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According to economists such as Yanis Varoufakis, we have entered the age of technofeudalism. Our technologically advanced present has given rise to a new order, in which the capitalist model of profit-making has been overtaken by the arbitrary monopolies of digital platforms. As Varoufakis observes, markets and profits that were once central to capitalism are now being increasingly replaced by the data- and money-based fees of cloud platforms. With the development of the internet and digital technologies, it seemed we had been granted “free” access to a multitude of platforms. Yet our activity in these realms—unpaid and uncredited—generates profit for their owners. Once these platforms secure their irreplaceable position in our lives, they introduce or raise the cost of access—often to spaces we ourselves have filled with content by uncompensated labour. These power relations echo the logic of feudalism, in which landless peasants were entirely dependent on the estates of the...More
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Press Release
According to economists such as Yanis Varoufakis, we have entered the age of technofeudalism. Our technologically advanced present has given rise to a new order, in which the capitalist model of profit-making has been overtaken by the arbitrary monopolies of digital platforms. As Varoufakis observes, markets and profits that were once central to capitalism are now being increasingly replaced by the data- and money-based fees of cloud platforms. With the development of the internet and digital technologies, it seemed we had been granted “free” access to a multitude of platforms. Yet our activity in these realms—unpaid and uncredited—generates profit for their owners. Once these platforms secure their irreplaceable position in our lives, they introduce or raise the cost of access—often to spaces we ourselves have filled with content by uncompensated labour. These power relations echo the logic of feudalism, in which landless peasants were entirely dependent on the estates of the...More
