I chanced upon most of Yanis Varoufakis's televised speech [1] [1a] he made at Australia's National Press Club and the way the term was introduced and defined seemed perfectly reasonable. Snatching at semantics to discredit some otherwise defined idea doesn't make for good argument.<p>[1] <a href="https://www.yanisvaroufakis.eu/2024/03/14/how-europe-and-australia-can-end-our-slide-into-irrelevance-servility-national-press-club-of-australia-speech-13-march-2024/" rel="nofollow">https://www.yanisvaroufakis.eu/2024/03/14/how-europe-and-aus...</a><p>><i>The third period is more recent. The era of technofeudalism, as I call it, which took root in the mid-2000s but grew strongly after the GFC in conjunction with the rapid technological change that caused capital to mutate into, what I call, cloud capital – the automated means of behavioural modification living inside our phones, apps, tablets and laptops. Consider the six things this cloud capital (which one encounters in Amazon or Alibaba) does all at once:<p><pre><code> It grabs our attention.
It manufactures our desires.
It sells to us, directly, outside any actual markets, that which will satiate the desires it made us have.
It drives and monitors waged labour inside the workplaces.
It elicits massive free labour from us, its cloud-serfs.
It provides the potential of blending seamlessly all that with free, digital payments.
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Is it any wonder that the owners of this cloud capital – I call them cloudalists – have a hitherto undreamt of power to extract? They are, already, a new ruling class: today, the capitalisation of just seven US cloudalist firms is approximately the same as the capitalisation of all listed corporations in the UK, France, Japan, Canada and China taken together!</i><p>[1a] <a href="https://www.youtube.com/watch?v=1AI8RG6nMGg" rel="nofollow">https://www.youtube.com/watch?v=1AI8RG6nMGg</a>