The Singularity Discussion Series FBL58: Yanis Varoufakis - Techno-Feudalism & the Death of Capitalism
Jun 13, 2022
Yanis Varoufakis, a Greek economist and former Finance Minister, dives into the concept of 'techno-feudalism,' warning about the tech elite's impact on democracy and capitalism. He critiques the wealth disparities following the 2008 financial crisis and discusses innovative corporate ownership models that empower employees. Varoufakis also highlights the ethical misuse of technologies like AI and blockchain, calling for democratic control over these advancements. Lastly, he emphasizes the need for active citizen engagement to revitalize democracy, particularly in Greece.
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Cloud Capital Replaces Managerial Labour
- Cloud capital automates managerial control and advertising, replacing human managers and creatives with algorithms.
- This automation, combined with post-2008 central bank money, transforms capitalism into a new techno-feudal order.
Profitability Was Replaced By Central Bank Money
- 2008 ended profitability as the system's main driver and central bank money now fuels markets.
- Cloud platforms also replenish capital directly from users outside traditional labor markets, undermining capitalism's foundations.
Users As Unpaid Cloud Serfs
- Users now directly create value for platforms simply by using services and sharing data without wage compensation.
- Platforms are not markets but controlled digital fiefdoms where algorithms determine what individuals see and buy.
