Varoufakis is just one of many people who have come up with fancy new terms for capitalism and imperialism. It’s not to say that he doesn’t have an important perspective on some things, but coming up with new terms for things defined over a century ago only serves to distract.
Wouldn’t the best term be mercantilism? Power through the accumulation of wealth, but instead of nations it’s now corporations. It’s definitely not capitalist since capitalism is about having competition, and that doesn’t happen without constant government intervention to break up monopolies and trusts.
According to Varoufakis, this is techno feudalism. He wrote a book about it. So arguably, it’s not capitalism but by no means is it better than that
Varoufakis is just one of many people who have come up with fancy new terms for capitalism and imperialism. It’s not to say that he doesn’t have an important perspective on some things, but coming up with new terms for things defined over a century ago only serves to distract.
Wouldn’t the best term be mercantilism? Power through the accumulation of wealth, but instead of nations it’s now corporations. It’s definitely not capitalist since capitalism is about having competition, and that doesn’t happen without constant government intervention to break up monopolies and trusts.