cross-posted from: https://lemmy.world/post/43439862
Modern oligarchs like Musk, Bezos, Gates, and Zuckerberg are exactly like medieval lords. The top 1% controls all resources, and it is almost impossible to buy an apartment today. We own nothing and just pay rent or subscribe to their platforms. These billionaires have total power to fire thousands of workers anytime and buy politicians for their own interest. They say they work for humanity, but it is just fake marketing. For example, they are silent on wars in Palestine and Ukraine. Majority of ordinary people and developers are too naive. They believe these lies and fail to see the real system
This is clear case of capitalism at its most advanced stage: monopoly capitalism. The competitive system that produces winners and losers will inevitably progress towards the concentration of capital in the hands of the few. There is no point in creating inaccurate terminology such as “techno-feudalism” when Marx and his intellectual successors had already studied this phenomenon in depth.