What We’re Reading

January 2025 Edition

A monthly round-up of what the ICMR team is reading, watching, and listening to. Recommendations are based on what the team finds interesting or thought-provoking, and are not representative of ICMR’s views.

Technofeudalism: What Killed Capitalism by Yanis Varoufakis

Varoufakis argues that the key features of capitalism such as markets and profits is now being replaced by “technofeudalism,” a system where digital platforms-which may look like markets but are effectively not- dominate and reshape economic dynamics. Technofeudalism centers on “cloud capital,” controlled by tech giants like Amazon and Google. These platforms mimic markets but are closed ecosystems designed to extract “cloud rent”—revenues derived from controlling access to users, data, and digital spaces. Varoufakis highlights how these shifts marginalize traditional profit-driven markets, concentrating power in platform owners. He critiques this new form of economic dominance as a feudal-like hierarchy in the digital age. 

What’s Next for AI in 2025

Source: Technology Review

In 2025, AI is expected to advance with autonomous systems managing complex tasks, increased government focus on national security, and evolving global regulations like the EU’s AI Act. AI applications in healthcare and video generation will grow, while concerns persist about flawed AI models impacting underserved markets. 

Frontier Technologies in Industrial Operations: The Rise of Artificial Intelligence Agents

Source: World Economic Forum

This white paper was featured at the World Economic Forum (WEF) 2025 in collaboration with the Boston Consulting Group. It explores the role of artificial intelligence (AI) in shaping the future of industrial operations. AI agents are classified into two categories: Virtual Agents, which focus on software, and Embodied Agents, which are centred on hardware such as robotics and humanoids. The application of AI technology in industrial settings is set to address complex challenges, enhancing efficiency and promoting environmentally friendly practices through near-autonomous systems. While there are concerns about AI’s potential to disrupt the labour market and reduce the demand for human involvement, the paper argues that AI will empower humans by redefining their roles. Workers will transition from hands-on operators to orchestrators, intervening when judgment or creativity is required. This shift is expected to improve operational efficiency, enabling humans to concentrate on strategic tasks and ethical decision-making, thereby driving innovation and fostering growth. 

Acquired: Every Company Has a Story – Mars Inc. 

This episode of the podcast Acquired focuses on the company Mars Inc. We may know about Mars bars, M&Ms and Snickers, but did you know that 67% of Mars’ revenue comes from pet care (thanks to its ownership of pet food brands like Pedigree, Whiskas and Royal Canin, as well as thousands of veterinary clinics across the US). Mars is 100% privately owned by and deeply intertwined with the incredibly secretive Mars family, who are currently the second wealthiest family in the US. This is a fascinating story about the entrepreneurial journey of the family, the evolution of the company, and also the history of chocolate! 

Improving job seekers’ employment and earnings through credible skills signals

Globally, unemployment remains a significant challenge, with 188 million people jobless in 2023 and 75% of employers struggling to fill vacancies. Youth are disproportionately affected, often unable to showcase or credibly certify their skills, while employers face challenges assessing qualifications in contexts with limited education quality. JPAL conducted a review of 14 randomized evaluations which highlighted that credible skill signals, such as certifications, skill assessments, and recommendation letters, improve job matches, increase employment and earnings, and reduce hiring costs. Women especially benefit, as better signalling enables targeted job searches and pursuit of higher-quality jobs, though questions remain about scalability and broader impacts. 

Invisible Women: Data bias in a world designed for men by Caroline Criado Perez

This book examines the “silencing” of women throughout history by means of designing a male-centric world. This has led to significant biases not only affecting the daily lives of women, but also created a gap in areas such as healthcare, the workplace and even policy implications. 

Failing Fast: Ten Secrets to Succeed Faster by Luv Tulsidas 

This book focuses on the idea that failure is an important part of the path to success. Jack encourages embracing failure as a learning opportunity and the importance of quickly recovering from it. These traits are widely observed in serial entrepreneurs, who use each failure as an opportunity to refine their strategy, adapt quickly, and keep moving forward. 

Young adults who severed ties with their parents say filial piety should go ‘both ways’ by Eunice Sng

The article highlights the experiences of young adults in Singapore who have severed ties with their parents due to abuse, neglect, or toxic relationships, challenging the traditional notion of unconditional filial piety. They argue that respect and care should be reciprocal, not one-sided. This trend is gaining visibility on social media, where people share stories and advocate for boundaries in unhealthy family dynamics. The article also discusses Singapore’s move to amend its Maintenance of Parents Act in 2023 to exempt victims of parental abuse from financially supporting their elderly parents, reflecting a growing societal recognition of the need for mutual respect in familial relationships. 

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