Technofeudalism: What Killed Capitalism? by Yanis Varoufakis | A book review

This video goes through the story of capitalism’s demise, as laid out in Yanis Varoufakis’ book, Technofeudalism: What Killed Capitalism?

If you’re planning to buy the book from Amazon anyway, you can support the channel by using this affiliate link:

Some of the images in this video were generated by AI.

[antonyshadowbanned]

I recommend you put Yanis Varoufakis’ name on the title. Many people are fans of him but don't know about his book.

[What_do_I_Think]

Any system created by humans is determined to deteriorate. Capitalism is based on greed and the concentration of money. But this concentration also creates a concentration of power -- power to change the conditions of the game in favor of those that wield that power. And thus capitalism basically destroys itself by destroying the basis for a healthy capitalism and instead creating a capitalistic dictatorship.

[savagebolt]

"It's real hard to be free when you are bought and sold in the marketplace".

Jack Hanson (Peter Fonda) in Easy Rider

[a_lucientes]

12:42 _A bureaucracy is a self-perpetuating organism that cares more ant its existence than its function._ — Max Weber

[PhuongBui-dsik]

Hi Professor Hodgson, I was a student in your Game Theory class at St. Olaf. Stumbled by your channel by chance and really really impressed with what you've been putting on here. I've been working for tech companies myself and would definitely check out this book. Pls keep up the good work, I'll binge through your channel with time :).

[krttd]

Signing off with an affiliate link to the book is such a delightful irony. Thank you for the review! These concepts are very compelling and congruent with my experience, and spark many ideas.

[TheRealNickG]

I love the way you discuss further reading recommendations along the way. Definitely subbed and looking forward to watching your backlog. 👍

[kevinrung]

I remember, during the '90s, I worked with a corporation that had a plaque entitled, OUR VALUES in every nook and cranny of their offices. One day, a guy who was showing me around said, "the problem with us is that we have values, but we have no principles whatsoever!"

[blodknut]

Hi Ashley, great explanation of some complex economic and sociological concepts that describe the techtonic shifts in the global economy. More so how these paradigm shifts change how we organise our social a political world.

Yanis Varoufakis's book seems more approachable with your review and explaination of his key observations.

As to the astonishment you expressed regarding the nursing home example. I too was surprised that you were unaware of the microeconomic process of vertical integration of a parts of a company's supply chain. My exposure to the concept was in my Sociology major at university. It was one of the features of how corporations have organis d themselves across nation boundaries. To the extent that the legitimacy and jurisdiction of Nation States are undermined.

[BR-gzcv]

Brilliant man and amazing book. Bought both the audio and paper copy- worth reading multiple times because there’s so much to understand. Yanis is a gift to mankind.

[abelangjq]

OMG, I am bingeing your videos. Very enlightening. Looking forward to the new one!

[stevezodiacXL]

When companies become 'too big to fail' they are no longer part of the Free Market.
When essential utility monopolies are privatised, the result is not part of the Free Market.
If a Free Market is considered essential to 'Capitalism', then Yanis is right - what we have now needs a new name.

[CharlesBrown-xqug]

I read "The Aflluent Society" by John Kenneth Galbraith and "The Hidden Persuaders" by Vance Packard in the 60s with other books in a similar vein. Combined with your thoughts and references, can we accuse capitalists / financiers of going so far as to dumb civilization down in many ways, some subtle, to skim money.
Aloha

[asorata]

The dominant economic theory does not explain the real functioning of economic activity and the processes that create the production of social wealth. Since the official economic theory is only a set of assumptions that serve to legitimize the current notable imbalance in the distribution of social wealth, until a new theory is founded that has as its basic assumptions the real living conditions of economic agents and population, all current formulations only serve to legitimize and rationalize those who hold real market power.

[Thadleon]

Really nice job, loved your analysis. Justa side note, I'm quite sure it is Bretton Woods at 13:57, not Brenton.

[tacitdionysus]

A very interesting clip. Is it just me, or is there something ironic in its final words about supporting the channel by buying the book from Amazon through an affiliate link?

[rhopsi-qb]

Yanis is well known in Europe (financial crisis ... Greece ... Merkel).

[maxmurphyxyz]

the world would be a much better place if everyone was required to watch your videos

[MendeMaria-ejbf]

Thank you for presenting and reviewing Yanis Varoufakis' book. ❤

[ryanallison]

I love it when someone says something you feel but can’t put words to. In the discussion of private equity, you describe its effects as mutations that “don’t immediately blow up the economy, but causes new structures to be created or that self-generate.”

It’s almost like there’s just enough time that it prevents mass reaction, but incrementally swallows value previously enjoyed by those creating the value. It’s Jillian the nurse who is requested to take a pay cut - only after 6 months of no change.

How do the people mount any effective resistance while smoke covers the truth? How would this not be like arguing with a gaslighting narcissist?