Yanis Varoufakis, Greece's former finance minister, argues in his new work that a novel economic system has arisen, labeled 'cloud capital'. This framework reveals a hierarchy where major tech companies, likened to feudal lords such as Google and Apple, monopolize virtual spaces, while users become 'cloud serfs'. Through our attention and engagement, individuals unknowingly contribute labor that fuels these tech giants. Varoufakis traces the roots of this attention economy back to the early days of television, where programming sought to attract viewers for advertising profits.
Varoufakis argues that the new economy is defined by 'cloud capital', which relies heavily on capturing and maintaining user attention through engagement.
Capitalism has evolved into a new system where major tech companies serve as feudal lords, and users are the 'cloud serfs' generating valuable engagement.
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