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‘Capitalism is dead. Now we have something much worse’: Yanis Varoufakis on extremism, Starmer, and the tyranny of big tech (www.theguardian.com)

submitted 1 year ago by L4s@lemmy.world to c/technology@lemmy.world

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‘Capitalism is dead. Now we have something much worse’: Yanis Varoufakis on extremism, Starmer, and the tyranny of big tech::In his new book, the maverick Greek economist says we are witnessing an epochal shift. At his island home, he argues it’s now the ‘fiefdoms’ of tech firms that shape us

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[–] teamonkey@lemm.ee 12 points 1 year ago

Capitalism has a definition. He’s saying that the markers that define Capitalism (as opposed to Mercentilism, Feudalism, etc.) are no longer there.

Specifically he’s saying that you can now no longer be on the top rung by privately owning the means of production, which is probably the biggest hallmark of Capitalism.