Technofeudalism: What Killed Capitalism

by Yanis Varoufakis

In the East, the New Dealers rewrote the Japanese constitution and oversaw its transformation into a technostructure-with-Japanese-characteristics. In Europe, they guided the foundation of the European Union as a cartel of heavy industry centred upon German manufacturing, adapting their technostructure blueprint to European circumstances. To make this happen, they had to rewrite the German constitution and, with promises of handing administrative and political oversight over to Paris, thwart the French ambition to de-industrialise Germany. This dazzling design, America’s Global Plan to remake Europe and Japan in the imagine of its technostructure, led to capitalism’s Golden Age. From the war’s end until 1971, America, Europe and Japan enjoyed low unemployment, low inflation, high growth and massively diminished inequality.