Latest news with #YanisVaroufakis
Malay Mail
4 days ago
- Business
- Malay Mail
A storm is coming: Varoufakis and the age of techno-feudalism — Shahridan Faiez
AUGUST 8 — Yesterday, while a thunderstorm raged over Kuala Lumpur, another kind of storm was brewing inside the historic Majestic Hotel. In a small room filled with thinkers, activists, and policymakers, Yanis Varoufakis – economist, author, and former Greek finance minister – warned of a storm far more dangerous than thunder or rain. He called it techno-feudalism. Varoufakis argues that capitalism as we know it is being replaced. The new system is not socialist, not democratic, and not even recognisably capitalist. It is something older, darker, and more hierarchical: a return to feudalism. Only this time, the castles are the cloud servers of Big Tech, the lords are corporate oligarchs, and the new serfs are us – the users, the gig workers, the data providers – trapped in a digital landscape we do not own, yet cannot escape. In this emerging order, digital platforms like Amazon, Google, Meta, Apple, and Microsoft have become the new overlords. They own the digital 'soil' – our data, our online spaces, our AI systems. Just five of these companies now hold a combined market US$12.5 trillion – exceeding the GDP of Japan, Germany, and the UK combined. Their CEOs command more power than many nation-states. And just like the lords of old, their power grows not through innovation or work, but through rent. In this emerging order, digital platforms like Amazon, Google, Meta, Apple, and Microsoft have become the new overlords. They own the digital 'soil' – our data, our online spaces, our AI systems. — Reuters pic This is the crux of Varoufakis's warning: we are shifting from an economy based on markets, wages, and private property to one defined by rent extraction, digital dependency, and corporate surveillance. In this world, value is no longer created through labour and exchange, but captured through ownership and control. Control of platforms. Control of algorithms. Control of desire and identity itself. Governments, Varoufakis argues, have become vassals – dependent on these corporations for infrastructure, cloud storage, surveillance tools, and even national security. Markets are no longer competitive. Surveillance has replaced trust. People work harder and earn less, while tech giants grow richer through our clicks, our data, and our attention. But we are not powerless. Varoufakis offers a clear and compelling path forward. First, tax rent, not income. Economic rents, profits derived not from productive work but from ownership and privilege, must be taxed to reduce inequality and reclaim public value. That means taxing the unearned windfalls from digital platforms, intellectual property, monopolies, and asset speculation – not the hard-earned wages of ordinary people. Second, treat digital platforms as public utilities. Just as we regulate electricity or water to serve the public good, the infrastructure of the digital world must be democratised and governed in the public interest. Third, empower communities and local governments. Decentralised governance, built on transparency, participation, and fairness, is the antidote to techno-feudal rule. Yes, the storm is coming. But storms can also cleanse. They can wake us from complacency, and spark new beginnings. As citizens, workers, and communities, we still have agency. We can demand that our governments act – not as vassals, but as guardians of the public good. Techno-feudalism is not destiny. It is a choice. And we still have time to choose differently. * Dr. Shahridan Faiez is a trustee of Citizens International ( an action-based human rights non-governmental organisation based in George Town, Penang. ** This is the personal opinion of the writer or publication and does not necessarily represent the views of Malay Mail.
Al-Ahram Weekly
04-06-2025
- General
- Al-Ahram Weekly
Marching to Gaza: A convergence of conscience by land and sea - War on Gaza
Activists, doctors, students, artists, and unionists from across South America, Europe, the Middle East, and Africa are gathering for the Global March to Gaza. Their destination is the Rafah crossing—the last viable access point between Gaza and the outside world. Their mission is urgent. Since Israel imposed a total blockade on 2 March, Gaza has plunged deeper into a humanitarian crisis. Acute shortages of food, water, and medical supplies have become widespread. Humanitarian agencies report that over 90 percent of Gaza's 2.3 million residents face severe food insecurity. Health systems have collapsed, and the death toll since Israel's war began in October 2023 has surpassed 54,000. Even at US-Israeli-run Gaza Humanitarian Foundation (GHF) distribution points—critical sites for aid—Israeli forces have reportedly targeted civilians. The Palestinian Health Ministry said that in just eight days, 102 people were killed and 490 were injured while attempting to access food and supplies. Coordinated deliveries in northern Gaza and Rafah have met lethal resistance: drones, artillery, and sniper fire have targeted civilians queuing for basic essentials. "We are living through a historic moment. What's happening in Gaza is a test of our humanity," said Saif Abukeshek, Palestinian activist and head of the International Coalition Against the Israeli Occupation, which is organising the Global March to Gaza. "Either we stand up for the values we claim to hold or we lose them, perhaps forever." The march, supported by more than 150 NGOs and participants from 36 countries, will occur between 12 and 20 June. Protesters will gather in Cairo, travel through Sinai to Al-Arish, and attempt to reach the Rafah crossing on foot. Support for the initiative spans continents. Rights organisations from Toronto, Berlin, and Melbourne have pledged backing, alongside public figures including Greek economist Yanis Varoufakis, Irish Nobel Peace Laureate Mairéad Corrigan-Maguire, comedian Jonathan Randall, author and TV host Marianela Pereyra, and blogger Candice King. The organising committee mirrors this diversity: Spanish-Canadian activist Manuel Tapial, French physician Dr Catherine Le Scolan-Quéré, Mexican professor Patricia Luevano, Swiss doctor Regula Grabherr-Fawzi, Portuguese advocate Ana Rita, and South African MP Zwelivelile Mandla Mandela, grandson of Nelson Mandela. Their demands are clear: an end to Israel's use of starvation as a war tactic, lifting the 17-year blockade, reopening the Rafah crossing, delivering essential aid, and establishing a sustained humanitarian corridor. They also seek accountability for violations of international law. "I fear the day my child asks, 'What did you do when you saw the genocide?'" Abukeshek added. The march's main demonstration is scheduled for 15 June. Participants will stay near the crossing until 20 June, hosting rallies, vigils, and press briefings. "Over 2,000 people have already committed to join us by air, despite every logistical challenge. And the numbers will grow," Abukeshek confirmed. Dr Huseyin Durmaz of the International Health Initiative noted, "We have made the necessary explanations to the Egyptian authorities. We await permission for this peaceful civil action." Formal approval is still pending. Parallel movements by land and sea The Global March is part of a broader mobilisation. In Tunisia, the "Somoud" convoy, backed by football ultras, unions, students, and healthcare workers, has drawn over 7,000 applicants for its 9 June departure. "I believe the siege can be broken. If this march isn't enough, we march again—and again—until we break through," said Abukeshek. Another front is opening at sea. On 1 June, the Freedom Flotilla Coalition (FFC) ship Madleen departed Catania, Sicily, with 12 activists and a cargo of humanitarian aid: flour, baby formula, medical supplies, prosthetics, water purification kits, and sanitary products. Environmentalists and human rights defenders are on board, including Swedish activist Greta Thunberg and French-Palestinian MEP Rima Hassan. Other passengers include Yasemin Acar (Germany), Baptiste Andre (France), Thiago Ávila (Brazil), Omar Faiad (France), Pascal Mauriéras (France), Yanis Mhamdi (France), Suayb Ordu (Türkiye), Sergio Toribio (Spain), Marco van Rennes (Netherlands), and Reva Viard (France). "Our mission is peaceful. We are unarmed. Everyone on board is trained in nonviolence," the FFC stated. But the risk is real. On 2 May, the FFC vessel Conscience was attacked by Israeli drones in international waters off Malta. The ship's engine was set ablaze. A decade earlier, Israeli forces raided the FFC's Mavi Marmara, killing 10 activists. The Israeli military has signalled its readiness to block the Madleen, stating it is "prepared for a range of scenarios" as the vessel nears Gaza. The naval blockade has been in place since 2007 and remains strictly enforced. Israeli Army Radio quoted military officials reaffirming their position: "We enforce the maritime security blockade on Gaza and are prepared for a range of scenarios." Amid mounting global scrutiny, UN human rights experts have urged Israel not to interfere, citing international law: vessels in international waters must not be obstructed, and Palestinians have a right to receive aid through their territorial waters. "Aid is desperately needed to forestall annihilation, and this initiative is a symbolic and powerful effort to deliver it," the experts said in a joint statement. On 4 June, an Israeli-made Heron drone operated by the Greek Coastguard was seen monitoring the Madleen during its 2,000-kilometre voyage, expected to arrive near Gaza by 7 June, pending safe passage. Though differing in form, the land and sea efforts share one goal: to challenge the siege on Gaza and prompt international action. "No matter the odds, we must keep trying. Because the moment we stop trying is when we lose our humanity," said Greta Thunberg before boarding the ship. Follow us on: Facebook Instagram Whatsapp Short link:
Indian Express
02-06-2025
- Business
- Indian Express
You paid for it, but you don't own it: How big tech is creating a new digital feudalism
Last year, the gaming community was swept over by confusion after video game giant Ubisoft quietly removed the popular racing game 'The Crew' from players' digital libraries. It was not delisted or shown as unsupported, but entirely erased, even for those who paid for it. This was because Ubisoft announced that it would shut down the game's servers, making it unplayable. For most gamers, what hit more than the loss was the realisation that they never really owned it. In simple words, they had paid for a licence, making them dependent on Ubisoft's willingness to keep its servers running and files available. The move by Ubisoft prompted debates across forums and tech columns, with many asking if it was legal or even ethical in the first place. For many, this was a reminder of how present-day digital economies function. Interestingly, this wasn't the first time something like this happened. In 2023, Sony kicked the hornet's nest after it nearly removed purchased Discovery content from its users' libraries. However, backlash caused Sony to reverse course. This problem is not just restricted to Ubisoft or Sony. It is to be noted that Amazon reserves the right to remove movies, shows, e-books, or any other digital purchases from an account. Similarly, Apple, too, can revoke access to iTunes media, and Steam can do the same with games. Most of these platforms work under a licensing model, meaning users 'pay for access' and not ownership. However, this is something most consumers delude themselves with. This illusion of owning digital goods is so widespread that in September 2024, California state pushed for more transparency through legislation requiring platforms to disclose that such purchases are licensed and revocable. While physical goods follow a 'first-sale doctrine' allowing buyers to resell, digital goods, on the contrary, are constrained by terms of service. In all of these, what we are missing is the slow yet steady step towards techno-feudalism, a world where corporations act as digital landlords, renting things that users once believed they owned. Economist and former Minister of Finance of Greece, Yanis Varoufakis, in his book Technofeudallism: What Killed Capitalism, argues that the world is not moving into a new phase of capitalism but rather regressing into a digital form of feudalism. This is what he calls 'technofeudalism', a system that is propelled by the humongous power of tech platforms and algorithms, which also happen to dominate the global markets, labour, and even the private lives of people. Much of this, according to Varoufakis, reminds you of the power of mediaeval lords over the peasantry. At the core of this ideology is the argument that Big Tech firms, like Amazon, Google, Facebook, and Apple, have moved beyond being mere market participants. Instead, they now act as owners of the digital spaces where most economic activities occur. According to the author, these companies do not simply compete in markets; in essence, they are the markets that are dictating terms for both consumers and producers. The author likens this to monopolistic dominance, which is breaking the foundational structures of capitalism, such as competition, private property rights, and open access. When you think of it, in traditional capitalism, ownership and control were distributed among entrepreneurs, shareholders, and business owners. On the contrary, technofeudalism, in a way, centralises economic power among a handful of digital platform owners. According to Varoufakis, these 'digital lords' use their platforms to control user behaviour, data flows, and even labour. He asserts that something as ostensibly neutral as algorithms is used to monitor, predict, and even manipulate human behaviour. And this is not just for convenience or efficiency, but to draw maximum value and consolidate platform dominance. The author also critiques surveillance and how tech tycoons are now accumulating wealth through platform ownership and not through traditional capital investment and risk-taking. As a resistance against technofeudalism, the author calls for political, regulatory, and grassroots responses, which also include antitrust action, data privacy laws, support for cooperatives and advocacy of decentralised digital models. To put it into perspective, when you buy a DVD of your favourite movie, you own that copy. You can watch it, lend it, sell it, or even break it. On the other hand, if you buy an eBook on Amazon, you are just granted access to read it under certain conditions. This may also prevent you from sharing it with a friend. It is worth noting that Amazon once offered a feature that allowed users to lend certain Kindle eBooks to others for approximately two weeks. However, in August 2022, the e-commerce giant largely discontinued this feature, much like it did in 2020 when it brought the curtains down on the Kindle Lending Library, a feature launched in 2011 that allowed Prime users to browse a selection of e-books and borrow one a month for free. There was no announcement regarding the change in 2022, with many reports claiming that Amazon's customer service representatives were even unaware of the discontinuation. Essentially, this absence of transferability impeaches the principles of the first sale doctrine, a legal standard that accords one the right to resell or gift physical items. Over time, courts have ruled that this principle does not apply to digital purchases, virtually trapping content in proprietary ecosystems. However, there were some attempts to counter this. In 2009, a Massachusetts-based company, ReDigi Inc., sought to create a marketplace for the resale of pre-owned digital goods, such as music, eBooks, games, apps, and software. The platform allowed users to stream, store, buy and sell legally acquired digital media. However, in the few years of its existence, ReDigi faced significant legal challenges, eventually leading to its shutdown. This, in a way, solidified the notion that digital ownership is largely a myth. Digital ownership has branched out into subscription models that essentially want consumers to rent, renew, and repeat their engagement. Today, there is a growing dominance of subscription models, which once began as a way to support journalists and indie creators. It is being increasingly applied to products that were once bought outright, ranging from creative software to car features. For example, in May 2013, Adobe discontinued its perpetual licensing model with the launch of Creative Suite 6 (CS6). This marked the software giant's transition to subscription-based Creative Cloud, requiring users to pay ongoing fees for access to Adobe's suite of applications. As of June 1, Creative Cloud All Apps is priced at an annual prepaid cost of $659. Cancelling the subscription may likely result in loss of access to the suite and related there are companies that still follow the one-time purchase model. Apple, for instance, offers its Pro Apps Bundle for Education, consisting of apps such as Final Cut Pro, Logic Pro, Motion, Compressor and MainStage, at $200. Companies like Blackmagic Design continue to offer one-time purchases of DaVenci Resolve Studio with free updates. Subscription models are not restricted to software; they have entered other domains such as printers and cars. Companies like HP and Brother now offer monthly plans that can deactivate cartridges if the user cancels. Similarly, automaker BMW in 2022 announced a subscription model charging $18 per month for heated seats despite existing hardware in certain markets, which was later discontinued owing to backlash. On the other hand, Mercedes-Benz offers an Acceleration Increase subscription for its EQ series electric vehicles. Reportedly at $1,200, this service unlocks enhanced performance and improved acceleration, all of which the vehicle is already capable of. These practices sparked debates about consumer rights and the ethics of charging extra for accessing existing hardware capabilities. Digital access comes with convenience; however, there are strings in the form of logins and subscriptions. Sometimes, even the right to share content is often paywalled, prompting one to opt for higher-tier payment plans. In case any of the platforms shut down, in all likelihood, one's purchases will vanish into thin air. By contrast, physical books and cards retain value and can be used for a lifetime. With the increasing proliferation of subscription models and vague ownership of digital goods, we seem to be staring at a system that minimises consumer rights and maximises recurring revenue for big players. The outcome is a loss of permanence, as a user cannot hand over their digital library to their children. They cannot resell or gift it, let alone guarantee future access to it. This essentially makes ownership provisional. Is there something you can do about it? Perhaps buying physical media like books, DVDs, vinyl records, and even boxed software. These continue to offer ownership. They may not be convenient, but they are yours to keep. Look for DRM (Digital Rights Management) free content. DRM is a type of software used by companies to control how users access their digital content, such as movies, eBooks, music, and games. Most importantly, educate others. This is important, as many still believe that a digital purchase means ownership. Help spread awareness of these deceptive practices. The move towards technofeudalism is not inevitable. From what is happening around the world, it is more like a policy choice, a business strategy, and a cultural shift. Now more than ever, there is a need to support open platforms and seek consumer rights. Bijin Jose, an Assistant Editor at Indian Express Online in New Delhi, is a technology journalist with a portfolio spanning various prestigious publications. Starting as a citizen journalist with The Times of India in 2013, he transitioned through roles at India Today Digital and The Economic Times, before finding his niche at The Indian Express. With a BA in English from Maharaja Sayajirao University, Vadodara, and an MA in English Literature, Bijin's expertise extends from crime reporting to cultural features. With a keen interest in closely covering developments in artificial intelligence, Bijin provides nuanced perspectives on its implications for society and beyond. ... 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Time of India
30-05-2025
- Entertainment
- Time of India
Like, share, collapse: The curious case of manufactured modern consent
Excerpt: We agreed to everything. Even the crash. Especially the crash. That's the magic of consent in the age of capital: you won't even notice when you're nodding your way into ruin—with a selfie filter and a 'Let's Go Brandon' mug in hand. There's something perversely elegant about a society that can manufacture both iPhones and ideologies with the same ruthless efficiency. Yanis Varoufakis [a Greek politician and economist], riffing off Chomsky's Manufacturing Consent, tosses us a neat little paradox wrapped in economic angst: that the more financialized our lives become, the more agreeable we get—and the more spectacular our breakdowns. Consent, it seems, isn't what it used to be. Once upon a time, it had to be extracted—with religion, kings, or gulags. These days, it's delivered via push notification and monetized outrage. Capitalism doesn't just want your labour; it wants your belief system bundled in prime-time infotainment and Facebook Lives. All dynamic societies, Varoufakis says, thrive on two processes: the making of surplus and the making of consent. The former fills your wallet (or used to). The latter convinces you that it's okay the neighbour got a fatter wallet for doing the same job. But somewhere along the way, as finance ballooned and factories vanished, this little duet hit a remix. Consent stopped being coerced and became curated. The age of propaganda gave way to the era of the podcast. Enter Trump, stage right—red tie flapping, indictment count rising. A real-estate mogul-turned-cable news messiah who understood early on that if you can't manufacture consent, just manufacture chaos and sell it in trucker hats. His genius wasn't policy; it was narrative ownership. He turned politics into pro wrestling and got half the country to cheer the heel turn. The other half? They rage-tweeted, which was basically a form of engagement. The algorithm doesn't care why you're angry, only that you are. And it's not just America. From Modi's WhatsApp bhakts to Europe's Hungary Games, the playbook is being photocopied at scale. Financial precarity? Blame the migrants. Sky-high inequality? Distract with culture wars. It's cheaper than redistributing wealth, and it polls better in the suburbs. So we scroll. We shop. We 'stand with' whatever the feed suggests today. We nod along to leaders who promise to make things great again—no one quite asks for whom. And then, once every few years, the scaffolding collapses and we wonder how no one saw it coming. Maybe we didn't need to. Maybe deep down, we agreed to the fall too. Late capitalism doesn't knock. It slides into your DMs with a 20% coupon, a righteous cause, and a man in a suit yelling on TikTok or those Meta platforms. All it asks for is your consent—and your complicity when the crash comes dressed as patriotism.
Bloomberg
22-05-2025
- Business
- Bloomberg
In Conversation With Yanis Varoufakis
Yanis Varoufakis, Former Finance Minister, Greece discusses fiscal policy and political change in Europe with Bloomberg's Mishal Husain at the 2025 Qatar Economic Forum, Powered by Bloomberg. (Source: Bloomberg)
