Social media ‘Hunger Games’: Varoufakis pushes for user rights over data
Source: NEOS KOSMOS
Greek economist and former finance minister Yanis Varoufakis has warned that capitalism is being replaced by a new economic system he calls “technofeudalism,” where major tech corporations control both the economy and society.
Speaking to ABC News, Varoufakis argued that platforms like Amazon, Google, and Facebook have concentrated wealth and power in ways that go beyond traditional capitalism. He said these companies extract vast amounts of value from users—who generate data, engage with content, and drive advertising profits—without any financial return.
According to Varoufakis, these corporations operate as digital feudal lords, presiding over “cloud serfs” who have no ownership of their online presence or personal data. Unlike in past economic systems where workers were at least paid for their labour, he claimed that today’s users are unwitting participants in a system designed to enrich tech monopolies.
“This is not capitalism,” Varoufakis told the ABC. “It is something worse.”
He highlighted the growing influence of social media in shaping political and economic life, describing the digital economy as a “Hunger Games-style” arena where a handful of corporations dictate the rules. This, he said, creates extreme power imbalances, making it difficult for smaller businesses, independent creators, and even national governments to challenge Big Tech’s dominance.
As part of his solution, Varoufakis called for the introduction of “account portability,” allowing users to transfer their social media accounts—including their content, followers, and interactions—across different platforms. He argued that this would break the monopolistic hold of tech giants and restore competition in the digital economy.
“If you switch banks, you can take your account number with you,” he said. “Why shouldn’t you be able to take your social media account?”
Varoufakis urged governments to recognise the dangers of this system and act before digital monopolies become even more entrenched. He called for stronger regulations to curb the influence of Big Tech and ensure that users regain control over their online presence.
His remarks have sparked renewed debate over whether tech giants should be forced to open their platforms and give users greater control over their data. As governments around the world consider new regulations, the challenge of reining in Big Tech’s power remains a pressing issue.
The original article: belongs to NEOS KOSMOS .
