The idea that we are entering an era of techno-feudalism that will be worse than capitalism is chilling and controversial. We asked former Greek finance minister Yanis Varoufakis to elucidate this idea, explain how we got here, and map out some alternatives.

Are We Transitioning From Capitalism to Silicon Serfdom?::The idea that we are entering an era of techno-feudalism that will be worse than capitalism is chilling and controversial. We asked former Greek finance minister Yanis Varoufakis to elucidate this idea, explain how we got here, and map out some alternatives.

    • PotatoesFall@discuss.tchncs.deEnglish
      2·
      5 months ago

      In capitalism, the core problem is power of business owners over employees. Tech giants hold incredible power over all of their consumers - aka the entire world.

      The most famous billionaires are all tech giants like Zuck, Gates, Musk, Bezos. It’s because they are in the news all the time as they decide over everybody’s life now, despite not being elected.

      YouTube, Insta, Tik Tok, Twitter, Facebook and friends are the main way political opinions are formed, especially for teenagers. That power should be in the hands of millions of teachers, activists and journalists, not a handful of billionaires.

      Markets are supposed to keep capitalism in check. That doesn’t work so good but they seem to be even more ineffective in keeping the tech market in check, especially social media.

      • dangblingus@lemmy.dbzer0.comEnglish
        11·
        5 months ago

        Markets aren’t supposed to keep capitalism in check. Capitalism is an exploitation of commercial systems in order to maximize profits. Capitalism is at direct odds with the free market self-regulating. Capitalism is the bastardization of free market policies and destroys innovation.

        • PotatoesFall@discuss.tchncs.deEnglish
          1·
          5 months ago

          I agree with all but the first sentence. Markets do a terrible job at keeping capitalism in check but they are supposed to, at least that’s what capitalism stans argue.

  • RedFox@infosec.pubEnglish
    0·
    5 months ago

    Can someone explain how these organizations ‘undermine the economy and democracy’?

    • there’s room for arguments regarding exploited workers in any industry, but tech is usually compensated well , at least compared to some industry. Maybe they are not compensated well in other developing nations?

    • not sure how cloud/tech companies undermine democracy or economies

    • Fudoshin ️🏳️‍🌈@feddit.ukEnglish
      1·
      5 months ago
      • Directly: They lobby governments and their size means they can be more powerful than the governments they’re trying to influence. Do you think the lobbying is for the benefit of society?
      • Indirectly: monopolies and other predatorycorporate behaviour like data selling and privacy erosion.