-v-network-part-i-whats-the-difference. Nolet cofounded AppNexus, one of the major exchanges in the programmatic space.
20. Louise Story, “DoubleClick to Set Up an Exchange for Buying and Selling Digital Ads,” New York Times, April 4, 2007, C6.
21. Louise Story and Miguel Helft, “Google Buys DoubleClick for $3.1 Billion,” New York Times, April 14, 2007, www.nytimes.com/2007/04/14/technology/14DoubleClick.html.
22. Kevin J. Delaney, “Yahoo Will Buy the Rest of Right Media,” Wall Street Journal, April 30, 2007, A3.
23. George Gurley, “A Wealth of Ideas,” New York Times, March 26, 2014, www.nytimes.com/2014/03/27/fashion/Michael-Walrath-Right-Media-Founder-Wealth-of-Ideas-.html.
24. Abbey Klaassen, “The Right Media Mastermind,” Advertising Age, May 14, 2007.
25. Benjamin F. Kuo, “Interview with Jeff Green, The Trade Desk,” socalTECH, March 29, 2010, www.socaltech.com/interview_with_jeff_green_the_trade_desk/s-0027709.html.
26. Paul Durman, “‘Stock Exchange’ Opens for Online Advertising,” Sunday Times (London), Feb. 18, 2007, 3.
27. Kuo, “Interview with Jeff Green.”
28. Donald MacKenzie, An Engine, Not a Camera: How Financial Models Shape Markets (Cambridge, Mass.: MIT Press, 2008), 12.
29. See, for example, Erik Barnouw, A History of Broadcasting in the United States, vol. 2, The Golden Web, 1933 to 1953 (New York: Oxford University Press, 1968); Tom Standage, The Victorian Internet: The Remarkable Story of the Telegraph and the Nineteenth Century’s On-Line Pioneers (New York: Bloomsbury, 2014).
30. William Cronon, Nature’s Metropolis: Chicago and the Great West (New York: W. W. Norton, 1992), chap. 3.
31. Ibid., 106–107.
32. Ibid., 126.
33. Ibid., 114.
34. Ibid., 118.
35. Ibid., 146.
36. Ibid., 110.
37. Ibid.
38. See Emily Lambert, The Futures: The Rise of the Speculator and the Origins of the World’s Biggest Markets (New York: Basic Books, 2012).
39. “About IAB,” IAB, www.iab.com/our-story.
40. “IAB Measurement Guidelines,” IAB, www.iab.com/guidelines/iab-measurement-guidelines.
41. “MRC Viewable Ad Impression Measurement Guidelines,” IAB Emerging Innovations Task Force, www.iab.com/wp-content/uploads/2015/06/MRC-Viewable-Ad-Impression-Measurement-Guideline.pdf.
42. Ibid.
43. “Standards, Guidelines & Best Practices,” IAB, www.iab.com/guidelines/.
44. See, for example, Michael Lewis, Flash Boys: A Wall Street Revolt (New York: W. W. Norton, 2015), which describes how parallel developments in the financial markets produced an explosion of trading activity.
45. Raghuram G. Rajan, “Has Financial Development Made the World Riskier?” (NBER working paper, no. 11728, Nov. 2005), www.nber.org/papers/w11728.
46. Adam Tooze, Crashed: How a Decade of Financial Crises Changed the World (New York: Viking, 2018), 66.
47. Rajan, “Has Financial Development Made the World Riskier?,” 6.
48. See, for example, NYIAX Inc., www.nyiax.com.
49. Carmen M. Reinhart and Kenneth S. Rogoff, preface to This Time Is Different: Eight Centuries of Financial Folly (Princeton, N.J.: Princeton University Press, 2011), xxviii.
50. See, for example, Michael Lewis, The Big Short: Inside the Doomsday Machine (New York: W. W. Norton, 2011), chap. 2.
51. Reinhart and Rogoff, “Preamble: Some Initial Intuitions on Financial Fragility and the Fickle Nature of Confidence,” in This Time Is Different.
52. Reinhart and Rogoff, This Time Is Different, xxxiv.
53. Cyrus Sanati, “Prince Finally Explains His Dancing Comment,” DealBook (blog), New York Times, April 8, 2010, dealbook.nytimes.com/2010/04/08/prince-finally-explains-his-dancing-comment.
3. Opacity
1. George Bradt, “Wanamaker Was Wrong—the Vast Majority of Advertising Is Wasted,” Forbes, Sept. 14, 2016, www.forbes.com/sites/georgebradt/2016/09/14/wanamaker-was-wrong-the-vast-majority-of-advertising-is-wasted.
2. Owen Gibson, “Cash from Clicking,” Guardian, April 8, 2002, www.theguardian.com/media/2002/apr/08/mondaymediasection9.
3. Miguel Helft, “Google’s Net (and Stock) Up Sharply,” New York Times, Oct. 17, 2008, B1.
4. Randall Rothenberg, “Bye-Bye,” Wired, Jan. 1, 1998, www.wired.com/1998/01/rothenberg. Rothenberg would later become the head of the IAB.
5. “The Ultimate Marketing
