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The Good Fight
Yanis Varoufakis on What Comes After Capitalism
Jan 25, 2025
Yanis Varoufakis, economist and former Greek Minister of Finance, dives into the shifting economic landscape shaped by Big Tech. He discusses 'cloud rent' as a potential return to pre-capitalist commerce and explores the implications of techno-feudalism on society. Varoufakis emphasizes the need for a 'techno-rebellion' to address corporate dominance, and the importance of coordinated global actions, like a one-day strike against giants like Amazon. He highlights Europe's economic challenges and the geopolitical tensions between the U.S. and China.
01:09:15
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Quick takeaways
- Yanis Varoufakis introduces the concept of techno-feudalism, highlighting a shift from capitalism to wealth derived from digital platform ownership and cloud rent.
- The conversation reveals Europe's economic struggle attributed to eurozone constraints, limiting flexibility and innovation, stunting recovery and relevance on the global stage.
Deep dives
Techno-Feudalism Explained
The podcast introduces the concept of techno-feudalism, arguing that society is transitioning from capitalism to a new socio-economic order characterized by the dominance of cloud capital. This shift emphasizes that wealth is increasingly derived not from traditional profit mechanisms but from the ownership of digital platforms that can extract 'cloud rent' instead of profits. This new form of capital allows owners to create digital fiefdoms, where they have the power to control vast amounts of data and user interactions, thereby generating revenue based on behavioral modifications rather than conventional market exchanges. As a result, this ownership structure fundamentally changes the dynamics of economic power, suggesting a revolutionary shift in how wealth is amassed and distributed in society.
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Discover
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