Yanis Varoufakis is an economist, political leader, and the author of many bestsellers. Born in Athens in 1961, he was for many years a professor of economics in Britain, Australia, and the USA before he entered politics. He served as Greece’s Minister of Finance between January 2015 and July 2015 where he played an important part during the Greek 2009-2018 financial crisis.
In his recent bestseller, Techno-Feudalism he argues that the world is entering a new era of feudalism, characterized by the rise of a small number of large technology companies that have immense power over the Global economy. These technology companies have become powerful because they have created monopolies and oligopolies in their respective markets, giving them the ability to charge high prices for their products and services, and to extract high profits from their customers.
Varoufakis warns that the rise of techno-feudalism is a threat to democracy and equality. He argues that the power of these technology companies needs to be curbed, and that we need to find ways to create a more decentralized and equitable digital economy.
Yanis Varoufakis also postulates that the US-China conflict is a struggle for global domination between the two techno-feudal empires. Both countries are using their technological prowess to try to gain an edge over the other in the global economy and arena. Varoufakis asserts that the US-China conflict is a new type of cold war, but one that is being fought with different weapons. The two countries are using their technological prowess to try to outmaneuver each other. He argues that it is important for the two countries to find a way to coexist peacefully, and to cooperate on issues of common interest.
Some examples he cited are:
- Both countries are investing heavily in artificial intelligence and other new technologies.
- Both countries are developing their own digital currencies.
- Both countries are trying to control the global supply of semiconductors.
- Both countries are trying to influence the development of global internet standards.
Some experts believe that the conflict is not as serious as Varoufakis makes it out to be. Others believe that the conflict is inevitable, and that it is important for the US and China to prepare for it. Only time will tell how the US-China conflict will play out. However, Varoufakis’s book provides a valuable perspective on the conflict, and it helps anyone who wants to understand the future of global politics