Former economist at V Society: Apple Google platform should pay "cloud tax"

The rise of techno-feudalism: the domination of the market by tech giants

In a recent interview, Varoufakis, a prominent economist, expounded on the ideas in his book, Tech Feudalism: What Kills Capitalism, revealing how tech giants like Apple, Google and Amazon have become "algorithm-driven fiefdoms."

Mr. Varoufakis argues that these large companies use their influence to distort the market to their advantage, a phenomenon he calls "cloud capital". He argues that the government should require these companies to put 30 per cent of their shares in state funds as a "cloud tax" and then distribute it to all citizens as a basic income.

Mr. Varoufakis did not directly criticise Valve, but some of his arguments echoed those levelled at Steam by Tim Sweeney, chief executive of Epic Games, who has criticised Valve for charging exorbitant platform fees, hurting small developers and cementing its "monopoly" in the PC gaming market.

Mr. Varoufakis admits Valve does have problems in the current market, but says: "Everyone is responsible for shaping the world."

Mr. Varoufakis emphasised that tackling the problem of techno-feudalism required a concerted effort. "This is not something the market will solve automatically, it's already taken over by cloud capital... It's a difficult task, but there is no alternative."