Welcome to the era of techno-feudalism.

Varoufakis is also a prolific author; his 17th book, written in the form of a letter to his techno-loving father, charts the evolution of capitalism from the 1960s advertising boom through 1980s Wall Street, to the 2008 financial crisis and pandemic. In its most compelling sections, “Technofeudalism” argues that Apple, Facebook, and Amazon have so radically changed the economy that it now resembles the medieval feudal system of Europe. The tech giants are lords, while everyone else is a peasant working their land for little in return.

According to Varoufakis, every time you post on X, formerly known as Twitter, you are the essence of a laborer on Ilon Musk's lot, like a medieval serf. Musk doesn't pay you.

Comparisons to feudalism are not new. But “Technofeudalism” tries to present the idea to a wider audience. Its release inU.S.launched a month before regulators in the U.S. and European Union simultaneously launched antitrust actions against Apple, was also perfectly timed.

On Zoom, I spoke to Varoufakis from hishousesnearAthenson how tech giants have changed the economy - and why we should care.