Technofeudalism05.01.26

Technofeudalism is a concept that describes a modern economic system where powerful technology companies exert control akin to feudal lords of the past, primarily through their dominion over digital platforms, data, and online markets [1] [2]. This idea suggests a shift away from traditional capitalism, where tech giants like Google, Amazon, Apple, and Meta are seen as owning and controlling digital "land" or "cloud capital," and users and smaller businesses become dependent "cloud-serfs".

The term has been popularized by economist and former Greek Finance Minister Yanis Varoufakis, particularly in his 2023 book, Technofeudalism: What Killed Capitalism. Varoufakis argues that since the 2008 financial crisis, the economic system has fundamentally changed, with digital platforms and big data becoming the new "land" controlled by tech giants. 
French philosopher Cédric Durand also explored this concept in his 2020 book, Technoféodalisme: Critique de l’économie numérique, highlighting how digital platforms extract wealth without true competition.
Jodi Dean connects technofeudalism to "platform capitalism," where individuals rely on tech companies for work, social connections, and basic services

Key features of technofeudalism include the control over platforms by large companies, the dependence of businesses and workers on these platforms, the extensive collection and use of personal data by tech companies, and limited competition due to the dominance of a few major players.
Examples often cited are gig workers who depend on ride-sharing apps for income, e-commerce sellers who must adhere to platform rules and fees, and social media users whose content and interactions are monetized by platforms

https://www.yanisvaroufakis.eu/2024/04/22/welcome-to-the-age-of-technofeudalism-interviewed-by-wired-magazine/

Anonymous

Technofeudalism05.01.26

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