Digital networks that capitalism spawned are replacing capitalism with a new feudalism.

Evidence

Just as capitalism pushed aside feudalism by replacing land with capital as the dominant factor of production, so too did technofeudalism ride in to displace capitalism on the coat-tails of cloud capital – a mutation of (standard, terrestrial) capital. — Yanis Varoufakis, Technofeudalism, 849 (#corroborates, via linked claim)

So now, let me try to do that: No, Dad, even though it gave capitalism a breathtaking boost for a couple of decades, the internet did not render capitalism invincible. But nor did it prove, on its own, its Achilles heel, as I initially suggested. What the internet did to capitalism was more subtle: in conjunction with the attention market that the technostructure had fabricated, and under circumstances created by the Minotaur’s spectacular rise, not to mention its 2008 fall, the internet shattered capitalism’s evolutionary fitness. And as I shall explain in the next chapter, it did this by incubating a new form of capital, which has ultimately empowered its owners to break free of capitalism and become a whole new ruling class of their own. — Yanis Varoufakis, Technofeudalism, 232 (#corroborates, via linked claim)

Categorization

• corroborated: 2 independent passages support this claim
• XREF: connects to: Traditional capitalists have become vassals to cloud capital’s feudal overlords — Yanis Varoufakis, Technofeudalism: What Killed Capitalism, 17; The internet shattered capitalism’s evolutionary fitness rather than defeating or entrenching it — Yanis Varoufakis, Technofeudalism: What Killed Capitalism, 232; Technofeudalism displaces capitalism by substituting cloud capital for terrestrial capital. — Yanis Varoufakis, Technofeudalism: What Killed Capitalism, 849 (+5 more)

Related

• Networked digital technologies spawned by capitalism are enabling its replacement by technofeudalism (similarity 0.94)
• Capitalism is dead and has been replaced by technofeudalism (similarity 0.92)
• Technofeudalism displaces capitalism by substituting cloud capital for terrestrial capital. (similarity 0.89)
• The internet shattered capitalism’s evolutionary fitness rather than defeating or entrenching it (similarity 0.89)
• Traditional capitalists have become vassals to cloud capital’s feudal overlords (similarity 0.87)
• Capital itself, mutated into cloud capital, has killed capitalism (similarity 0.86)
• Digital platforms have displaced markets and profit with feudal rent extraction (similarity 0.84)
• Cloud capital is capital’s mutation into feudal wealth extraction, not capital’s death (similarity 0.84)
• Cloud capital has displaced markets and profit from the center of the economy (similarity 0.83)
• Capital can flourish even after capitalism itself dies. (similarity 0.82)
• Cloud capital’s physicality and commanding power do not distinguish it from earlier capital forms (similarity 0.82)
• Capital escaped the capitalist market, not labour (similarity 0.82)
• Technofeudalism explains disparate crises from green energy to the dollar’s reign (similarity 0.81)
• Cloud capital made humanity work for free or a pittance (similarity 0.81)
• A new form of capital called cloud capital has emerged with unprecedented commanding power. (similarity 0.80)

Broader Connections

• Technofeudalism displaces capitalism by substituting cloud capital for terrestrial capital. #corroborates (0.85) — Yanis Varoufakis, Technofeudalism, 849
• The internet shattered capitalism’s evolutionary fitness rather than defeating or entrenching it #corroborates (0.78) — Yanis Varoufakis, Technofeudalism, 232