Economist, Yanis Varoufakis in his book, Technofeudalism argues that cloud-technology-owning companies from the United States and China are organizing everyone on the planet including governments, traditional capitalists and the rest of humanity into a class that pays them what he calls, cloud rents.
These companies, cloudalists, as Varoufakis refers to them, operate outside profit motives, exact free labor from the proletariat and thrive on indirect funding from central banks while collecting rents in an unchecked way.
He presents an insightful understanding of the global economy, particularly from 2008 to 2023 that merits paying close attention. “Capitalism is dead,” he asserts, and its obituary has been announced by cloud capital.
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