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What happens when everything gets automated under capitalism? Does it just become socialism by that point? (lemmygrad.ml)

submitted 1 week ago by SovietReporter@lemmygrad.ml to c/asklemmygrad@lemmygrad.ml

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[–] Comprehensive49@lemmygrad.ml 12 points 1 week ago* (last edited 1 week ago) (1 children)

Yanis Varoufakis just put a new label on monopoly capitalism. Marx wrote about it already. The end stage of capitalism is monopolies everywhere who charge monopoly rents, because rents are the easiest form of profit. No investment, just money.

[–] queermunist@lemmy.ml 6 points 1 week ago

Yeah, I could only think while reading his book that there's little difference between tech oligarchs charging rents for data centers and railroad barons charging rents for access to the railroad. He doesn't do anything to address this obvious historical antecedent.