There are two dominant ways to think about who should govern artificial intelligence.

The market frame says: the data, the models, and the compute are private goods, owned by the organisations that assembled them, exchanged through contract and property rights. Governance follows ownership. OpenAI owns GPT-4. Google owns Gemini. These are products. Markets will sort it out.

The state frame says: AI is too consequential to leave to markets, so regulators must impose rules from above. The EU’s AI Act is the most developed version of this: binding requirements, conformity assessments, registration databases, penalties for violations.

€264 billion. That is how much European organisations spend annually on digital technology from non-European companies. And that number increases by roughly 10% every year, not because the products are getting better at the same rate, but because licence agreements are structured that way, and because the switching costs are designed to make leaving expensive. Some vendors have raised prices tenfold. The organisations paying them have, in most cases, no meaningful governance over the systems they depend on.

In 1976, Bill Gates wrote an open letter to hobbyists accusing them of stealing. What they were actually doing was sharing software they had written for each other (modifications, tools, documentation), the way people had shared knowledge since the first person showed another how to do something useful. Gates reframed mutual aid as intellectual property theft. It was not a philosophical claim. It was a property claim, backed by lawyers, Congress, and eventually the World Trade Organization.