The Circulation of Value, Rent and Class Struggle: A Critique of ‘Technofeudalism’

Recently, several authors have advanced the argument that capitalism is undergoing a number of profound structural changes, leading to its own destruction and its replacement by an even more sinister economic system called ‘Technofeudalism’. In this chapter, the author offers a critique of the Technofeudalism hypothesis by contrasting it with Karl Marx’s analysis of the circulation of value, his perspectives on rent, and the theory of class struggle inherent in his framework. The author argues that Marx’s theoretical contributions offer an alternative interpretation of contemporary capitalism, one that diverges from the claims advanced by proponents of the Technofeudalism thesis. Through a detailed examination and comparison of the conceptual frameworks of Marx and Technofeudalism, particularly concerning the theory of rent and its role in the circulation of value, the author assesses the validity of these competing claims by reviewing key stylized facts related to US capitalism. The author concludes by discussing how Marx’s analysis of value circulation and rent provides important insights into the evolving forms of class struggle within the global capitalist system.