Discussion: Technofeudalism: What Killed Capitalism

Author: Yanis Varoufakis

Description: Varoufakis argues that capitalism has been supplanted by "technofeudalism," a new system dominated by Big Tech giants like Amazon and Google, who extract "cloud rent" from users and businesses rather than generating profit through markets. Varoufakis, drawing on his experience as Greece's former finance minister, traces how post-2008 financialization and tech monopolies have privatized the internet into feudal fiefdoms, eroding democracy, exacerbating inequality, and hindering climate action, while calling for revolutionary alternatives to reclaim individual and collective freedoms.

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