Intelligence Squared: Business cover image

Martin Wolf and Yanis Varoufakis on the Future of Capitalism - Part 2

Intelligence Squared: Business

00:00

The Faustian Deal: China and Western Capitalism

I see China, Chinese capitalism, utterly symbiotic with Western capitalism. I do not see them as two separate things that evolve differently and clashing. The profits of the German, Japanese and later the Chinese capitalists were being recycled through Wall Street. So it was a bit of a Faustian bargain that didn't have necessarily conscious agents. What is going to dominate this process is not capitalists who don't really like what's happening now at all, but straightforward power rivalry among states.

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