Technofeudalism: Why Not Democracy?

The provided text offers a critical examination of Yanis Varoufakis's proposed "workplace democracy" as a means of escaping what he terms "technofeudalism". While acknowledging the sharp analysis of the preceding chapters of Varoufakis's book, the author finds the utopian vision presented in Chapter Seven, particularly the idea of Democratised Companies with employee shares and collective decision-making, to be uncompelling and impractical. The critique focuses on potential inefficiencies in hiring and strategy, the challenges of democratically determining pay and bonuses through digital tokens, and the unrealistic assumption of rational and cooperative employee voters. Ultimately, the author concludes that applying democracy to every facet of a business would lead to bureaucratic inefficiency and a dilution of excellence, deeming the proposal a flawed "cosplay of collectivism" rather than a viable escape plan.https://philosophics.blog/2025/04/15/technofeudalism-its-a-wrap/