Intelligence Squared Martin Wolf and Yanis Varoufakis on the Future of Capitalism - Part 1
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May 4, 2023 
Martin Wolf, Chief Economics Commentator at the Financial Times, discusses the need for reform in democratic capitalism. Yanis Varoufakis, former Greek Minister of Finance, advocates for a radical post-capitalist shift. The dialogue likens capitalism to a home needing renovation, examining minor versus major reforms. They explore the rise of digital economies, like 'cloud capital,' and the consequences of technological advancements on markets. Together, they challenge listeners to rethink capitalism's sustainability and its future impact on society.
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Democratic Capitalism as the Best Option
- Democratic capitalism, despite its flaws, remains the best system currently available.
- It has fostered unprecedented improvements in living standards and offers valuable citizen protections.
Common Ground
- Both Martin Wolf and Yanis Varoufakis agree on the importance of democracy and decentralized market systems.
- They acknowledge the inherent human tendency towards tyranny and the need to prevent it.
Capitalism's Transformation
- Yanis Varoufakis argues that capitalism, like feudalism before it, is being replaced by a new socio-economic system driven by capital.
- He believes this new system is driven by "cloud capital," a produced means of behavioral modification.
