In this episode of The Tech Humanist Show, we welcome Yanis Varoufakis, an economist, politician, author, and former Minister of Finance in Greece. Known for his insightful critique on the state of capitalism, Yanis opens up important dialogues that challenge our contemporary understanding of the economy.
Our discussion centers around his new book, “Technofeudalism: What Killed Capitalism,” in which he explores the evolving landscape of our economy and society in the era of data monopolies and “cloud capital.”
Cloud capital, as Yanis defines it, is a new form of capital that has emerged with the advent of big tech companies and data-driven economies. It represents the power and wealth accumulated through the control and exploitation of data and digital resources. In essence, it’s the capital that big tech companies like Google, Amazon, and Facebook have accrued through their vast networks, platforms, and the data they collect from their users.
Yanis argues that the current power dynamics in the digital economy, where a handful of tech giants control a majority of the world’s data, is leading to a form of ‘technofeudalism.’ He suggests that the unchecked power of these data monopolies is reshaping our society and economy, often exacerbating inequality and undermining democracy.
In our conversation, we delve into the role of democracy in this new era and discuss how changes in the ownership structures within companies could bring about a more equitable society.
Join us for this thought-provoking episode as we explore these complex issues and envision a future where technology better serves humanity.