Technofeudalism: What Killed Capitalism

Description

Technofeudalism: What Killed Capitalism by Yanis Varoufakis is a thought-provoking critique of modern economic systems, arguing that capitalism has not just evolved but has effectively been replaced by a new system he calls technofeudalism. In this book, Varoufakis, a well-known economist and former Greek finance minister, explores how the rise of digital platforms, big tech monopolies, and data-driven economies have reshaped global wealth and power structures. Varoufakis contends that traditional capitalism—where markets and competition drive economic activity—has been fundamentally transformed by tech giants like Amazon, Google, and Facebook. These corporations, he argues, do not simply operate within capitalism but have created a new form of economic dominance, where wealth is accumulated not through traditional investment and production but through the control of digital platforms, surveillance, and algorithmic manipulation. He describes this system as technofeudalism because, much like medieval feudal lords, these tech conglomerates extract value from users and smaller businesses while offering them access to their digital "land" in exchange for data and dependence. The book delves into the political and economic consequences of this shift, explaining how it exacerbates inequality, weakens democracy, and erodes traditional economic structures. Varoufakis also provides insights into how societies might resist and reform this emerging digital power dynamic. With his signature blend of sharp analysis and engaging storytelling, Technofeudalism challenges conventional wisdom about capitalism’s future, making it a must-read for those interested in economics, technology, and political theory.