In Yanis Varoufakis’ latest book, the former Greek finance minister argues that companies like Apple and Meta have treated their users like modern-day serfs.
Have you happened to read the book? He has a chapter dedicated to his decision to call it technofeudalism rather than capitalism, hypercapitalism, technocapitalism, etc. Basically he’s saying profits have been decoupled from a company’s value, and that it’s no longer about creating a product to exchange for profit (which, in his words, are beholden to market competition) but instead about extracting rent (which is not beholden to competition – his example is while a landowner’s neighbors increase the values of their properties, the landowner’s property value also increases).
Anyways he describes Amazon, Apple store, Google Play, cloud service providers, as fiefdoms that collect rent from actual producers of products (physical goods, but also applications), and don’t actually produce anything, themselves, besides access to customers, while also extracting value from users of their technologies through personal information. They’re effectively leasing consumer attention in the same way landowners leased their lands to workers.
It sounds pretty accurate to me, but I haven’t had much time to chew on it. What’s your take on that idea?
Have you happened to read the book? He has a chapter dedicated to his decision to call it technofeudalism rather than capitalism, hypercapitalism, technocapitalism, etc. Basically he’s saying profits have been decoupled from a company’s value, and that it’s no longer about creating a product to exchange for profit (which, in his words, are beholden to market competition) but instead about extracting rent (which is not beholden to competition – his example is while a landowner’s neighbors increase the values of their properties, the landowner’s property value also increases).
Anyways he describes Amazon, Apple store, Google Play, cloud service providers, as fiefdoms that collect rent from actual producers of products (physical goods, but also applications), and don’t actually produce anything, themselves, besides access to customers, while also extracting value from users of their technologies through personal information. They’re effectively leasing consumer attention in the same way landowners leased their lands to workers.
It sounds pretty accurate to me, but I haven’t had much time to chew on it. What’s your take on that idea?