Capital itself, mutated into cloud capital, has killed capitalism

Evidence

So, what is my hypothesis? It is that capitalism is now dead, in the sense that its dynamics no longer govern our economies. In that role it has been replaced by something fundamentally different, which I call technofeudalism. At the heart of my thesis is an irony that may sound confusing at first but which I hope to show makes perfect sense: the thing that has killed capitalism is … capital itself. Not capital as we have known it since the dawn of the industrial era, but a new form of capital, a mutation of it that has arisen in the last two decades, so much more powerful than its predecessor that like a stupid, overzealous virus it has killed off its host. What caused this to happen? Two main developments: the privatisation of the internet by America’s and China’s Big Tech. And the manner in which Western governments and central banks responded to the 2008 great financial crisis. — Yanis Varoufakis, Technofeudalism, 12

Categorization

• DEFINE: Introduces the core thesis and the key terms ‘technofeudalism’ and ‘cloud capital’ that the whole book defines and defends.
• corroborated: 2 independent passages support this claim — Yanis Varoufakis, Technofeudalism: What Killed Capitalism, 12
• XREF: connects to: Cloud capital is capital’s mutation into feudal wealth extraction, not capital’s death — Yanis Varoufakis, Technofeudalism: What Killed Capitalism, 906; Central banks funded cloud capital that destroyed market sovereignty — Yanis Varoufakis, Technofeudalism: What Killed Capitalism, 440; Technofeudalism displaces capitalism by substituting cloud capital for terrestrial capital. — Yanis Varoufakis, Technofeudalism: What Killed Capitalism, 849 (+8 more)

Broader Connections

• Cloud capital is capital’s mutation into feudal wealth extraction, not capital’s death #contradicts (0.95) — Yanis Varoufakis, Technofeudalism, 906
• Central banks funded cloud capital that destroyed market sovereignty #expands (0.85) — Yanis Varoufakis, Technofeudalism, 440
• Technofeudalism displaces capitalism by substituting cloud capital for terrestrial capital. #qualifies (0.85) — Yanis Varoufakis, Technofeudalism, 849
• Central bankers inadvertently financed capitalism’s own demise #corroborates (0.85) — Yanis Varoufakis, Technofeudalism, 388
• Cloud capital made humanity work for free or a pittance #expands (0.80) — Yanis Varoufakis, Technofeudalism, 444
• Traditional capitalists have become vassals to cloud capital’s feudal overlords #expands (0.80) — Yanis Varoufakis, Technofeudalism, 17
• Capital escaped the capitalist market, not labour #qualifies (0.80) — Yanis Varoufakis, Technofeudalism, 365
• Cloud capital shatters individuals into manipulable fragments of data #expands (0.75) — Yanis Varoufakis, Technofeudalism, 660
• Total universalization of capitalism erases the concept of the system itself #qualifies (0.75) — Fredric Jameson, Postmodernism, or, The Cultural Logic…, 865
• Financialized capitalism shapes human activity and escapes human control #complicates (0.75) — Max Haiven, Cultures of Financialization, 340