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. And 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 the behaviour of human beings. But there have been plutocrats, as Janice was pointing
This episode brings you part one of our live event, System Error: Should We Fix Capitalism or Abandon It?
Chief Economics Commentator at the Financial Times, Martin Wolf, and Greek Politician and Economist, Yanis Varoufakis, debate their views on the future of capitalism. In his new book, The Crisis of Democratic Capitalism, Wolf argues that democratic capitalism remains the best system for human flourishing, while Varoufakis advocates for a post-capitalist world without banks, billionaires, or tech giants. BBC journalist and broadcaster, Ritula Shah, was our host for the night.
Parts two and three of this event are available ad-free for subscribers now. For our listeners who don’t subscribe, part two will be available in our next episode. We also have a special bonus episode for subscribers from our series Bright Sparks, where we’ll be hearing from both Yanis and Martin on the creative ideas that make them tick.
This event originally took place at the Tabernacle in London on February 9th 2023 and was produced by Executive Producer Hannah Kaye, with editing by Executive Producer Rowan Slaney.
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