Posted 12/20/2023, 8:54:42 AM
Varoufakis Declares Capitalism Dead Under Big Tech 'Technofeudalism'
- Capitalism is dead according to Yanis Varoufakis, killed by big tech companies like Amazon and Alibaba
- We are now living under "technofeudalism" where tech giants are the new lords and users are digital serfs
- Varoufakis points to Amazon taking 30-40% commissions as an example of tech giants extracting value
- He sees two potential solutions ending free services so companies are paid directly, and reforming corporate law to give employees more voting power
- Varoufakis still hopes we can use technology for good, but says change must happen at a sociopolitical level