I’m starting to think that serfdom, as an aspect of feudalism, is too modern for the new technocrat caste.

A few days ago, Sam Altman did an interview saying he no longer supported universal basic income for those put out of work by AI. Instead, he supported “shares in ownership” or “shares in compute”. That is, instead of a guaranteed income, the lower classes would be gifted some sort of income producing asset based on the value of some particular tech company or the AI industry as a whole. If the industry did well, the lower classes dependent on it would thrive; if the industry failed, they would starve.

That’s not serfdom. That goes even further back, to the patron-client system of ancient Rome. The patron, generally the leader of a wealthy noble family, would provide their clients with money, food, and gifts. In return, the clients would vote for the patron and his allies in elections, act as bodyguards and enforcers for the patron, intimidate/beat/kill the clients of rival patrons to keep them away from the polling booths, advertise the patron’s businesses, and generally do whatever the patron wanted. The clients helped the patron maintain their wealth and political power, and the patron would share the rewards of that wealth and power with their clients.

Think about the sort of country we would have, the sort of politicians who would be elected and the sort of laws who would be passed, if Altman’s idea came to fruition. Imagine if we had a significant unemployed underclass whose financial security depended solely on the success of the AI industry, and who would be rewarded by their technocrat billionaire patrons for electing AI-friendly politicians or blocking AI-friendly regulation.

Mere serfdom would be preferable.

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You could go further and say what’s happening now isn’t capitalism at all. Yanis Varoufakis calls the modern world economy “technofeudalism”: it’s controlled by information hypercompanies like Amazon, Google, and Apple, that make money not by producing anything, but by controlling the flow of information between consumers and producers, and charging producers rent for access to consumers.

If you’re an app developer, you pay Google and Apple whatever they ask, and you follow their rules, or you don’t get to sell your product in their app stores; if you sell products, you give Amazon their cut, or you don’t get to sell in their market. And because Google and Apple and Amazon have so effectively entrapped customers, capitalists who don’t agree to their terms can’t get to their consumers at all.

Capitalists aren’t the masters of the economy - they’re vassals. They pay their technofeudal lords their tribute, their 30% cut of revenue, and compete with each other for the remaining scraps. And then they raise prices and cut wages, squeeze their workers and exploit their consumers even more, in order to make enough money to survive at all.

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