The next stage of capitalism | Yanis Varoufakis on technofeudalism and the fall of democracy | IAI

Yanis Varoufakis explains the evolution of capitalism, from its beginnings in feudal Europe to its imminent death in the era of Big Tech. As Elon Musk and the Big Tech billionaires increase their control over government institutions, we must all ask ourselves a troubling question: are we witnessing the end of democracy? With a free trial, you can watch the full talk NOW at https://iai.tv/video/the-new-ruling-class-yanis-varoufakis?utm_source=YouTube&utm_medium=description Capital triumphed over democracy a long time ago. Today, following the Financial Crisis of 2008 and the rise of the platform corporations, a new type of capital has emerged. Command capital is crushing the remnants of our democracies and giving rise to a new, technofeudal ruling class. Further still, the start of the second Trump administration in the United States has demonstrated, in worrying clarity, just how much control and influence the Tech Giants wield when it comes to geopolitics. #technofeudalism #elonmusk #democracy Economist, politician, and best-selling author Yanis Varoufakis argues that a radical reassessment of property rights over machines and data is the only way for us to confront this new ruling class. Join him for a journey from the feudalist economy of medieval Europe to the modern era of Tech Giant supremacy, exploring how companies like Google, Tesla, OpenAI, and Amazon extract value and capital from their users. The Institute of Art and Ideas features videos and articles from cutting edge thinkers discussing the ideas that are shaping the world, from metaphysics to string theory, technology to democracy, aesthetics to genetics. Subscribe today! https://iai.tv/subscribe?utm_source=YouTube&utm_medium=description&utm_campaign=https://iai.tv/video/the-new-ruling-class-yanis-varoufakis 00:00 Introduction 00:22 We are witnessing the end of capitalism 01:11 Yanis Varoufakis explains what 'capital' is 02:08 The origins of capitalism in feudal Europe 03:50 Technofeudalism and cloudalist overlords: the next evolution of capitalism 05:24 How cloudalists extract wealth from the population 06:12 How neoliberalism and the 2008 Financial Crisis paved the way for technofeudalism 08:18 The two pillars of traditional capitalism 11:17 Elon Musk, central bank money, and the Tech Giants 12:41 The end of democracy For debates and talks: https://iai.tv For articles: https://iai.tv/articles For courses: https://iai.tv/iai-academy/courses