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China offers an alternative to Western ‘technofeudalism’
(www.scmp.com)
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this post was submitted on 26 Jun 2025
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Yanis Vourofakis's book defines it as rents almost entirely replacing profits, with technology being the replacement for feudal lands and with tech feudalists forgoing profits for pure rent seeking from the now lower class business owners i.e. merchants that can only rent capital instead of owning it and only sell in feudal markets like Amazon and gig workers i.e. tech serfs that have no workplace and float freely between tech feudal lords.
It's an interesting idea, at least.
Yeah it's Varoufakis' thing. I think it is just monopoly capitalism in reality but it's very funny that parent didn't even Google it.
Yeah, rent seeking behavior has been a constant of capitalism especially since it entered its monopoly stage. The railroad barrons and oil barrons and mining barrons and shipping barrons etc etc just sit on valuable resources and collect rents, rather than producing anything for profit. That's been with us for almost two centuries!
Capitalism bought some time with trust busting, but this is always the end game.