Pluralistic: Yanis Varoufakis's "Technofeudalism: What Killed Capitalism?" (28 Sep 2023)

Today’s links Yanis Varoufakis’s “Technofeudalism: What Killed Capitalism?”: Socialism or barbarism. Hey look at this: Delights to delectate. This day in history: 2013, 2018, 2022 Colophon: Recent publications, upcoming/recent appearances, current writing projects, current reading Yanis Varoufakis’s “Technofeudalism: What Killed Capitalism?” (permalink) Socialists have been hotly anticipating the end of capitalism since at least 1848, when Marx and Engels published The Communist Manifesto – but the Manifesto also reminds us that capitalism is only too happy to reinvent itself during its crises, coming back in new forms, over and over again: Now, in Technofeudalism: What Killed Capitalism, Yanis Varoufakis – the “libertarian Marxist” former finance minister of Greece – makes an excellent case that capitalism died a decade ago, turning into a new form of feudalism: technofeudalism: To understand where Varoufakis is coming from, you need to go beyond the colloquial meanings of “capitalism” and “feudalism.” Capitalism isn’t just “a system where we buy and sell things.” It’s a system where capital rules the roost: the richest, most powerful people are those who coerce workers into using their capital (factories, tools, vehicles, etc) to create income in the form of profits. By contrast, a feudal society is one organized around people who own things, charging others to use them to produce goods and services. In a feudal society, the most important form of income isn’t profit, it’s rent. To quote Varoufakis: “rent flows from privileged access to things in fixed supply” (land, fossil fuels, etc). Profit comes from…Pluralistic: Yanis Varoufakis's "Technofeudalism: What Killed Capitalism?" (28 Sep 2023)

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