Markets and profits still exist but no longer drive 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: Precisely defines what ‘dead capitalism’ means: not disappearance of markets/profits but their displacement from the system’s center.
• corroborated: 2 independent passages support this claim — Yanis Varoufakis, Technofeudalism: What Killed Capitalism, 15
• XREF: connects to: Capitalism’s fundamental drivers have not changed despite the information economy; Rent has replaced profit as the driving force of the economy. — Yanis Varoufakis, Technofeudalism: What Killed Capitalism, 504; Markets thrive only when capitalist firms are dismantled — Yanis Varoufakis, Technofeudalism: What Killed Capitalism, 714

Broader Connections

• Rent has replaced profit as the driving force of the economy. #expands (0.88) — Yanis Varoufakis, Technofeudalism, 504
• Capitalism’s fundamental drivers have not changed despite the information economy #contradicts (0.85)
• Markets thrive only when capitalist firms are dismantled #expands (0.70) — Yanis Varoufakis, Technofeudalism, 714