Martin Wolf and Yanis Varoufakis on the Future of Capitalism - Part 1
Intelligence Squared: Business
00:00
The Power of the Algorithm
I'm talking about a new form of capital, which creates a new feudalism up in the cloud. This is not capitalism anymore. It's a kind of cloud-rent feudalism. I accept that my market plus technology together, it's pretty clearly, it's always technology in the market. We have created vast numbers of industries we take for granted because of the interaction of technological innovation and market processes. Now, we've thrown up a new technological system which has some very powerful features. The most important are zero marginal costs over all directions, massive network effects, and very powerful means of influencing human beings. And this creates immense concentrations of private power.
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