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

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