A new form of capital is ascending: cloud capital—networked algorithmic machines that grant their owners remarkable powers to modify our behaviour. And just as financiers needed neoliberalism, today’s tech lords need a new ideology to legitimise their rule. I call it techlordism.
The problem is wider than the tech companies, so personally I’d prefer a wider definition that includes the non tech bad actors. Something like “Return of the Robber Barons”.
Robber Barons = By the late 19th century, the term was typically applied to businessmen who used exploitative practices to amass their wealth. Those practices included unfettered consumption and destruction of natural resources, influencing high levels of government, wage slavery, squashing competition by acquiring their competitors, and to create monopolies and/or trusts that control the market. https://en.wikipedia.org/wiki/Robber_baron_(industrialist)
That description seems like a perfect match for the present day USA economy.