Cloud capital has displaced markets and profit from the center of the economy

Evidence

If we do pay attention, it is not hard to see that capital’s mutation into what I call cloud capital has demolished capitalism’s two pillars: markets and profits. Of course, markets and profits remain ubiquitous – indeed, markets and profits were ubiquitous under feudalism too – they just aren’t running the show any more. What has happened over the last two decades is that profit and markets have been evicted from the epicentre of our economic and social system, pushed out to its margins, and replaced. — Yanis Varoufakis, Technofeudalism, 15

Categorization

• DEFINE: Introduces ‘cloud capital’ as the mutated capital form; markets/profits persisting but peripheral is the key move distinguishing feudalism from capitalism.
• XREF: connects to: Platforms replace markets with fiefdoms and profit with cloud rent; Cloud capital’s physicality and commanding power do not distinguish it from earlier capital forms — Yanis Varoufakis, Technofeudalism: What Killed Capitalism, 316

Broader Connections

• Platforms replace markets with fiefdoms and profit with cloud rent #corroborates (1.00)