In this discussion, Yanis Varoufakis, former Greek Minister of Finance and anti-economist, unveils the concept of technofeudalism—a disturbing blend of old feudal relationships with modern tech-driven capitalism. He critiques the shift from liberation to a mere pursuit of equity and explores how today's tech giants shape economic dynamics. Varoufakis delves into behavioral modifications influenced by technology, framing digital platforms as new masters while advocating for a return to foundational Marxist principles in the face of current economic challenges.
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question_answer ANECDOTE
Father's Question
Yanis Varoufakis's father, a communist, questioned the internet's impact on capitalism.
He asked if the internet would strengthen or kill capitalism after communism's fall.
insights INSIGHT
Unintended Techno-feudalism
The transition to techno-feudalism wasn't planned but arose from capitalism's internal struggles.
The 2008 financial crisis, exacerbated by government bailouts and austerity, fueled this shift.
insights INSIGHT
Impacts of Techno-feudalism
Techno-feudalism erodes individual autonomy, making us "homo technofeudalist" curated by algorithms.
This impacts global systems, fueling a new Cold War driven by cloud capital dominance.
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Technofeudalism: What Killed Capitalism
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Technofeudalism—you might already have some sense of what the term means, even if you haven’t sat down and unpacked it fully. A mode of production with one hand in the past and another the future—an updated form of feudal relations married to an advanced epoch of the productive forces that mark late capitalism—forces that we often associate with futuristic feats of technology. Except this is not some kind of techno-utopia—it’s really a dystopia.
Is capitalism over? Have we entered into a new mode of production defined by feudal relations and the technological forces of the algorithm? Did capitalism die, before our very eyes, in 2008? These are all questions that we tackle in today’s episode with a very special guest who’s written a book about all of this.
Yanis Varoufakis is a self-described anti-economist and author of many books. He was a member of Syriza and was Greece's Minister of Finance between January 2015 and July 2015, negotiating on behalf of the Greek government during the 2009-2018 Greek government-debt crisis. Since 2018, he has been Secretary-General of Democracy in Europe Movement 2025 (DiEM25) which is a left-wing pan-European political party he co-founded in 2016. His latest book is Technofeudalism: What Killed Capitalism, which we’ll be discussing in today’s episode.
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