Re:Crypto, the left, and techno-feudalism
by kansface on Sunday February 06, 2022 @03:21PM
(#30236603)
Is this really an accurate description of big tech? That doesn’t match my impression of Amazon for instance. I suppose FB has been machine learningized, but there wasn’t a market there to begin with nor is particularly clear to me that FB is exploitative in a labor sense (10$ profit per year per user in the US) regardless of any other ethical considerations. The algorithm does rule social media, but it always has and we’ve seen monopolies in all forms of media in the past. Social media’s influence has grown, but it only partially overlaps with big tech. Apple does have a closed garden (kingdom), but they are mostly in the business of making really good phones. Does this theory have any unique predictive power? Like, big tech has some problems, social media has some problems, and the fed has some problems - they sometimes intersect in interesting ways but not in the sense of a grand narrative.
It's always surprising to me that so few people seem to notice that tech platforms, where a lot of human activity is organized on now, to a large extent have completely left behind market mechanisms, instead relying on algorithmic prediction and planning, and replacing profit generation with financialization by either the state or a sort of aristocracy.
I think this is directly visible in the different generations of tech companies. Whereas Apple and Microsoft started out as companies that relied on selling units of products at a surplus for profit and had to pay labour expenses in the form of wages to a large base of salaried employees, the modern VC funded generation of platform firms does no such thing, rather you have VC investors finance the activity of platforms who don't generate profits at times for decades, and derive value directly from the experience of their users outside of any exchange of money, and the value is largely being generated by an unpaid base of workers who are not even in any employment relationship.