By 2020 cloud rents dominated the developed world’s aggregate net income

Evidence

In the last chapter, I recounted how for twelve long years after the crash of 2008, central banks printed trillions to replace the bankers’ losses. We saw how socialism for bankers and austerity for the rest of us dampened investment, blunted Western capitalism’s dynamic and pushed it into a state of gilded stagnation. The only serious investment of the central banks’ poisoned money during this time went into the accumulation of cloud capital. By 2020, cloud rents accruing to cloud capital accounted for much of the developed world’s aggregate net income. That in brief is how cloud rent gained the upper hand and profit retreated. — Yanis Varoufakis, Technofeudalism, 519

Categorization

• QUESTION: The claim that cloud rents exceeded much of the developed world’s net income is dramatic but unsourced here — worth chasing the underlying data.
• corroborated: 2 independent passages support this claim — Yanis Varoufakis, Technofeudalism: What Killed Capitalism, 519
• XREF: connects to: Platforms replace markets with fiefdoms and profit with cloud rent; Cloud capital is capital’s mutation into feudal wealth extraction, not capital’s death — Yanis Varoufakis, Technofeudalism: What Killed Capitalism, 906; Colonial-style ownership extends to device production and cloud computing capacity — Nick Couldry & Ulises A. Mejias, The Costs of Connection: How Data Is…, 92

Broader Connections

• Platforms replace markets with fiefdoms and profit with cloud rent #expands (0.85)
• Cloud capital is capital’s mutation into feudal wealth extraction, not capital’s death #expands (0.80) — Yanis Varoufakis, Technofeudalism, 906
• Colonial-style ownership extends to device production and cloud computing capacity #expands (0.75) — Nick Couldry & Ulises A. Mejias, The Costs of Connection, 92