Keen On America

Andrew Keen

Nobody asks sharper or more impertinent questions than Andrew Keen. In KEEN ON, Andrew cross-examines the world’s smartest people on politics, economics, history, the environment, and tech. If you want to make sense of our complex world, check out the daily questions and the answers on KEEN ON. Named as one of the "100 most connected men" by GQ magazine, Andrew Keen is amongst the world's best-known technology and politics broadcasters and commentators. In addition to presenting KEEN ON, he is the host of the long-running show How To Fix Democracy and the author of four critically acclaimed books about the future, including the international bestselling CULT OF THE AMATEUR. Keen On is free to listen to and will remain so. If you want to stay up-to-date on new episodes and support the show please subscribe to Andrew Keen’s Substack. Paid subscribers will soon be able to access exclusive content from our new series Keen On America. keenon.substack.com

  1. قبل ١١ ساعة

    An American Epidemic of Speculation: Bubble Blowing in Silicon Valley and Washington DC

    Bubble or not? But the debate that’s been raging over the current AI exuberance might be missing the bigger point. Yes, of course, it’s a trillion-dollar speculative bubble built around AI start-ups that mostly remain unprofitable. But as I note in my weekly tech conversation with That Was The Week publisher Keith Teare (who is significantly more optimistic than me), it’s more than just another Silicon Valley bubble. From the Trump family’s multi-trillion dollar cryptocurrency speculation to an increasingly pervasive online sports gambling culture (especially amongst young Americans), the new epidemic in America is one of speculation. A hundred years after the Roaring Twenties we are back where we started. I don’t know how it will end. Maybe there will be a 21st century version of Warren Harding’s Teapot Dome Scandal, maybe another Wall Street Crash. But I guarantee you two things: It will end, and that ending won’t be pretty - neither for America nor for the world. I’m even betting on it. 1. The Speculation Epidemic Goes Beyond AI This isn’t just about artificial intelligence. From Trump family cryptocurrency ventures to the explosion of online sports gambling among young Americans, speculation has become the defining characteristic of American economic culture. AI is merely the most visible manifestation of a broader shift toward betting on the future. 2. The State and Silicon Valley Have Merged Under the Trump administration, particularly with David Sacks as AI and crypto czar, government and tech investors have formed an unprecedented partnership—or as I suggest, a “marriage.” Regulatory barriers are being removed to facilitate rapid AI infrastructure development, marking a shift toward economic nationalism where the state’s fate is tied directly to tech industry success. 3. This Bubble is Different (But Still a Bubble) Unlike the dot-com boom or tulip mania, today’s AI investments are backed by massive actual revenues—NVIDIA generated $130.5 billion with 114% year-over-year growth. The money isn’t entirely self-generating; real revenue exists alongside speculative investment. Yet trillion-dollar valuations for unprofitable startups like OpenAI and Anthropic still raise legitimate bubble concerns. 4. Venture Capital Doesn’t Scale—And That’s Normal As venture capitalist Rulof Botha notes, VC isn’t really an asset class because only the top 10% of funds make money. Too much capital is chasing too few potential winners. This has always been true of venture capital, and most AI investments will fail. The question is whether AI will be like the internet (transformative) or interactive TV (a dud). 5. The Ending is Inevitable and Uncertain Keith and I agree corrections will happen, but disagree on the scale and meaning. Keith sees “systemic uplift” with temporary setbacks. I see potential catastrophe—perhaps a 21st-century Teapot Dome scandal or another Wall Street Crash. What’s certain: this speculative fever will end, and given historical precedent, that ending is unlikely to be gentle. Keen On America is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit keenon.substack.com/subscribe

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  2. قبل ٢٣ ساعة

    Should a College be a Museum or a Startup? Why Universities Need to Teach Failure

    What’s the point of going to college? There used to be an obvious answer to this: to acquire the knowledge to get a better job. But in our AI age, when smart machines are already challenging many white collar professions, the point of college is increasingly coming into question—especially given its time and financial commitment. According to Caroline Levander, author of the upcoming InventEd, the American ‘tradition of innovation’ can transform college today. Levander, who serves as Vice President for Global Strategy at Rice University, argues that colleges must transform themselves from museums into startups. Indeed, the ideal of failure, so celebrated in Silicon Valley, must become a pillar of reinvented universities. And students too, who Levander has suggested have become increasingly conservative in their attitude to personal risk, must also learn to embrace not just innovative technological tools but also the messiness of personal disruption. That should be the point of college, Levander says. To learn how to productively fail. 1. Universities Must Choose: Museum or Startup? Levander argues universities exist on a continuum between museums (curating and preserving accumulated wisdom) and startups (messy, high-risk spaces for creating new knowledge). Most institutions haven’t intentionally decided where they belong on this spectrum, but they need to embrace a more dynamic, startup-oriented position to remain relevant. 2. Student Risk Aversion is the Real Crisis Today’s students are increasingly conservative, focused on maximizing GPAs and taking “safe” courses rather than exploring creatively. Universities must build a “growth mindset” that encourages failure and experimentation—treating creativity as a muscle to develop rather than a fixed trait like eye color. 3. Disciplinary Diversity is America’s Innovation Secret Just as biodiversity sustains ecosystems, disciplinary diversity fuels innovation. Breakthrough moments are unpredictable—Steve Jobs in calligraphy, investor Bill Miller in a philosophy seminar on John Searle. Closing departments and narrowing curricula amounts to “eating our seed corn” and threatens America’s competitive advantage. 4. The Dropout Myth Misses the Point While figures like Steve Jobs, Mark Zuckerberg, and Sam Altman dropped out successfully, Levander asks: “How do we create more Steve Jobses who find the university not a place to leave, but a place to continue building creative capability?” The goal is to institutionalize and scale what now happens by happenstance. 5. Attacking Universities Threatens National Innovation The current political assault on university funding—particularly research dollars—isn’t just bad for Harvard or Rice. It threatens America’s entire innovation economy, since universities remain the primary incubators for industry-creating discoveries that drive national prosperity and competitiveness. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit keenon.substack.com/subscribe

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  3. قبل يومين

    American Advocates of Foreign Devils: How Rudy Giuliani and Hunter Biden Sold Access to US Foreign Policy

    What unites Rudy Giuliani and Hunter Biden? According to the New York Times reporter Kenneth Vogel, they are both on the payroll of corrupt foreign interests. In his new book, Devils’ Advocates, Vogel reveals the hidden story of Giuliani, Biden and the other Washington insiders who sold access to American foreign policy. From the Balkans to Brazil, shadowy foreign players have discovered that the path to influencing Washington runs through well-connected Americans willing to take their money. Vogel exposes how shadowy figures like lobbyist Robert Stryk—who has openly admitted that he’d work for Kim Jong-un or the Taliban if they paid—have turned foreign influence into a lucrative industry. The Trump family’s multi-billion-dollar cryptocurrency ventures and Hunter Biden’s Romanian land deals represent the same often questionably legal phenomenon: foreign interests paying for perceived access to power. As enforcement weakens and the regulatory regime loosens, this shadow diplomacy system is shaping U.S. foreign policy in ways that rarely receive scrutiny, despite laws designed to ensure transparency. From Ukraine and the Republic of Srpska to Qatar and Saudi Arabia, Washington insiders are shaping US foreign policy in ways that benefit corrupt foreign interests rather than the American people. 1. Foreign Influence Is Bipartisan The corruption isn’t limited to one party. Hunter Biden and Rudy Giuliani both profited from foreign interests seeking access to American power, proving this is a systemic problem that transcends partisan politics. 2. Trump’s Transactional Approach Created More Access Points Trump’s openly transactional style and willingness to upend traditional diplomatic channels opened unprecedented opportunities for foreign interests to buy influence through his family’s cryptocurrency ventures and close associates—potentially on a scale never seen before. 3. The Scandal Is What’s Legal Most of this activity doesn’t violate laws—that’s the problem. As long as lobbyists register under the Foreign Agents Registration Act, they can work for almost anyone. The system’s weaknesses allow personally enriching behavior that contradicts American ideals about democracy and human rights. 4. Small Countries, Big Money, Global Implications Even minor players like the Republic of Srpska and Albania spend millions on Washington lobbyists. Their goals aren’t just local—they’re reshaping the world order, challenging NATO, international treaties, and aligning U.S. policy with interests favorable to Russia and China. 5. Enforcement Is Weakening When It Should Strengthen At the very moment foreign interests are pouring more money into influence campaigns, enforcement is going in the opposite direction. Attorney General Pam Bondi—herself a former foreign lobbyist for Qatar—has moved to decriminalize enforcement of the Foreign Agents Registration Act, the primary tool for regulating foreign lobbying. Keen On America is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit keenon.substack.com/subscribe

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  4. قبل يومين

    Sometimes We Need a Calamity: How to Save the American Experiment

    How to Save the American experiment? That’s the question the Yale historian John Fabian Witt asks this week in both a New York Times feature and his just published new book, The Radical Fund. Sometimes, Witt suggests, we need what he describes as a “calamity” to recognize and protect the American experiment in democracy. In the 1920s, the historian reminds us, this happened with the emergence of the Garland Fund, a charitable organization set up in 1922 which spawned many of the most profound economic and civil rights reforms of the mid century. Founded by Charles Garland, a disillusioned yet idealistic Harvard heir who refused his million-dollar inheritance, the Fund brought together unlikely bedfellows—from the ACLU and NAACP to labor unions—creating what Witt calls an “incubator” for progressive change. Drawing striking parallels between then and now, Witt argues that strategic philanthropy and what he calls “cross-movement dialogue” can reinvigorate American democracy in a similarly turbulent age of cultural anxiety, political distrust and violent division. History may not repeat itself, Witt acknowledges, but it rhymes. And the real calamity, he warns, would be the end not of history, but of the almost 250 year-old American experiment in political and economic freedom. * The 1920s-2020s Parallel Is Uncanny: Both eras feature post-pandemic societies, surging economic inequality, restrictive immigration policies, rising Christian nationalism, and disruptive new information technologies. Understanding how America navigated the 1920s crisis without civil war offers crucial lessons for today. * Small Money, Strategic Impact: The Garland Fund operated with just $2 million (roughly $40-800 million in today’s terms)—a fraction of Rockefeller or Carnegie fortunes—yet proved transformative. Success came not from sheer dollars but from bringing together feuding progressive movements (labor unions, civil rights organizations, civil liberties groups) and forcing them into productive dialogue. * Incubators Matter More Than Calamities: While crises like the Great Depression provided energy for change, the Fund created the institutional forms and intellectual frameworks that shaped how that energy was channeled. They pioneered industrial unions, funded the legal strategy behind Brown v. Board of Education, and staffed FDR’s New Deal agencies with their “brain trust.” * Cross-Movement Dialogue Is Transformative: The Fund’s greatest achievement was convening conversations among groups that disagreed fundamentally—labor versus racial justice organizations, communists versus liberals. These uncomfortable alliances produced the cross-racial labor movement and civil rights strategies that defined mid-century progressivism. Today’s left needs similar bridge-building across fractured movements. * We Need New Categories for New Economics: The institutions that saved 1920s democracy—industrial unions, civil rights organizations, civil liberties groups—are each in crisis today. The gig economy, AI, and virtual work demand fresh thinking, not just recycling 1920s solutions. Witt suggests progressives must incubate new organizational forms for 21st-century capitalism, just as the Garland Fund did for industrial capitalism. Keen On America is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit keenon.substack.com/subscribe

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  5. قبل ٣ أيام

    The Frankenstein Version of Neo-Liberalism: When American Business Overtook Government

    For financial journalist Elizabeth MacBride, the New American economy is like the old one - only worse. Describing it as the “Frankenstein version of neo-liberalism”, MacBride explains that business has overtaken government to create ever-more-powerful bankers like Larry Fink and Jamie Dimon. But all is not lost. In her upcoming new book, Capital Evolution, co-authored with the VC Seth Levine, MacBride argues that there’s a new consensus taking shape - what she calls “Dynamic Capitalism” - which balances profits with purpose. So if we can get beyond today’s neo-liberal Frankenstein moment, she promises, America will be able to address the great 21st-century challenges of inequality and climate change. I have to admit I’m not convinced. Rather than capital evolution, I see the growing political power of Wall Street players like Dimon and Fink. We shall see. But when a Wall Street CEO like Jamie Dimon announces $10 billion bets on national security (as he did early this week), it’s no surprise that the loudest calls these days are for revolution rather than evolution. Nor is it surprising that a 21st century version of Frankenstein - Mary Shelley’s apocalyptic 1818 warning about the destructive consequences of industrialization - will be appearing on Netflix next month. 1. Business Has Overtaken Government in Power and Influence MacBride argues that CEOs like Jamie Dimon and Larry Fink now wield more power than most elected officials, yet remain fundamentally unaccountable. When Dimon announces $10 billion investments in national security, the lines between Wall Street and Washington have clearly blurred—perhaps irreversibly. 2. We’re Living in a “Frankenstein Version of Neo-Liberalism” The current system isn’t classic neoliberalism but a corrupted mutation where government has been “co-opted and turned into a tool for punishing people.” The small-government ideology has created not freedom but a punitive state that serves corporate interests while abandoning its regulatory role. 3. “Dynamic Capitalism” Requires Long-Term Sacrifice—But Who’s Really Sacrificing? MacBride believes trauma from climate change, inequality, and COVID is creating willingness for short-term sacrifice for long-term stability—similar to the post-WWII generation. But as the interviewer notes, when titans like Dimon and Fink talk about sacrifice, they only get richer. The question remains: whose sacrifice? 4. Trust Is the Currency of the New Economy—And It’s in Short Supply In an age when institutions have weakened, MacBride advocates “trust but verify” as the operating principle. She argues figures like Dimon and Fink are “generally trustworthy” even if not “morally authoritative.” The interviewer’s skepticism about figures like PayPal’s Dan Schulman highlights how fragile this trust actually is. 5. New Coalitions Are Forming, But Revolution May Trump Evolution MacBride sees evidence of consensus-building around stakeholder capitalism and long-term thinking, particularly among Democrats after their electoral losses. But her optimism about “capital evolution” may be wishful thinking when the loudest calls are for revolution, not gradual reform. Keen On America is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit keenon.substack.com/subscribe

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  6. قبل ٤ أيام

    America as a Contradiction Trapped Inside an even Bigger Contradiction: Princeton Historian's Explanation for Everything, Everywhere All at Once

    Churchill described Communist Russia as a riddle wrapped in a mystery inside an enigma. For Pulitzer Prize winning Princeton historian, Paul Starr, America might be the new Soviet Union. It’s a such contradiction, in fact, that he entitles his new book American Contradiction, in an attempt to describe the dominant narrative of “revolution and revenge” from the 1950s to today’s America. But unlike Churchill, who unwrapped the Russian enigma through national interest, Starr finds only more contradictory contradictions about America. The civil rights revolution triggered the Goldwater/Reagan/MAGA revenge. Obama’s hope intensified the reactionary backlash. Economic progress created deeper cultural despair. Each new development triggers an old question, each fresh solution an even staler problem. After 250 years tracing America’s conflicts from slavery through Trump, the distinguished historian admits he has no idea how it ends (or even begins). Perhaps that’s the biggest contradiction of all: a brilliant, yet paralysing diagnosis that offers no cure, an explanation of everything, everywhere all at once that leads us back to the original contradiction. Futile snakes and ladders. A never ending game of one step forward and one step back. 1. The Diagnosis Without a Cure Starr traces America’s current divisions back to the founding contradiction between freedom and slavery, through civil rights, to today’s Trump era. But after 500 pages and decades of study, he admits he has no solutions - not even a “solutions chapter.” His analysis is comprehensive yet paralyzingly circular. 2. Nixon: The Forgotten Liberal? The most surprising historical insight: Richard Nixon implemented affirmative action, desegregated Southern schools, and pushed for guaranteed income and universal healthcare. Starr argues Nixon was temperamentally like Trump but substantively “the last liberal president” - a paradox that complicates standard political narratives. 3. “Wokeism is to Trumpism as a Flea is to an Elephant” When pressed on whether progressive cultural politics contributed to the backlash, Starr dismisses “cancel culture” concerns as trivial compared to Trump using state power against media outlets. He signed the Harper’s Letter but won’t seriously examine the left’s role in alienating working-class voters. 4. The “Sleepwalking” Theory Starr’s one semi-original contribution: 1990s Democrats didn’t understand they were creating conditions for their own defeat. The 1965 immigration reformers had “no idea” of long-term implications. Free trade’s concentrated devastation of Midwest communities was unforeseen. But he stops short of saying these were mistakes. 5. Obama Made Everything Worse Perhaps the most deflating revelation: Starr thought Obama’s election would end America’s racial contradiction. Instead, it “intensified racial feeling” and triggered the revenge cycle. He’s now “sobered” by this mistake and doesn’t expect to see resolution in his lifetime - essentially admitting his life’s work has led nowhere. Keen On America is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit keenon.substack.com/subscribe

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  7. قبل ٦ أيام

    Jeffrey Archer: How Margaret Thatcher would have disciplined a Naughty Donald Trump

    At 85, the venerable Jeffrey Archer has lived through enough crises to stay calm and carry on whatever the stormy political weather. The best-selling author—who has sold 275 million books and, as a Conservative MP and party chairman, served Margaret Thatcher for 11 years—speaks with the authority of someone who witnessed the Iron Lady’s firm politics up close and personal. But Mrs Thatcher isn’t the only British grande dame who Archer now mourns. His latest William Warwick thriller End Game, set against the backdrop of the 2012 London Olympics, is the story of a plot against Queen Elizabeth II, the beloved monarch who, in contrast with Mrs T, unified Britain. And then there’s what Archer definitely calls his “final novel”—a World War II story to be published next year that he believes will be “bigger than Cain and Abel.” But he also weighs in on today’s political chaos in Britain and America: Trump’s absurd contradictions, the chilling specter of Farage and Robinson, Starmer’s political problems, and why Maggie would have known exactly how to handle them all. 1. Archer’s Final Chapter At 85, Archer announces his next book will be his last. After 50 years and 275 million books sold, he’s on the 17th draft of a WWII novel about September 15, 1941—a day when the war “could have ended” if Hitler hadn’t changed his mind three times. He believes it’s “bigger than Kane and Abel.” 2. Thatcher Would Have Dominated Trump Archer, who served Thatcher for 11 years, believes she would have “handled Trump very well” and that “Trump would be in awe of her.” He compares it to her successful management of Reagan, Gorbachev, and Chirac—knowing exactly “what to do with each one.” 3. Farage Could Be 30 Seats From Power Archer reveals he warned David Cameron a decade ago to neutralize Farage by making him a Lord. Cameron ignored the advice when Farage polled at 0%. Now Farage leads in polls and could be “only 30 seats short of forming a government”—despite having no one in his party with governing experience. 4. Britain Has Peaked Archer sees 2012’s Olympics as Britain’s high-water mark. Since then: five Conservative leaders in six years, Starmer’s rapid collapse, potential bankruptcy from an aging population, and a declining interest in the monarchy among young people. “Top people are not going into politics anymore.” 5. AI Threatens the Next Generation of Writers While grateful his 50-year career predated artificial intelligence, Archer worries about the future. He’s discussed with his children ensuring no AI-generated “Jeffrey Archer” books appear after his death, calling it “a cop-out.” The odds for aspiring writers have never been tougher: 1,000 manuscripts submitted weekly, only one published. Keen On America is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit keenon.substack.com/subscribe

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  8. قبل ٦ أيام

    Sam Altman's Rigged Imperial Gambit: Too Important to Fail & Too Well-Financed to Go Public

    History rarely repeats itself, especially speculative bubbles. As it becomes increasingly obvious that today’s AI bubble will dramatically burst, the real question is not when but how. What makes this boom profoundly different from the DotCom crash of the nineties is OpenAI’s attempt to create an AI private monopoly by positioning itself at the center of trillions of dollars worth of self-serving “deals”. Sam Altman wants to simultaneously be the gambler, the slot machine owner, and the house. It’s a gamble that is, of course, brazenly rigged: he’s trying to simultaneously make OpenAI too important to fail and too well-financed to go public. That Was The Week’s Keith Teare cutely describes this imperial play as “Come To Daddy.” But it’s more complicated—and more dangerous. By weaving OpenAI into the heart of America’s AI economy, Altman isn’t just building a company; he’s constructing a systemic chokepoint not just for Silicon Valley and Wall Street, but possibly for an entire global economy dependent on AI exuberance for growth. If there’s a historical analogy, it’s the banking crisis of 2008. The US government bailed out the banks because they were supposedly too big to fail. The same will likely happen with the coming AI crash, especially given bipartisan American hysteria over the China threat —only this time, the crisis will center on OpenAI as both the dominant cause and the primary casualty of the crash. Here history might, indeed repeat itself: privatized gains during the boom, socialized losses during the bust. Sam is dealing. Heads he wins, tails we all lose. Yes, the house always wins, especially when it is powered by OpenAI chips and wearing a ChatGPT hoodie. 1. OpenAI’s Platform Play Is Eliminating Startups OpenAI’s developer day introduced an agent development platform, embedded ChatGPT applications, and Sora video generation—directly competing with dozens of startups. Keith Teare observed that over half of the 58 AI companies showcased at Andreessen Horowitz the next day had lost their competitive positioning overnight. OpenAI is no longer just a product company; it’s becoming a comprehensive platform that absorbs innovation opportunities across the AI landscape. 2. Potential Market Dominance Raises Competition Questions Statistics from SQ Magazine claim OpenAI controls 88% of global AI interactions, with Anthropic at 8% and Google under 3%. While these figures require verification, such concentration would represent one of technology’s most rapid consolidations and raise fundamental questions about competition and innovation in the AI sector. 3. “Industrial Policy by Private Contract” Signals New State-Corporate Partnership OpenAI’s relationship with the Trump administration suggests an emerging model of state capitalism without direct government funding. The state facilitates deals between major players and benefits through future taxation and ownership stakes in certain projects. OpenAI has become strategically essential for U.S. economic competitiveness against China—suggesting that no future administration, Republican or Democrat, could allow the company to fail. This creates an implicit government backstop without traditional public investment. 4. Infrastructure Funding Remains the Critical Challenge AI requires approximately 10 gigawatts of power annually for the next decade—translating to trillions in data centers, chips, and energy costs. Recent deals involving Nvidia, AMD, and Oracle’s $500 billion Stargate project are down payments, not solutions. Energy costs remain a key constraint, with nuclear and solar options still expensive relative to demand. 5. The Speculative Age Concentrates Wealth Andreessen Horowitz’s Alec Danco describes our current “speculative age” as defined by timing and short-term positioning. Unlike previous tech booms where retail investors could buy stock, OpenAI equity remains inaccessible to most, concentrating wealth among institutional investors and insiders while speculative energy redirects into prediction markets and gambling. Keen On America is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit keenon.substack.com/subscribe

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حول

Nobody asks sharper or more impertinent questions than Andrew Keen. In KEEN ON, Andrew cross-examines the world’s smartest people on politics, economics, history, the environment, and tech. If you want to make sense of our complex world, check out the daily questions and the answers on KEEN ON. Named as one of the "100 most connected men" by GQ magazine, Andrew Keen is amongst the world's best-known technology and politics broadcasters and commentators. In addition to presenting KEEN ON, he is the host of the long-running show How To Fix Democracy and the author of four critically acclaimed books about the future, including the international bestselling CULT OF THE AMATEUR. Keen On is free to listen to and will remain so. If you want to stay up-to-date on new episodes and support the show please subscribe to Andrew Keen’s Substack. Paid subscribers will soon be able to access exclusive content from our new series Keen On America. keenon.substack.com

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