The world is witnessing an epochal shift, according to Greek economist Yanis Varoufakis: from the now-dead capitalism to “technofeudalism”.
In his latest book, the former Greek politician – who in 2015, at the height of the Greek debt crisis, was catapulted from academic obscurity to finance minister – argues that insane sums of money that were supposed to refloat our economies in the wake of the financial crisis and the 2020 pandemic have ended up supercharging big tech’s hold over every aspect of the economy.
And capitalism’s twin pillars – markets and profit – have been replaced with big tech’s platforms and rents; while we, the “cloud serfs”, increase these companies’ power with every online click and scroll.
Yanis Varufakis tells Krishnan Guru-Murthy how the world is grappling with an entirely new economic system and therefore political power, and why Britain and the EU are “irrelevant” compared with the “fiefdoms” of US and Chinese tech firms.
Produced by Silvia Maresca/Channel 4 News
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