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The Futurists
Cloud Capitalism with Yanis Varoufakis
Feb 23, 2024
Author Yanis Varoufakis discusses the shift from capitalism to techno-feudalism, the impact of central bank money on the economy, and the emergence of Cloud Capitalism. He critiques cryptocurrency solutions, proposes wealth redistribution models, and reflects on the consequences of automation and algorithm ownership.
55:36
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Quick takeaways
- Technological advancements have created techno-feudalism, where profits are replaced by rents in Cloud Capitalism.
- Austerity measures worsen economic downturns, with a universal basic income proposed for wealth distribution.
Deep dives
The Concept of Techno-Feudalism and Impact on Capitalism
Technological advancements have led to the concept of techno-feudalism, where algorithms and AI manipulate desires and behaviors, creating a new form of capital. This system replaces the traditional market and profit pillars of capitalism, leading to wealth concentration and a cartoon-like version of inequality. Janus Barofakis discusses how individuals now unknowingly work for free to produce capital for tech giants, highlighting the shift from capitalism to techno-feudalism.
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Discover
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Listen to the best highlights from the podcasts you love and dive into the full episode