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Techno-feudalism replaced capitalism
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Techno-feudalism replaced capitalism
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14th November 2023, 08:02
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| [M] Reviewer  Join Date: May 2010 Location: Romania
Posts: 153,514
 |  Techno-feudalism replaced capitalism Serfing 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. https://fudzilla.com/news/57921-tech...ced-capitalism |
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