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The neo-Schumpeterian model of technological revolutions and techno-economic paradigm shifts developed by Carlota Perez can be applied to analyze Web3-related innovation in the broader context of the Digital Revolution as:

1. a techno-populist reform movement;
2. financial innovation;
3. process and institutional innovation; and
4. automation.

Web3 is an attempt to reimagine how digital infrastructure and services are financed, built, deployed, governed, and consumed. As a result, Web3 opens up new avenues for creating and distributing knowledge and value. However, rather than a fundamental break with the previous generation of digital content and technology, Web3 represents the continuation of a multi-decadal trend of bureaucratic institutions towards a more digital, global, resilient, and automated form in which human administrators - the proverbial 'middlemen' - are replaced by increasingly 'autonomous' networks of middlemachines. All this makes Web3 an important theme in the emerging (geo)political economy of automation.

Mario Laul works as a researcher and consultant, focusing on the impact of digital technology on social institutions and especially the resulting investment opportunities and governance challenges. For the past 10 years, Mario has also taught a sociology of culture elective at the Estonian Academy of Arts.