The fusion of new technologies and modern capitalism is quickly transforming our society. Technocapitalism is characterised by the hegemony of large technological corporations, where the digitalisation of information and communication establishes the basis for creating wealth and power.

The technological revolution we have experienced over the last few decades has evolved modern capitalism, generating new ways of creating wealth in the digital era. Technology giants such as Alphabet, Amazon, Apple and Meta have reshaped the socio-economic model, but this paradigm shift spurred by technocapitalism has also had some negative impacts on society.

Data protection and loss of privacy

One of the pillars of technocapitalism is the massive accumulation and processing of personal data. We share a lot of personal, public and private information, sometimes consciously, sometimes unconsciously. Tech companies use big data about users’ searches, conversations and preferences to predict and influence their behaviour. This has led to the monetisation of our privacy, which is sold to the highest bidder for commercial purposes.

Some big digital platforms justify the legitimacy of this business model by arguing that the commercialisation of user information covers the costs of their services. However, this loss of privacy not only means that we are the product, i.e. that our personal information becomes a lucrative asset for these companies, but also that it can be used to manipulate us.

These algorithms designed to keep us hooked on social media are not only destroying community bonds and our capacity for physical interaction, but they are also shaping our political, social and economic preferences – often without us being aware of it – leading to misinformation and social polarization. The Cambridge Analytica scandal is just one of many examples of how these corporations can misuse our personal information.

Monopolisation, dehumanisation and job insecurity

The success of big tech has resulted in the creation of monopolies and oligopolies that completely dominate the global market. These companies have inordinate power, not only economically, but also in terms of political and social control. This can lead to enormous inequalities, both between companies and between individuals.

The hegemonic control of the market by some of these corporations eliminates competition, castrates innovation and concentrates wealth in a few hands. Their power to influence public and international policy facilitates the promiscuous relationship between politics and business, where private interests and political power mix, undermining state sovereignty and democracy.

While digitalisation and robotisation have created new economic sectors, they have also led to the casualisation of some jobs. In the technocapitalist world, many employees are subject to unstable working conditions, temporary contracts or abusive practices, especially in sectors such as customer service, e-commerce logistics and service platforms like Uber or Deliveroo.

Similarly, the replacement of human workers by robots or algorithms is becoming a tangible threat. Physical and intellectual labour is being replaced by software with the promise of greater efficiency, but this has led to the destruction of traditional jobs and a growing polarization between skilled and unskilled workers. Other jobs requiring creativity, until recently considered safe from digital bots, are being threatened by the evolution of artificial intelligence models.

On the other hand, the inevitability of the digital transformation of our society has not been evenly distributed. Technocapitalism has accentuated the digital divide and the social inequalities of those with limited internet access or little knowledge of new technologies who are educationally, economically and socially disadvantaged.

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