Rev Left Radio On Technofeudalism: Rent Seeking in Late Stage Monopoly Capitalism
Sep 10, 2025
Dive into the provocative world of technofeudalism, where today's monopolies mirror feudal systems, driven by tech giants and rent-seeking practices. Explore the dark side of the pharmaceutical industry and private equity's role in inflating drug prices while neglecting care quality. The discussion critiques market enclosures influenced by algorithms, questioning the very essence of capitalism. With historical insights and calls for collective action, the podcast urges listeners to critically engage with evolving economic theories.
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Techno-Feudalism As A Diagnostic Term
- Techno-feudalism labels late-stage monopoly capitalism's new forms but doesn't imply a literal return to medieval feudalism.
- Marxist analysis must update to track capitalism's evolving, monopolized, tech-driven configurations.
Cloud Capital And Enclosed Digital Fiefdoms
- Varoufakis frames techno-feudalism as 'cloud capital' where user activity produces value but not traditional productive capital.
- He claims this creates enclosed digital fiefdoms where consumers are exploited like feudal peasants.
Rent Seeking Is Central, Not Replacement
- Rent-seeking intensifies under monopoly capitalism but wage exploitation remains central to surplus extraction.
- Digital enclosures replicate primitive-accumulation logic by privatizing formerly open digital spaces.
