Debating Yanis Varoufakis: Is techno feudalism another name of financial capitalism?

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In this podcast, we discussed with Yanis Varoufakis his latest book “Technofeudalism: What Killed Capitalism." We started off by asking him what his main thesis was. He argued that our current state of the political economy resembles feudalism than capitalism since the big businesses of the day, from tech giants like Google, Amazon, and Microsoft, to private equity firms like Black Rock and Vanguard rely on rent, instead of profit. We probed him further about the difference between rent and profit. From there, we entered a friendly debate about whether feudalism is a better choice than capitalism, and what are its implications for our politics. Our closing segment was on the impact of techno-feudalism on geopolitics. Yanis provided his insightful explanation of the Cold War against China based on the rise of new Tech giants in China which have challenged the unfettered hegemony of the US big businesses like never before. Last but not least, we asked him the way out of technofeudalism, to which he stressed the need for an internationalist Left.

Yanis Varoufakis is a professor of economics, a former Greek Finance Minister, an author of several books, and the co-founder of the grassroots political movement DiEM25.

#cloudcapital #elonmusk #capital #technofeudalism