The AI Power Paradox: Can States Learn to Govern Artificial Intelligence—Before It’s Too Late?
This article emphasizes that AI governance requires a fundamentally different approach due to the speed of AI development and its unique characteristics. Conventional state-centric solutions are inadequate, as AI is controlled by private companies rather than governments. Regulatory efforts are still in their infancy, and initiatives like the EU's AI Act and the UK's voluntary approach fall short of addressing the dynamic challenges posed by AI's evolution.
To govern AI effectively, the authors propose an innovative and evolving regulatory framework called "technoprudentialism." This approach aims to identify and mitigate global risks associated with AI without stifling innovation, drawing parallels with macroprudential oversight in the financial sector that seeks to maintain stability while fostering growth.