From fortune:

Yanis Varoufakis, known for his strong political opinions, insists that having fans in life is something he never wanted. He discusses the problem of polarization being greater than whether you are left or right. He recently released a book, “Technofeudalism: What Killed Capitalism,” arguing that capitalism is already dead.

Varoufakis talks about why the economic system of capitalism has failed and why the return to tribalism poses a greater challenge. There are concerns with the current state of capitalism and its impact on humanity. He argues that people are wedded to the idea of capitalism and that it’s making life difficult for many people.

Varoufakis delves into how the crash of 2008 and the emergence of Big Tech post-crash drove him to look at the algorithms driving post-crash capitalism. He argues that companies like Amazon must not be confused with markets. He cites Milton Friedman and Friedrich Hayek and argues that they would agree with him and that the ultimate centralization of these tech companies would be a “wet dream” of the Soviet Union’s State Planning Committee.

The shifting economic landscape, including the dominance of the stock market by tech companies, implies the Fortune 500 risks becoming irrelevant if all value is accrued to the tech firms. Varoufakis believes that these companies are operating their own fiefdoms, which will lead to the rise of what he calls the “Fortune 7” very soon.

Varoufakis articulates how Gen Z is being poisoned by the impacts of Big Tech companies, arguing that the separation of work, leisure, and hobbies is gone in the age of the algorithm. The Silicon Valley mythology encourages self-expression, but how can you do that in a culture mediated by an algorithm owned by one man? He brings to light the issues that Gen Z faces in their journey to navigate the digital world.



Read more: Yanis Varoufakis interview: ‘Technofeudalism’ author on Gen Z, Fortune 500, Big Tech, Gen Z