Capitalism is dead and has been replaced by technofeudalism

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 In that role it has been replaced by something fundamentally different, which I call technofeudalism.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

• XREF: Connects directly to the whole platform-capitalism debate the reader is researching; this is the counter-thesis statement itself. — connects to: Networked digital technologies spawned by capitalism are enabling its replacement by technofeudalism — Yanis Varoufakis, Technofeudalism: What Killed Capitalism, 116; Technofeudalism displaces capitalism by substituting cloud capital for terrestrial capital. — Yanis Varoufakis, Technofeudalism: What Killed Capitalism, 849; The internet shattered capitalism’s evolutionary fitness rather than defeating or entrenching it — Yanis Varoufakis, Technofeudalism: What Killed Capitalism, 232 (+3 more)

Broader Connections

• Networked digital technologies spawned by capitalism are enabling its replacement by technofeudalism #corroborates (0.95) — Yanis Varoufakis, Technofeudalism, 116
• Digital networks that capitalism spawned are replacing capitalism with a new feudalism. #corroborates (0.95)
• Technofeudalism displaces capitalism by substituting cloud capital for terrestrial capital. #expands (0.85) — Yanis Varoufakis, Technofeudalism, 849
• The internet shattered capitalism’s evolutionary fitness rather than defeating or entrenching it #corroborates (0.80) — Yanis Varoufakis, Technofeudalism, 232
• Technofeudalism extends alienation from labor’s products to ownership of minds #expands (0.75) — Yanis Varoufakis, Technofeudalism, 774