(MENAFN) In recent years, technology companies have climbed to the forefront of international markets, fueled by the swift growth of artificial intelligence (AI) and social media networks.

This surge has intensified discussions surrounding a concept that some economists call “techno-feudalism.”

The term “techno-feudalism” describes a framework reminiscent of medieval feudal systems, but with influence concentrated in a small number of corporations that dominate the digital landscape. Within this structure, companies like Google, Amazon, Meta, and Apple are portrayed as the “feudal lords” of the modern tech era, wielding economic and societal power traditionally linked to state authorities.

Yanis Varoufakis, an economist and former Greek finance minister, helped popularize the idea, suggesting that users have become comparable to digital serfs, surrendering data and content in return for access to platforms that are nominally free.

This notion has faced increasing scrutiny, as a limited number of corporations retain control over enormous datasets and pivotal industries, spanning advertising, entertainment, news, e-commerce, and online services.

Data from MarketCaphighlights that the growth of these firms has accelerated over the last ten years, propelling technology companies to the upper echelons of global market rankings.

Among them, US chipmaker Nvidia leads with a $4.58 trillion market capitalization, driven by robust demand for its AI processors and graphics units, which are used in both advanced computing and consumer devices.

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