IN FULL Yanis Varoufakis welcomes us to the age of Technofeudalism | Full interview
The Institute of Art and Ideas・21 minutes read
Prominent economist Yanis Baracus discusses the shift from capitalism to tech feudalism, citing central bank actions post-2008 crisis as a key driver. The rise of big Tech companies like Amazon and Meta, with minimal investment in workers, has led to economic instability and a concentration of wealth, prompting the need for legislative action.
Insights
- The shift from capitalism to techn feudalism is marked by the replacement of profits with state money and rents retained by big Tech companies, altering the economic landscape significantly.
- Central banks printing money post-2008 financial crisis to boost big Tech capital inadvertently fueled the rise of tech companies, concentrating wealth and highlighting the necessity for legislative actions to redirect funds towards public investments.
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Recent questions
What is techn feudalism?
A system where big Tech companies dominate economic activity.
How did central banks respond to the 2008 financial crisis?
By printing around $35 trillion through quantitative easing.
How do big Tech companies impact the economy?
By extracting economic energy through Cloud rent.
What challenges do central bankers face in the current economic landscape?
Dealing with the power of big companies and rising inflation.
How did the 2008 financial crisis impact central bank policies?
By transferring significant amounts of money to financiers.
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