Sam Seder
@TheMajorityReport·2M subscribers·30.1K videos
Feudalism 2.0 | Yanis Varoufakis | TMR
Posted
April 6, 2024
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39,826
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April 6, 2024
39,826
1,931
270
5.53%
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50:38Now PlayingLive-streamed on April 1, 2024
Yanis Varoufakis, economics professor and former Finance Minister of Greece, discusses his recent book Technofeudalism: What Killed Capitalism.
Professor Yanis Varoufakis then joins, first walking through the evolution from Feudalism’s formula of land ownership and rent extraction to Capitalism’s formula of the ownership of the means of production and profit extraction, before diving into his concept of “Technofeudalism,” a rising system of digital fiefdoms – Amazon a primary example – where products not produced by the owner of the platforms are sold with a massive rent extraction. Expanding on this, Professor Varoufakis explores the role of these platforms’ ownership of the means of behavioral modification (via the extraction of data, once again, not produced by them) as an example of what he calls “cloud capital,” which takes up massive proportions of the global GDP and siphons it off from the labor market, before stepping back to analyze the role of the 2008 financial crisis and the commitment to the neoliberal dynamic of austerity for the people, socialism for the banks, in allowing the private world to funnel massive amounts of investment into cloud capital and allow existing companies (Meta, Google, Amazon, etc) to establish these digital fiefdoms. Wrapping up, Professor Yanis Varoufakis tackles the role that various fiscal and anti-trust policies, the idea of a bill of digital rights, and workplace democratization could play in helping to reclaim and reshape these technofeudalist fiefdoms.
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