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Yanis Varoufakis on the Economic Situation

The Dig

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Capitalism and Debt

Capitalism reversed the order one land had been commodified after the enclosures. Land was associated, in terms of price, with wool that would grow on the back of sheep. And labour was comodified because peasants knocked on people's doors and said i wold do anything for a loaf of bread. That's the first labor man market, the first labor supply. So once labor and land had be commodified, debt was necessary before production began.

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