"I call it techno-feudalism. I don’t call it capitalism anymore. We need to distinguish what was going on before 2008 from what was going on after 2008. Amazon is not a market; it’s a fiefdom. And it’s a fiefdom that’s connected to other fiefdoms, like Facebook, through the cloud services of Amazon, which are much greater and bigger than Amazon.com. It’s like a much more technologically advanced form of feudalism. This is completely sustained by central bank money. So you have the combination of the king, the sovereign, the state, the central bank and the feudal lords, the techno-feudal lords. You can see that this system is constantly doubling-down on our extinction as a species. We had the pandemic and what did they do? More of the same. They give them more money. They give it to the same people. They gave some money to the people in furlough wages and so on, but that is only temporary. There’s been no real investment in human capital; in students, in cancelling debt. They’re not doing any of that. They have no problem plucking the money tree for themselves. Sometimes they spread some of the money they plucked from the money tree to the many, but in a limited and transient manner. And the stagnation of the capitalist system, the techno-feudalist system as I call it, gets more and more entrenched."
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Yanis Varoufakis quoted in Techno-Feudalism and the End of Capitalism – interview with Yanis Varoufakis (17 May 2021)
https://en.wikiquote.org/wiki/Capitalism
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Capitalism
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