Yanis Varoufakis, the former Greek finance minister and prolific economist, has been vocal about the emergence of a new ruling class he terms “Cloudalists,” who preside over what he describes as a techno-feudal order. In his lecture titled “Cloudalists: The New Ruling Class & how can we confront its techno-feudal order,” Varoufakis discusses the transformation of global economic structures, suggesting that traditional capitalism has been supplanted by a system dominated by digital platforms and cloud-based capital.
Varoufakis argues that following the 2008 financial crisis, the infusion of central bank money to rescue big finance, coupled with the rise of tech giants, has led to the birth of “cloud capital.” This form of capital exists in the digital realm, controlled by a select few corporations that function as modern-day feudal lords. Platforms like Amazon, Google, and Facebook have established digital domains where users, whether producers or consumers, are akin to serfs, generating value that is siphoned off as rent by these platform owners.
In this techno-feudal landscape, traditional market dynamics and profit motives are overshadowed by the extraction of rents from those dependent on these digital platforms. Varoufakis highlights how this shift undermines democratic processes and exacerbates economic inequalities, as power becomes increasingly concentrated in the hands of the cloudalist elite.
To counteract this burgeoning techno-feudalism, Varoufakis calls for a reimagining of our economic and political systems. He advocates for collective action to reclaim the digital commons and establish structures that distribute the benefits of technological advancements more equitably. By confronting the dominance of cloud capital, Varoufakis envisions a future where technology serves the many rather than entrenching the power of the few.
Varoufakis’ insights into the rise of cloudalists and the techno-feudal order offer a thought-provoking perspective on the evolving nature of global capitalism. His analysis challenges readers to critically assess the implications of digital platform dominance and consider pathways toward a more democratic and equitable digital economy.
Time co-ops offer a way out of the trap set by tech monopolies, shifting economic power back to the people. Instead of relying on massive digital landlords who profit from controlling access to services, time banking lets people trade skills and labor directly, without middlemen skimming off the top. A system based on time rather than money gives communities a way to support themselves on their own terms. It’s a way where people can create their own networks of trust, where value isn’t dictated by an algorithm but by real human needs.
The problem isn’t necessarily the technology—it’s getting people to believe they can live without the middlemen.
Join us in making the world a better place – you’ll be glad that you did. Cheers friends.