TV ads and experience result in all of us internalizing the standards of the finance industry, which often profits more from failure than success.
Yet, he says, that has not improved them.
But, as Pasquale documents, scoring algorithms are used in many other contexts, such as deciding who should be placed on no-fly lists.īecause it's the oldest and most pervasive of what Pasquale calls "reputation systems", credit scoring is also the most regulated. The most obvious, which applies to Britons as well as Americans, is the all-too-familiar credit scoring that everyone from banks to phone companies uses when deciding whether you are worthy of their services. In Black Box Society: The Secret Algorithms That Control Money and Information, Pasquale explores the myriad ways each of us is turned into a pile of data, profiled, and scored by systems we're often barely aware of. In 1993, Electronic Frontier Foundation co-founder John Gilmore observed, famously, that, "The Internet perceives censorship as damage, and routes around it." Now it's 2015, and the University of Maryland law professor Frank Pasquale has made an addendum: "The same could be said about privacy." Black Box Society: The Secret Algorithms That Control Money and Information
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