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@ 2023/11/14Serfing USA
Greek economist/politician Yanis Varoufakis, who "was briefly Greek finance minister in 2015," has penned a book in which he claims that techno-feudalism has killed capitalism.
Varoufakis argues that we no longer live in a capitalist society and that while capitalist relations remain intact, techno-feudalist ties have begun to overtake them.
Traditional capitalists, he proposes, have become "vassal capitalists" and are subordinate and dependent on a new breed of "lords." These Lords are the big tech companies that generate enormous wealth via new digital platforms.
He said that a new form of algorithmic capital has evolved — what Varoufakis calls "cloud capital" —and has displaced "capitalism's two pillars: markets and profits".
Markets have been "replaced by digital trading platforms which look like, but are not markets".
Varoufakis said that the moment a user enters amazon.com, "you exit capitalism" and enter a "feudal fief, " a digital world belonging to one man and his algorithm.
Greek economist/politician Yanis Varoufakis, who "was briefly Greek finance minister in 2015," has penned a book in which he claims that techno-feudalism has killed capitalism.
Varoufakis argues that we no longer live in a capitalist society and that while capitalist relations remain intact, techno-feudalist ties have begun to overtake them.
Traditional capitalists, he proposes, have become "vassal capitalists" and are subordinate and dependent on a new breed of "lords." These Lords are the big tech companies that generate enormous wealth via new digital platforms.
He said that a new form of algorithmic capital has evolved — what Varoufakis calls "cloud capital" —and has displaced "capitalism's two pillars: markets and profits".
Markets have been "replaced by digital trading platforms which look like, but are not markets".
Varoufakis said that the moment a user enters amazon.com, "you exit capitalism" and enter a "feudal fief, " a digital world belonging to one man and his algorithm.
