Capitalism is over and ‘social democracy is finished’ | Yanis Varoufakis
Times Radio・2 minutes read
Yannis Varoufakis explores the concept of "techno-feudalism" in his book, highlighting the shift from profit to Cloud rent in modern capitalism by tech giants like Amazon. He warns that this new economic system leads to societal instability and poses challenges for progressive movements in addressing income inequality and economic growth.
Insights
- Capitalism has shifted towards "Cloud rent," where tech companies like Amazon charge high fees to producers, replacing traditional profit models. This shift leads to societal instability by hoarding money, resulting in permanent austerity for the general population.
- The rise of techn feudalism, exemplified by tech giants acting as digital feudal lords, makes it difficult to transition towards socialism or social democracy, as surplus wealth generated by these companies remains stagnant and does not contribute to economic growth, exacerbating income inequality.
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Recent questions
What is techn feudalism?
A new form of wealth accumulation.
How does Amazon contribute to techn feudalism?
By charging fees to producers for selling goods.
How do tech giants impact income inequality?
By allocating minimal amounts back into the economy.
Why does Yannis Varoufakis criticize attempts to regulate tech giants?
He views them as digital feudal lords.
What challenges do progressive movements face in modern economic systems?
Navigating complexities of wealth accumulation.
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