Technofeudalism

What Killed Capitalism

by

224 pages

English language

Published Aug. 4, 2023 by Random House Children's Books.

ISBN:
978-1-84792-727-9
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4 stars (1 review)

In his boldest and most far-reaching book yet, world-famous economist Yanis Varoufakis argues that capitalism is dead and a new economic era has begun.

Insane sums of money that were supposed to re-float our economies in the wake of the financial crisis and the pandemic have ended up supercharging big tech's hold over every aspect of the economy. Capitalism's twin pillars - markets and profit - have been replaced with big tech's platforms and rents. Meanwhile, with every click and scroll, we labour like serfs to increase its power. Welcome to technofeudalism.

Drawing on stories from Greek Myth and pop culture, from Homer to Mad Men , Varoufakis explains this revolutionary how it enslaves our minds, how it rewrites the rules of global power and ultimately what it will take overthrow it.

3 editions

reviewed Techno-Feudalism by Yanis Varoufakis

Heavy, but very interesting

4 stars

This was a fascinating read. Essentially Varoufakis argues that capitalism is actually over, and that we are now in an era where rent derived from "digital fiefs" is dominant (e.g.: Amazon doesn't produce goods or acquire capital in the tratitional sense, but because no seller can survive without selling on Amazon, it operates like a fief extracting rent from the vassals (sellers) who have no option but to use their site). It's pretty heavy economic theory, but he frames it as a conversation with his late father, and does a good job at simplifying and explaining what he talks about.

Very interesting, and very convincing.

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