Yanis Varoufakis explains the evolution of capitalism, from its beginnings in feudal Europe to its imminent death in the era of Big Tech.
As Elon Musk and the Big Tech billionaires increase their control over government institutions, we must all ask ourselves a troubling question: are we witnessing the end of democracy?
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Capital triumphed over democracy a long time ago. Today, following the Financial Crisis of 2008 and the rise of the platform corporations, a new type of capital has emerged. Command capital is crushing the remnants of our democracies and giving rise to a new, technofeudal ruling class. Further still, the start of the second Trump administration in the United States has demonstrated, in worrying clarity, just how much control and influence the Tech Giants wield when it comes to geopolitics.
#technofeudalism #elonmusk #democracy
Economist, politician, and best-selling author Yanis Varoufakis argues that a radical reassessment of property rights over machines and data is the only way for us to confront this new ruling class. Join him for a journey from the feudalist economy of medieval Europe to the modern era of Tech Giant supremacy, exploring how companies like Google, Tesla, OpenAI, and Amazon extract value and capital from their users.
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00:00 Introduction
00:22 We are witnessing the end of capitalism
01:11 Yanis Varoufakis explains what 'capital' is
02:08 The origins of capitalism in feudal Europe
03:50 Technofeudalism and cloudalist overlords: the next evolution of capitalism
05:24 How cloudalists extract wealth from the population
06:12 How neoliberalism and the 2008 Financial Crisis paved the way for technofeudalism
08:18 The two pillars of traditional capitalism
11:17 Elon Musk, central bank money, and the Tech Giants
12:41 The end of democracy
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