Review: Technofeudalism by Yanis Varoufakis

Another book recommended to me by my Kindle Algorithm, which is perhaps surprising given the content.

The author argues that capitalism, based on principles of market competition, is dead, having been replaced with a new order closely resembling the feudal system of Medieval Europe. Traditional capital, Varoufakis argues, has been slowly superseded by a new form of capital — ‘cloud capital’ — hearkened by the rise of the internet, and exacerbated by the 2008 financial crisis. Cloud capital is owned by Big Tech companies, which extract cloud rent from its users, whom have no choice but to use their platforms. The monopolies held over cloud capital are equated by Varoufakis to the ‘fiefdoms’ of the feudal system, propped up by cloud ‘proles’ (exploited workers) and cloud ‘serfs’ (users of online platforms). I originally published this review on Goodreads (which a quick google search confirmed is owned by Amazon) and the irony is not lost on me. Sometimes you’ve no choice but to be a cloud serf.

I enjoy Varoufakis’ use of analogy, which draws on Greek Mythology, among others examples, to provide novice-friendly explanations of complex economic and political events. I was gripped for the first half of the book which was for the most part very accessible, although I did find the…