Prof Yannis Varoukakis is, if anything, controvertial but also a great communicator and explainer of all things economics. I’ve always enjoyed reading him. In this case however, Varoufakis appears alarmist and the frightening thing about it all is that the scenario he unfolds in his article is very possible, too close to probable to ignore.

“Unlike Adam Smith or John Stuart Mill—who fretted over precisely when markets might fail—neoliberals declared the market infallible. Even when Wall Street cratered our economies, they insisted that mortal intervention would only make things worse. That suited the financiers perfectly. But that era is over.

A new form of capital is ascending: cloud capital—networked algorithmic machines that grant their owners remarkable powers to modify our behaviour. And just as financiers needed neoliberalism, today’s tech lords need a new ideology to legitimise their rule. I call it techlordism.”

Read more:
https://thepoint.com.au/opinions/260422-palantir-and-the-new-order-neoliberalism-is-dead-say-hello-to-techlordism

#Techlordism #Varoufakis #Technocracy #TechBros #Palantir #Thiel #economics #PostNeoLiberalism