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Martin Wolf and Yanis Varoufakis on the Future of Capitalism - Part 1

Intelligence Squared: Business

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The Transformation of Capitalism

By the 1770s, feudalism was on the way out. Adam Smith's book became such a great biceller because things were happening that people had no clue of how to explain them. I feel that we are at a similar juncture that capitalism is being undermined and replaced by a new socioeconomic mode of production. The agent of change today is again capital. It's not the left, the left, we have very spectacularly transforming the world. So it's capital. Capital has produced, in my view, a mutation of capital. I call it cloud capital, algorithmic capital. Cloud capital is a produced means of behavioral modification. But when the behavior modification comes from an algorithm

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