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Is Capitalism Dead? Respected Economics Professor Thinks It Is, And He Knows Who Killed It
10 Nov 2023 | Abstracted from Phys.org
"Traditional capitalists, he proposes, have become ''vassal capitalists.'' They are subordinate and dependent on a new breed of ''lords'' - the Big Tech companies"A new form of algorithmic capital has evolved- what Varoufakis calls ''cloud capital'' -- and it has displaced ''capitalism''s two pillars: markets and profits...Access to the "digital fief" comes at the cost of exorbitant rents."
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