Are we living in "Technofeudalism"? A critique of Yanis Varoufakis

Red Flag Radio

Emma and Chloe take on Yanis Varoufakis' new book, Technofeudalism.

Varoufakis argues that capitalism is dead, ushering in a new mode of production he calls technofeudalism. He claims that the system we live under today is more like the feudal system which predated capitalism: the main economic activity today is the collection of rent by big tech "cloudalists". These tech giants, like Amazon and Google, are now our feudal overlords, while the rest of the capitalist class has been reduced to mere "cloud vassals". Workers are disempowered, a minority of us are "cloud proles", while the majority of the population are "cloud serfs", unwittingly creating value for the cloudalists through our clicks, likes, purchases and posts.

Chloe and Emma offer a critique of this theory, arguing that Varoufakis' "cloudalists" are just monopolies, which have been a stable feature of capitalist markets for centuries. We defend the idea that the modern working class is a powerful force because they create the profits, not rent, of the capitalist class. We also offer our own theories for why Varoufakis and others like him are so keen on proclaiming the death of capitalism every few years.

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