Yanis Varoufakis: Welcome to the age of technofeudalism
Oct 5, 2023
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Yanis Varoufakis, former Greek Minister of Finance, discusses technofeudalism and the negative implications of cloud capital. He explores globalization and the rise of technical democracy, and shares his experience working in a video game company with a horizontal management structure.
Techno-feudalism is a new form of authoritarianism aided by technology, consolidating power in the hands of global tech corporations.
Dialogue, critical thinking, and ultra-democracy powered by technology are essential for challenging and navigating the challenges posed by techno-feudalism.
Deep dives
The Shift from Liberal Left to Techno-Feudalism
Janis Varoufakis discusses the paradox of being a man of the left who talks about freedom. He explains that the original idea of the left was about emancipation and liberty, but that the current left has lost sight of these values. He argues that we are now experiencing a new form of authoritarianism aided by technology, which he calls techno-feudalism. This involves a shift from a world driven by profit to one controlled by cloud capital, which extracts rents from traditional capitalists. Varoufakis believes that techno-feudalism is worse than capitalism because it bypasses the market and consolidates power in the hands of a few global tech corporations. He rejects the idea of reverting to traditional free markets or social democracy as solutions, as he believes the power of cloud capital cannot be restrained by borders or reshoring industries. He suggests moving towards a form of ultra-democracy powered by technology, where decisions are made collectively and power is distributed horizontally.
The Illusion of Reducing Scale and Nationalism
Varoufakis argues against the idea that reducing scale and nationalism can counteract the power of techno-feudalism. He dismisses the notion that immigration is the human face of globalization, stating that even with zero immigration, globalization would still be strengthened. He believes that attempts to operate at smaller scales or to erect taller fences are illusory, as cloud capital and globalization are not dependent on human movement but on the flow of money and commerce. Varoufakis emphasizes the need for dialogue, discussion, and clashing of ideas as a means to achieve individual autonomy and rational thinking, rather than relying on algorithms controlled by tech billionaires.
The Challenge of Techno-Feudalism and the Importance of Conversations
Varoufakis highlights the challenges posed by techno-feudalism and emphasizes the importance of engaging in conversations as a means to address these challenges. He warns against pandering to anxieties about immigration and urges against scapegoating foreigners as a diversion from the deeper structural issues caused by cloud capital. Varoufakis asserts that the dismantling of social democratic structures and the collapse of industrial foundations are independent of migration and are the result of the changing nature of capitalism itself. He encourages people to have conversations and engage in dialogue as a way of fostering liberal values and nurturing rational thinking.
Conclusion
In this podcast episode, Janis Varoufakis discusses the shift from liberal left to techno-feudalism, highlighting the loss of liberty and the rise of a new form of authoritarianism aided by technology. He rejects the idea of returning to traditional free markets or social democracy as solutions and instead proposes an ultra-democracy powered by technology. Varoufakis argues against reducing scale or relying on nationalism to counteract the power of techno-feudalism. He emphasizes the importance of dialogue and critical thinking as a means to challenge and navigate the challenges posed by techno-feudalism.
