this post was submitted on 05 Apr 2024
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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
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.
over a century ago Lenin has defined imperialism as capitalism in decay, monopoly capitalism, capitalism that has outgrown competition, that has stopped playing a progressive role in history and became solely a force of reaction, and since then not much has changed