Technological trajectories formatting the socio-institutional framework—the case of the addictive empire of the techno-oligarchs

Abstract Although the literature on technological change often discusses its social effects, it typically focusses either on the strictly technological dynamics of innovation or on the mismatch and rematch between its trajectory and the dominant socio-institutional framework. The explanation of the rematch is commonly associated with the collapse of the previous social restrictions, given the prevailing institutions’ inability to propel capital accumulation in the key-factor and carrier sectors and therefore to promote the expansion of the new techno-economic paradigm. This paper suggests a reappraisal of that view, exploring how a new technology, hyper-communication and social media, is reshaping the power relations, with the emergence of a techno-oligarchy. We conclude that this is a case of a technology molding the previous social framework through adaptation and creating new institutions and culture, which lead to a deep transformation, including of the status of human agency.