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‘Capitalism is dead. Now we have something much worse’: Yanis Varoufakis on extremism, Starmer, and the tyranny of big tech (www.theguardian.com)

submitted 1 year ago by [email protected] to c/[email protected]

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‘Capitalism is dead. Now we have something much worse’: Yanis Varoufakis on extremism, Starmer, and the tyranny of big tech::In his new book, the maverick Greek economist says we are witnessing an epochal shift. At his island home, he argues it’s now the ‘fiefdoms’ of tech firms that shape us

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[–] [email protected] 0 points 1 year ago

I hear your analysis and I think he's jumping the gun a bit. I think what he's pointing at is a potential for things like Amazon to become more and more feudal.

But I think you raise a lot of good points.

We do still have governments and governments are still capable of reeling in companies like Amazon. I think corporate feudalism or technofuedalism is a potential and I think he's right that it may be closer than we realize.

But he believes we've already crossed that bridge. Some examples he uses to support his position is stock prices going up when the financial sector is expecting a bail out. I.e., the governments really belonging to corporate interests rather than for the people by the people.

I think his analysis is correct in a lot of ways but the term he's using is for something we could potentially be seeing happen soon rather than a line we already crossed.