Yanis Varoufakis: TECHNOFEUDALISM – What Killed Capitalism

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According to Yanis Varoufakis, technofeudalism killed capitalism. In an article in the Guardian, Varoufakis argues that “today, the digital revolution, rather than ushering in a new era of emancipation, is priming the world for a new form of techno-feudalism. The old capitalism is dying, and the new feudalism is taking its place.” Varoufakis argues that the digital revolution has resulted in a new form of global capitalism where the “big tech” firms have become the new masters of the economy, and the rest of us are their serfs. He points to the way in which these firms have become so powerful that they can dictate terms to the rest of us, while their wealth and power continues to grow. He argues that this new form of capitalism has killed the old capitalism, and that unless something is done to reign in the power of the big tech firms, it will lead to a further entrenchment of inequality and exploitation.