Capitalism is capitalism, not technofeudalism

Abstract

The purpose of this article is twofold. First, it assesses Yanis Varoufakis’ theory of technofeudalism, and will argue, by way of response, that capitalism has not been displaced by a resurgence of feudalism, but is taking new forms that, increasingly, lie outside the powers of nation-states and of social democracy. Second, it questions the ‘libertarian Marxist’ alternative that Varoufakis proposes in its place, which abdicates any interest in the regulatory powers of the state and, paradoxically, advocates consumer-based political action to damage the market position of big corporate entities, even though markets and profits are said to be no longer central to the operation of technofeudalism.